Smart Energy for Smart Cities Technology Revenue is Expected to Reach $20.9 Billion in 2024, According to Navigant Research
Cities, utilities, and smart energy for smart cities vendors are expected to take advantage of market synergies, report finds
BOULDER, Colo.--A new report from Navigant Research examines the smart energy for smart cities market, focusing on the smart grid and advanced energy technologies segments, with global market forecasts for revenue, through 2024.
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). Click to tweet: According to a new report from Navigant Research, global smart energy for smart cities technology revenue is expected to grow from $7.3 billion in 2015 to $20.9 billion in 2024.
"Energy is the lifeblood of a city," says 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.
The report, Smart Energy for Smart Cities, analyzes the global smart energy for smart cities market, with a focus on two segments: smart grid and advanced energy technologies. The study investigates the key market drivers, barriers, dynamics, and regional trends related to smart energy for smart cities technology. Global market forecasts for revenue, broken out by segment, application, and region, extend through 2024. The report also examines the key technologies that constitute the smart energy for smart cities market, as well as the competitive landscape. 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.