Meticulous Research®, a renowned global market research firm, has published a 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 the latest findings from Meticulous Research®, the worldwide market for energy infrastructure catering to EV charging stations is anticipated to expand at a compound annual growth rate at a CAGR of 36% from 2022, potentially reaching $20 billion by 2029. This growth is driven by government initiatives aimed at boosting electric vehicle (EV) adoption and the necessary infrastructure, coupled with growing demand for high-speed EV charging facilities. Challenges such as the high cost of infrastructure equipment could impede market expansion, while opportunities lie in the increasing uptake of electric vehicles in emerging markets and the expanding deployment of charging stations by global retail corporations. Voltage dips at EV charging stations emerge as a notable obstacle to market growth.
The report categorizes the global market by component, number of EV charging points (EVSE), energy source, and geographical region, offering a comprehensive analysis that includes industry competitors and insights at both national and regional scales.
Based on component, the worldwide market for energy infrastructure supporting EV charging stations is segmented into categories including transformers, electric distribution systems, heavy-duty cables, metering systems, power converters, energy storage systems, and solar PV panels. As of 2022, the transformers segment is expected to dominate the market share, largely due to its crucial role in supplying power to EV charging facilities and maintaining stable power delivery. Meanwhile, the energy storage systems segment is forecasted to achieve the highest compound annual growth rate (CAGR) throughout the projected period. This growth is driven by initiatives from original equipment manufacturers (OEMs) and other stakeholders aimed at advancing energy storage solutions specifically designed for EV charging stations.
Based on number of EVSE, the global market for energy infrastructure dedicated to EV charging stations is segmented based on the number of units into three categories: less than 5 units, 5 to 15 units, and more than 15 units. As of 2022, the less than 5 units segment is anticipated to lead in market share, propelled by increased investments from retail property owners, facility managers, and fuel station operators who are installing EV charging stations at their locations. However, the 5 to 15 units segment is forecasted to exhibit the highest compound annual growth rate (CAGR) during the forecast period. This growth is attributed to various governmental incentives, tax benefits, and reimbursements aimed at encouraging the commercial deployment of charging stations.
Based on energy source, the worldwide market for energy infrastructure supporting EV charging stations is divided into renewable energy sources and non-renewable energy sources. As of 2022, the non-renewable energy sources segment is projected to dominate in market share. This trend is fueled by government incentives and subsidies aimed at promoting the adoption of electric vehicles (EVs) and the corresponding charging infrastructure.
Based on geography, the market for energy infrastructure catering to EV charging stations is segmented across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of 2022, Asia-Pacific is anticipated to command the largest share of the global market. This is driven by growing demand for electric vehicles (EVs) in countries such as China and Japan, coupled with governmental initiatives aimed at reducing greenhouse gas emissions, thereby encouraging EV adoption. Meanwhile, Europe is expected to experience the highest compound annual growth rate (CAGR) throughout the forecast period. This growth is supported by government initiatives aimed at expanding charging infrastructure across the region. Leading countries contributing to this market include France, Germany, the Netherlands, Norway, and the United Kingdom.
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Key Players:
Key players in the global energy infrastructure market for EV charging stations 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).
Key questions answered in the report:
• Which market segments are showing significant growth in terms of component, number of EVSE, energy source, and geography?
• What was the previous global market size of energy infrastructure for EV charging stations?
• What are the projected market forecasts and estimates for the period from 2022 to 2029?
• What are the main factors driving, hindering, presenting opportunities, and shaping trends in the global energy infrastructure market for EV charging stations?
• Who are the key players and what is their market share in the global market for energy infrastructure supporting EV charging stations?
• What does the competitive landscape look like in the global market for energy infrastructure for EV charging stations?
• What recent advancements or updates have occurred in the global market for energy infrastructure supporting EV charging stations?
• How do major players in the global market for energy infrastructure supporting EV charging stations approach their strategies?
• What are the primary geographical trends, and which countries are seeing notable growth in the global market for energy infrastructure supporting EV charging stations?
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