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Sep 28, 2020 (Profound via COMTEX) —
Vehicle-to-grid, or V2G technology, is defined as a system that is capable of controlling the bidirectional flow of electricity between the vehicle and the grid. Electricity flows from the grid to the vehicle to charge the battery. Also, electricity can flow back from the vehicle to the grid when required. A majority of the time, electric vehicles are not in use. During this idle time, the batteries of these vehicles can be utilized for supplying electricity back to the grid. Parties involved in V2G operations include vehicle owners, vehicle battery suppliers, curtailment service providers, electric utility, electric vehicle supply equipment (EVSE) owners, and businesses/homes.
The global vehicle-to-grid technology market is projected to garner revenue around US$ 17.43 billion by 2027 by recording compound annual growth rate (CAGR) of 48%