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Smart energy market worth $137bn by 2024

Smart cities are becoming an important force in implementing the Energy Cloud philosophy across different sectors

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Smart energy/smart city strategies enables optimal use of citizen- and city-owned energy resources
Smart energy/smart city strategies enables optimal use of citizen- and city-owned energy resources

Revenue from the global smart cities energy technology market is forecast to reach $136.9bn from 2015 to 2024, a study from Navigant Research finds.

 

The report, Smart Energy for Smart Cities, which examines the smart energy for smart cities market and smart grid and advanced energy technologies segments, in particular, said the shift toward smart grids is increasingly focused on the ability to effectively manage distributed energy resources (DER) within a city.

 

Smart grid technologies are enabling unprecedented energy efficiency improvements, as well as dynamic forms of demand management and integration of distributed renewable energy resources, the report found.

 

“Smart cities are emerging as an important force in implementing the Energy Cloud philosophy across different sectors such as transportation, public and private institutions and buildings, and land use and development,” said Lauren Callaway, research analyst with Navigant Research. “For utilities, this creates myriad opportunities to test and deploy new technologies, services, and business models.”

 

For utilities and cities, developing an effective cross-agency smart energy/smart city strategy enables optimal use of citizen- and city-owned energy resources, streamlining them, and reduces redundant investments in infrastructure. Such a strategy also promotes customer engagement, thus improving quality of service and expanding the services offered to residential, public sector, and commercial energy users, the report concluded.

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