Meticulous Research®, a leading global market research firm, has released a comprehensive 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.
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According to the latest analysis from Meticulous Research®, the Global Energy Infrastructure for EV Charging Stations Market is set to grow at a staggering CAGR of 36% from 2022, aiming to reach $20 billion by 2029. This remarkable growth trajectory is primarily driven by robust government initiatives aimed at fostering the adoption of electric vehicles (EVs) and the requisite infrastructure, coupled with an escalating demand for fast-charging solutions. However, the high costs of infrastructure equipment may act as a restraint on market expansion. In addition, the increasing prevalence of electric mobility in emerging markets and the rapid deployment of charging stations by retail multinational corporations are poised to create substantial opportunities for market stakeholders. Nonetheless, challenges such as voltage dips at charging stations may hinder overall growth.
The global energy infrastructure for the EV charging stations market is segmented based on component type, number of EVSE, energy source, and geographical regions. The study further analyzes competitive dynamics and evaluates the market landscape at both national and regional levels.
Component Analysis
Regarding components, the global energy infrastructure for the EV charging stations market is categorized into transformers, electric distribution systems, heavy-duty cables, metering systems, power converters, energy storage systems, and solar PV panels. By the end of 2022, the transformers segment is expected to command the largest share of the global energy infrastructure for EV charging stations market. The growth of this segment is mainly attributed to its extensive application in powering electric vehicle charging solutions and ensuring power stability based on charging station requirements. Conversely, the energy storage systems segment is anticipated to record the highest CAGR throughout the forecast period, propelled by initiatives from OEMs and stakeholders focused on advancing energy storage systems for EV charging stations.
EVSE Segment Overview
In terms of the number of EVSE, the global energy infrastructure for the EV charging stations market is classified into less than 5 units, 5 to 15 units, and more than 15 units. By 2022, the less than 5 units segment is projected to hold the largest market share, driven by increased investments from retail space owners & managers and fuel station operators integrating electric vehicle charging into their services. However, the 5 to 15 units segment is expected to witness the highest CAGR during the forecast period, supported by various government incentives, tax credits, and reimbursements for commercial charging station installations.
Energy Source Segmentation
Regarding energy sources, the global energy infrastructure for the EV charging stations market is segmented into renewable energy sources and non-renewable energy sources. By the end of 2022, the non-renewable energy sources segment is expected to dominate the market, driven by government incentives and subsidies that facilitate the purchase of EVs and their accompanying charging infrastructure.
Geographic Breakdown
Geographically, 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 projected to account for the largest share of the global energy infrastructure for EV charging stations market. This growth is largely fueled by the rising demand for EVs in countries such as China and Japan, along with increasing government initiatives aimed at reducing greenhouse gas emissions, ultimately enhancing EV adoption. Conversely, Europe is expected to achieve the highest CAGR during the forecast period, driven by governmental efforts to bolster charging infrastructure throughout the region. Leading countries in the EV and charging infrastructure landscape include France, Germany, Netherlands, Norway, and the U.K..
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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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