Worldwide Smart Cities Market Expected To Reach $ 1570 Billion By 2022

Date: 2016-09-18

The Smart Cities market was estimated at USD$ 733 billion in 2015, and is anticipated to reach USD$ 1570 billion by 2022. A smart city is an urban development vision to integrate multiple information and communication technology (ICT) and Internet of Things (IoT) solutions in a secure fashion to manage a city’s assets – the city’s assets include, but are not limited to, local departments information systems, schools, libraries, transportation systems, hospitals, power plants, water supply networks, waste management, law enforcement, and other community services. The goal of building a smart city is to improve quality of life by using technology to improve the efficiency of services and meet residents’ needs. ICT allows city officials to interact directly with the community and the city infrastructure and to monitor what is happening in the city, how the city is evolving, and how to enable a better quality of life. Through the use of sensors integrated with real-time monitoring systems, data are collected from citizens and devices – then processed and analyzed. The information and knowledge gathered are keys to tackling inefficiency.
Smart Energy is the fastest growing market segment within Smart Cities and will be driven by the large scale adoption of smart grids and intelligent energy solutions. Smart Energy will make up 24% of the total global smart city market in 2025, growing at a CAGR of 28.7% from 2012-2025.
By early 2014, the rollout of smart meters under the Victorian Smart Grid Project was more than 90% complete with more than 2.5 million meters now installed at homes and businesses across the state. Flexible pricing commenced in September 2013 to manage peak demand and this has eliminated estimated bills.

Miniaturisation, wireless-enablement and interoperability of sensors are key industry drivers that have allowed sensors to be part of building management systems. In 2012, the global market for sensors used in building automation systems was US$1.75 billion. This is expected to rise to about US$2.7 billion in 2016.

Smart Buildings will make up 7% of the total global smart city market in 2025, growing at a CAGR of 4.1% from 2012-2025.

In Brisbane, there are plans for a CBD District Cooling System – a centralised water chilling system which replaces air conditioning chillers and cooling towers in individual CBD buildings. This system will chill water during off-peak periods to supply CBD buildings during the day, yielding considerable energy savings.

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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520

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