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(Transportation-News.com, June 28, 2022 ) According to a new market research report titled, ‘Energy Infrastructure for EV Charging Stations Market by Component (Transformers, Electric Distribution Systems), Number of EVSE, Energy Source (Renewable Energy Sources, Non-renewable Energy Sources), and Geography - Global Forecast to 2029,’ the global energy infrastructure for EV charging stations market is expected to grow at a CAGR of 36.0% during the forecast period to reach $20 billion by 2029.
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Government initiatives to drive the adoption of EVs & associated infrastructure and rising demand for EV fast-charging infrastructure are the key factors driving the growth of the global energy infrastructure for EV charging stations market. However, the high cost of infrastructure equipment is expected to restrain the growth of the global energy infrastructure for the EV charging stations market. Furthermore, the increasing adoption of electric mobility in emerging economies and the growing deployment of charging stations by retail MNCs are expected to create significant growth opportunities for the players operating in this market. The impact of voltage dips on electrical vehicle charging stations poses challenges to the growth of this market.
Impact of COVID-19 on the Global Energy Infrastructure for EV Charging Stations Market
The outbreak of COVID-19 disease caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains globally. The economic slowdown has significantly disrupted the automotive industry, causing rapid declines in light vehicle sales. The light vehicles market suffered a decline in revenue by close to 20% in 2020. Furthermore, shifts in consumer purchasing behavior due to uncertainty surrounding the pandemic are expected to significantly affect the industry's near-future growth.
In North America, automobile players are facing a major setback from the demand side due to stringent federal, state or provincial, and local measures restricting travel and social interactions. The sale of automobiles declined by 15% in North America due to the COVID-19 pandemic. Automobile industries in Asia-Pacific were the first to bear the brunt of the COVID-19 outbreak. Most Asian-Pacific countries immediately reported a double-digit drop in car sales due to production halts and cancellation of marketing activities. The Chinese automobile industry has been hit twice in 24 months due to the China-US trade war and later due to the COVID-19 pandemic. Manufacturing units in South Korea and Japan shut down temporarily or reported production loss due to disruption in the automotive supply chain in China. The Indian automotive industry witnessed a total production loss of $16.09 billion in 2020.
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However, EV production witnessed a limited effect due to the pandemic as their production levels in 2020 were predicted to remain the same as in 2019. Governments of various countries are providing monetary subsidies for EV purchases. As a result, the demand for EVs is not expected to be significantly disrupted due to the pandemic. In addition, several governments are investing in charging infrastructure as a part of their economic stimulus packages. These packages range from direct investments for public charging stations to subsidies for installing private charging stations at homes and workplaces. For instance, in April 2020, China announced over $1.4 billion to subsidize the construction of charging stations on top of the existing programs promoting the sale of EVs.
The inclusion of EV infrastructure investment into COVID-19-related stimulus packages by governments of countries in Europe and Asia is expected to boost its growth in the future. For instance, in June 2020, Germany proposed a €130 billion ($145.8 billion) stimulus future package, featuring at least €50 billion ($56 billion) for climate-related spending. It includes plans to boost EV sales, improve building energy efficiency, enhance public transport networks, develop hydrogen infrastructure, and shift the cost of renewables subsidies onto general taxation. Subsidies for EVs were also doubled. The program includes an extra €2.5 billion ($2.8 billion) for EV infrastructure, including EV charging stations.
However, most governments from affected regions have turned to infrastructure rehabilitation to stimulate economic recovery. Several governments are investing in charging infrastructure through direct investments for public charging stations or subsidies for installing private charging stations at homes and workplaces. For instance, in April 2020, China announced subsidies amounting to $1.4 billion for installing charging stations. In Germany, the government announced a stimulus package worth €2.5 billion to develop infrastructure for EVs and construct charging stations. The European Union aims to have one million charging stations by 2025. In addition, in January 2021, the Government of India allocated $486 million as incentives for adopting 7,090 e-buses. Such initiatives by the governments are anticipated to drive the growth of the EV market, creating growth prospects for the energy infrastructure for the EV charging stations market.
