Smart City Market to Grow to $6.1 Billion by 2020
The global smart city technology market will grow from $6.1 billion in annual revenue in 2012 to $20.2 billion by 2020, according to a study by Navigant Research.
That represents a compound annual growth rate of 16.2 percent, according to Smart City Tracker 3Q13.
City programs and supplier innovation are driving the growth. City leaders, central government ministries, and technology and service suppliers have announced a range of new projects, incentives, and innovative product and service offerings. The market is also seeing an increase in innovations from suppliers in terms of the partnerships they are forming with cities and other stakeholders, Navigant says.
The report provides a survey of the current state of smart city developments around the globe. The report covers 170 projects around the world. More than 80 percent of the projects are focused on issues related to energy, transportation, or government. Over 50 percent of the projects have some element focused on transportation and mobility in cities, and almost 45 percent involve some energy-related projects.
Europe has more smart city projects currently underway than any other region (see chart), followed by Asia Pacific then North America, according to the report.
Siemens announced in July that it is working with local power companies and real estate development associations to launch a large smart city project in Vienna, Austria.
A living laboratory will be created in the next five years in the waterside district of Aspern, one of the largest urban development projects in Europe. Here, power supply, building systems, intelligent power grids, and information and communication technologies will interact.
The partners have established the company Aspern Smart City Research with a budget of nearly $51 million. The company will start work October 1 to create a multifunctional urban district in Aspern, which is located in the northeastern part of Vienna.
- The World Resources Institute Scope 2 Guidance: A Verifier’s Perspective
- Energy Manager Today Awards Top Products and Top Projects of the Year
- How the IoT is Reshaping Building Automation
- 2015 Insider Knowledge
- Building Energy Benchmarking & Transparency Laws
- Choosing the Correct Emission Control Technology
- There’s Money in the Trash
- Addressing Regulatory Trends with UVC LED-based Sensors
- 10 Tactics of Successful Energy Managers
- Mobility from the Plant Floor to the Store Door: Improve Safety, Accuracy and Productivity