Global Smart Energy for Smart Cities tech revenue to grow to $20.9 bn in 2024

Smart-City

Global Smart Energy for Smart Cities technology revenue is expected to grow from $7.3 billion in 2015 to $20.9 billion in 2024, says a new report from Navigant Research.

City leaders today are assuming a more proactive role in creating energy policies by developing comprehensive energy efficiency and carbon reduction goals to mitigate and adapt to climate change.

This has resulted in ambitious energy projects supported by innovations in smart grid technology, demand management, alternative and renewable generation, and distributed energy resources (DER).

According to Lauren Callaway, research analyst with Navigant Research, developing an integrated and sustainable energy strategy within the smart city framework is one of the most effective ways cities can contribute to their larger goals of addressing climate change, supporting citizen well-being, and fostering economic development.

Many synergies exist within the technology frameworks that make up the backbone of the smart grid, advanced energy, and other smart cities applications, according to the report.

In the next decade, cities, utilities and third-party vendors are expected to increasingly pursue opportunities to bridge complementary technologies, enabling the optimal use of citizen and city-owned energy resources and reducing redundant investments in infrastructure.

City leaders today are assuming a more proactive role in creating energy policies by developing comprehensive energy efficiency and carbon reduction goals to mitigate and adapt to climate change.

This has resulted in ambitious energy projects supported by innovations in smart grid technology, demand management, alternative and renewable generation, and distributed energy resources (DER).

According to Lauren Callaway, research analyst with Navigant Research, developing an integrated and sustainable energy strategy within the smart city framework is one of the most effective ways cities can contribute to their larger goals of addressing climate change, supporting citizen well-being, and fostering economic development.

Many synergies exist within the technology frameworks that make up the backbone of the smart grid, advanced energy, and other smart cities applications, according to the report.

In the next decade, cities, utilities and third-party vendors are expected to increasingly pursue opportunities to bridge complementary technologies, enabling the optimal use of citizen and city-owned energy resources and reducing redundant investments in infrastructure.

Rajani Baburajan

[email protected]