The global smart cities market is expected to expand at a compound annual growth rate of 24.4% over the next 10 years, driven by demand in areas such as facility management and energy optimization, building automation, and emergency response management, according to a new Research and Markets report. A number of leading industry players will help reach that market reach a staggering $2.452 trillion by 2025.
Among the companies featured in the report are Schneider Electric and Ingersoll Rand. Both of them recently won 2017 Environmental Leader Awards, Schneider Electric for building analytics work on Shedd Aquarium in Chicago, and Ingersoll Rand for its Next Generation R-Series line of air compressors.
The industry report analyzed market estimates and forecasts of all the given smart cities segments globally and regionally, according to Research and Markets. “The study focuses on market trends, leading players, supply chain trends, technological innovations, key developments, and future strategies,” the industry analyst says.
For its part, Schneider Electric offers smart cities solutions that include energy and sustainability services. The company also has a five-step approach to help city planners build more efficient, livable, and sustainable smart cities.
Ingersoll Rand, a diversified industrial manufacturer specializing in heating, cooling, and automating homes and buildings, has worked with many city officials to help them become more resilient when faced with natural disasters.
“We’ve collaborated with a number of water department officials seeking advice on how to cool wastewater in the face of a loss of electricity,” Scott Tew, executive director of the Center for Energy Efficiency & Sustainability at Ingersoll Rand, wrote in a blog post this month. “Cities and companies can learn from each other and partner to advance resiliency.”