Global Communications Equipment and Services Revenue for Electric Vehicle Charging Networks Is Expected to Exceed $709 Million in 2024, According to Navigant Research
By Business Wire News
A new report from Navigant Research analyzes the market for plug-in electric vehicles (PEV) and electric vehicle supply equipment (EVSE) infrastructure and associated communications equipment and services, with global market forecasts, through 2024.
Over the next decade, the growing base of PEVs and government efforts to encourage their adoption are expected to support millions of connected charging stations. Connectivity enables remote control of the charging point, as well as the potential for utility-driven demand response capabilities. Click to tweet: According to a new report from Navigant Research, global communications equipment and services associated with electric vehicle (EV) charging networks is expected to generate revenue of just over $62.8 million in 2015, growing to more than $709.7 million in 2024.
“EV charging networks represent another element of the burgeoning Internet of Energy,” says Richelle Elberg, principal research analyst with Navigant Research. “Increasingly, car charging stations, whether public, at work, or for private fleets, are expected to be connected by communications technologies—typically some combination of cellular and near-area connectivity solutions like radio frequency identification (RFID) and Wi-Fi.”
According to the report, cellular is the de facto standard for wide area network (WAN) connectivity, while the ZigBee standard for near area networks (NANs) has lost momentum, due in part to high costs and its lack of Internet Protocol (IP) compatibility. RFID access is typically used so that consumers can connect to public charging networks, though mobile/smartphone applications are also gaining traction.
The report, Communications Technologies for EV Charging Networks, examines the outlook for PEV and electric vehicle supply equipment (EVSE) infrastructure and associated communications equipment and services. The study outlines regional considerations and describes the connectivity requirements for four segments of charging sites: residential, workplace, public, and private/fleet. Global market forecasts for communications equipment and services tied to EVSE infrastructure extend through 2024. The report also examines the major categories of communications technologies employed in EVSE networks, as well as the key vendors, service providers, and utilities active in the EVSE space. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Communications Technologies for EV Charging Networks, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.