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.”
Smart city synergies
The report 'Smart Energy for Smart Cities' adds that many synergies exist within the technology frameworks that make up the backbone of the smart grid, advanced energy, and other smart cities applications.
It adds: “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.”
DEWA and KEPCO MoU
KEPCO CEO, Cho Hwan Eik and Saeed Mohammed Al Tayer, managing director and CEO of Dubai’s Electricity and Water Authority, DEWA have signed an agreement to build a smart grid station at DEWA’s green
garage facility in Ruwayyah.
The Green Garage supports the utility’s future increase of its fleet of vehicles and also features the latest sustainable technologies for energy management and water use.
The smart grid station will connect smart grids to smart building to share information between the two. The agreement follows a MoU signed by both parties in 2014 to exchange information on smart grids, smart cities, benchmarks and engaging in mutual workshops to raise awareness.
The project will also include developments around wind energy, battery storage and building management.