The global energy infrastructure for EV charging stations market is segmented based on component (transformers, electric distribution systems, heavy-duty cables, metering systems, power converters, energy storage systems, and solar PV panels), number of EVSE (less than 5 units, 5 to 15 units, and more than 15 units), energy source (renewable energy sources, and non-renewable energy sources), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
Based on component, the global energy infrastructure for the EV charging stations market is segmented into transformers, electric distribution systems, heavy-duty cables, metering systems, power converters, energy storage systems, and solar PV panels. In 2022, the transformers segment is estimated to account for the largest share of the global energy infrastructure for the EV charging stations market. The growth of this segment is attributed to its wide usage for powering EV charging applications and helps maintain the power as per charging stations' requirements. However, the energy storage systems segment is estimated to grow at the highest CAGR during the forecast period due to various initiatives by OEMs and stakeholders, which help develop ESS for EV charging stations.
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Based on number of EVSE, the global energy infrastructure for EV charging stations market is segmented into less than 5 units, 5 to 15 units, and more than 15 units. In 2022, the less than 5 units segment is estimated to account for the largest share of the global energy infrastructure for the EV charging stations market. The growth of this market is driven by increasing investments by retail space owners & managers and fuel station owners to include EV charging in their premises. However, the 5 to 15 units segment is expected to grow at the highest CAGR during the forecast period due to various government incentives, tax credits, and reimbursements for the commercial installation of charging stations.
Based on energy source, the global energy infrastructure for the EV charging stations market is segmented into renewable energy sources and non-renewable energy sources. In 2022, the non-renewable energy sources segment is estimated to account for the larger share of the global energy infrastructure for the EV charging stations market. The growth of this segment is attributed to government incentives and subsidies for purchasing EVs and EV charging infrastructure.
Based on geography, the energy infrastructure for EV charging stations market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is estimated to account for the largest share of the global energy infrastructure for the EV charging stations market. The growth of this segment is attributed to the growing demand for EVs in countries such as China and Japan and rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase the adoption of EVs. However, Europe is expected to grow at the highest CAGR during the forecast period. The growth in this market is driven by government initiatives to develop charging infrastructure across the region. France, Germany, Netherlands, Norway, and the U.K. are five front-runner countries for EVs and charging points across the region.
Some of the major players operating in this market include ABB Ltd (Europe), Accuenergy Inc. (Canada), Albury Services Ltd (U.K.), Beam Global (U.S.), Bowers Electricals Ltd (U.K.), Electro-Wind Ltd. (England), EREA Energy Engineering BV (Belgium), Hammond Power Solutions Inc. (Canada), Olsun Electrics Corporation (U.S.), MGM Transformer Company (U.S.), Mornsun Guangzhou Science & Technology Co., Ltd (China), Powersmiths International Corp. (Canada), Quadlogic Meters Canada Inc. (Canada), R&S International Holding AG (Switzerland), and Wilson Power Solutions (England).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/energy-infrastructure-for-ev-charging-stations-market-5301
Scope of the Report:
Energy Infrastructure for EV Charging Stations Market, by Component
Transformers
Electric Distribution Systems
Heavy-duty Cables
Metering Systems
Power Converters
Energy Storage Systems
Solar PV Panels
Energy Infrastructure for EV Charging Stations Market, by Number of EVSE
Less than 5 units
5 to 15 units
More than 15 units
Energy Infrastructure for EV Charging Stations Market, by Energy Source
Renewable Energy Sources
Non-renewable Energy Sources
Energy Infrastructure for EV Charging Stations Market, by Geography
North America
U.S.
Canada
Europe
Germany
Norway
U.K.
Netherlands
France
Sweden
Italy
Spain
Denmark
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Australia
New Zealand
India
Rest of Asia-Pacific
Latin America
Middle East & Africa
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Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
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