Energy market research firm Technavio forecasts the global vehicle to grid (V2G) chargers market to grow by over 50% between 2018 and 2022.
Factors driving the market include advancement in better technology and an increase in adoption of electric vehicles (EV).
Increases in EV adoption is resulting from efforts by governments, utilities and stakeholders in various industries to reduce reliance on fossil fuels and to reduce air pollution.
Governments are expected to increase providing incentives towards the development of EV charging infrastructure.
In addition, rapid deployment of smart grids and related technologies such as supervisory control and data acquisition systems, smart energy meters and other communication networks is expected to drive the V2G chargers market.
On the other hand, the high costs associated with deploying vehicle to grid EV infrastructure is expected to hinder market growth.
Vehicle to grid services require extensive charging and discharging facilities for the battery to be used to its full potential. The number of EVs to be managed for providing a significant vehicle to grid supply makes it an expensive process.