Meticulous Research®, an esteemed global market research firm, has released a new 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." This report forecasts that the global market for energy infrastructure related to EV charging stations will grow at a significant CAGR of 36% from 2022, reaching an estimated market value of $20 billion by 2029.
The market's growth is primarily fueled by government efforts to promote the adoption of electric vehicles (EVs) and the development of the necessary infrastructure, as well as increasing demand for fast-charging EV solutions. However, high infrastructure costs present a potential challenge to market growth. Despite this, the rising adoption of electric mobility in emerging markets and the increased installation of charging stations by international retail corporations are expected to offer new opportunities for market players. The industry may also face challenges related to voltage dips at EV charging stations, which could impact overall market growth.
The global energy infrastructure for EV charging stations market is segmented by component, the number of Electric Vehicle Supply Equipment (EVSE) units, energy sources, and geography. The report includes an analysis of key industry competitors and evaluates the market on a country and regional level.
The component segments of the market include transformers, electric distribution systems, heavy-duty cables, metering systems, power converters, energy storage systems, and solar PV panels. In 2022, the transformers segment is anticipated to dominate the market, holding the largest share due to its extensive use in powering and managing EV charging stations. Conversely, the energy storage systems segment is expected to show the highest CAGR during the forecast period, driven by advancements in energy storage technologies by OEMs and other stakeholders.
When categorized by the number of EVSE units, the market is segmented into less than 5 units, 5 to 15 units, and more than 15 units. In 2022, the segment with fewer than 5 units is expected to lead the market, supported by investments from retail property owners and fuel station operators looking to add EV charging capabilities. However, the 5 to 15 units segment is projected to achieve the highest CAGR during the forecast period, thanks to government incentives and tax breaks for commercial EV charging infrastructure.
The market is also divided based on energy sources into renewable and non-renewable categories. The non-renewable energy sources segment is forecasted to hold the largest share of the market in 2022, driven by government incentives and subsidies for EV and charging infrastructure purchases. Nevertheless, the renewable energy sources segment is expected to gain traction as global sustainability initiatives intensify.
From a geographic perspective, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead the market in 2022, driven by high EV demand in China and Japan, and strong government initiatives aimed at reducing greenhouse gas emissions. Europe is projected to experience the highest CAGR during the forecast period, fueled by extensive government efforts to build a comprehensive EV charging infrastructure. Leading European countries, including France, Germany, the Netherlands, Norway, and the United Kingdom, are expected to be key players in advancing EV adoption and expanding charging infrastructure.
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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).
Key questions answered in the report:
• Which are the high-growth market segments in terms of component, number of EVSE, energy source, and geography?
• What was the historical market for global energy infrastructure for EV charging stations market across the globe?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, opportunities, and trends in the global energy infrastructure for the EV charging stations market?
• Who are the major players and their shares in the global energy infrastructure for the EV charging stations market?
• How is the competitive landscape in the global energy infrastructure for the EV charging stations market?
• What are the recent developments in the global energy infrastructure for the EV charging stations market?
• What are the different strategies adopted by the major players in the global energy infrastructure for the EV charging stations market?
• What are the key geographic trends, and which are the high-growth countries?
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