Belgium Vehicle To Grid Market to Grow Due To Advancing Technology Until 2027
Belgium
Vehicle To Grid Market is anticipated to grow with increasing investments in
the automotive infrastructure advancements, in the forecast period, 2023-2027F.
According to TechSci report on, “Belgium
Vehicle
To Grid Market - By
Region, Competition Forecast & Opportunities, 2027”, Belgium
vehicle to grid market might register an impressive CAGR during the forecast
period, 2023-2027, to establish growth due to factors like growing demands for
alternative systems of power generation and storage. Evolving technologies in
the automotive to restore the power from the vehicles to the grid is
anticipated to drive the growth of the Belgium vehicle to grid market in the
upcoming five years. Benefits of the technology like charging the vehicle at
night when the demand for power is low and then utilizing the stored energy to
help balance the high demand for peak shaving in morning is also anticipated to
support the growth of the Belgium vehicle to grid market in the next five
years. Advantages of the system such as avoiding instances of line losses, transmission
latency, and transmission congestion also aid the market growth. Higher demands
for electrical energy, exhausting non-renewable resources, etc. would benefit
out of utilization of vehicle to grid system thereby aiding the growth of the
Belgium vehicle to grind market in the future five years. Increasing production
and sales of electric vehicles like electric cars, electric commercial vehicles
etc. are further substantiating the growth of the Belgium vehicle to grid
market in the forecast years through 2027.
Government
schemes, higher investment in the development of the charging infrastructure, improving
the vehicle to grid technology and devices, are further expected to lead the
growth of the Belgium vehicle to grid market in the forecast period.
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The
Belgium vehicle to grid market is segmented by charging type, component,
vehicle type, application, competitional landscape, and regional distribution.
Based on charging type, the market is differentiated between unidirectional
charging and bidirectional charging. Bidirectional charging is anticipated to
register fastest CAGR growth in the upcoming five years with significant shares
due to advantage of electricity flow in both directions to recharge the vehicle
battery as well as utilizing the stored energy during peak hours.
Unidirectional charging is anticipated to hold the largest revenue shares of
the market and dominate the market segment in the next five years on account of
increasing sales of electric vehicles in the country. Surging demand for fuel
efficient vehicles and rising concerns toward depleting non-renewable energy
resources is further anticipated to support the segment and the growth of the
Belgium vehicle to grid market in the future five years.
Vehicle
type, market segment is further fragmented into battery electric vehicle (BEV),
hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV). Plug-in
hybrid electric vehicle (PHEV) is anticipated to dominate the vehicle type
market segment in the upcoming five years and hold the largest revenue shares
of the market due to surging demands of the plug-in hybrid electric vehicle.
Increasing production and sales of the battery electric vehicle and plug-in
electric vehicles are majorly responsible for the growth of the Belgium vehicle
to grid market in the future five years. Hybrid cars are also increasing their
sales due to consumer’s confusions related to fuel expenses and charges in the
country.
A
partial list of major market players of the Belgium vehicle to grid market
includes :
- Elia Group
- Jedlix BV
- FUERGY Industries j.s.a.
- NUVVE Corp.
- ABB Group.
- YUSO BV
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“Although electric vehicle market in Belgium is slower as compared to
other European countries like Netherland, Germany, etc. the market for vehicle
to grid in the country is anticipated to grow steady in the future five years
due to increasing investment in the sector. Technological advancement in the
charging infrastructure, enhancing sales of the hybrid vehicles, and battery electric
vehicles along with plug-in electric vehicle is anticipated to substantiate the
growth of the Belgium vehicle to grid market in the future five years. High gas
prices and European countries pledge to reduce the fuel combustion further
facilitate the growth of the market. New market players may form collaborations
with the charging infrastructure operators for increasing the sales of the
electric vehicles and thereby supporting their brand establishments in the
future five years,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Belgium
Vehicle To Grid Market By Charging Type (Unidirectional Charging, Bidirectional
Charging), By Component (EVSE, Smart Meters, Home Energy Management (HEM)
Systems, Others), By Vehicle Type (Battery Electric Vehicle (BEV), Hybrid
Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)), By Application
(Peak Power Sales, Spinning Reserves, Base Load Power and Others), By Region,
Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Belgium vehicle
to grid market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Belgium vehicle to grid market.
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