Smart grid and advanced energy technology for the smart cities market will reach US$20.9 billion by 2024, according to a newly published report by US market research company Navigant.
In a study, Navigant notes that city leaders are taking a more proactive approach to climate change through the creation and implementation of innovative policies and setting of carbon reduction goals.
These strategies are in turn enabled by the advanced technologies such as smart grid, alternative and renewable generation, distributed energy resources and demand response practices to achieve climate goals.
Lauren Callaway, research analyst with Navigant Research, said: “Energy is the lifeblood of a city.
“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.”