Meticulous Research®—a leading global market research company, published a 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’.
According to this latest publication from Meticulous Research®, the Global Energy Infrastructure for EV Charging Stations Market is expected to grow at a CAGR of 36% from 2022 to reach $20 billion by 2029. The growth of this market is driven by government initiatives to drive the adoption of electric vehicles (EVs) and associated infrastructure and rising demand for EV fast-charging infrastructure. The high cost of infrastructure equipment is expected to restrain the growth of this market. In addition, the increasing adoption of electric mobility in emerging economies and the growing deployment of charging stations by retail MNCs are expected to create opportunities for the stakeholders in this market. However, the impact of voltage dips at electrical vehicle charging stations is expected to be a major challenge for the growth of this market.
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The global energy infrastructure for EV charging stations market is segmented based on component, number of EVSE, energy source, and geography. The study also evaluates industry competitors and analyzes 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 share of the global energy infrastructure for the EV charging station market. The growth of this segment is attributed to its wide usage for powering electric vehicle charging applications and maintaining power as per charging station requirements. However, the energy storage systems segment is expected to account for the highest CAGR during the forecast period due to various initiatives by OEMs and stakeholders to develop an energy storage system (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 segment is driven by increasing investments by retail space owners & managers and fuel station owners to include electric vehicle charging on their premises. However, the 5 to 15 units segment is expected to account for the highest CAGR during the forecast period. This growth is attributed 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 largest share of the global energy infrastructure for the EV charging stations market. The growth of this segment is attributed to government incentives and subsidies to purchase EVs and EV charging infrastructure.
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Based on geography, the energy infrastructure for the 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 account for the highest CAGR during the forecast period. The growth of 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.
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Key Players:
The key players operating in the global energy infrastructure for EV charging stations market are 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).
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