LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global smart city market is expected to reach USD 1.45 trillion by 2020, growing at a CAGR of almost 20%.
This research report titled ‘Global Smart City Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report has taken into consideration the revenue obtained from components such as smart security, smart infrastructure, smart energy, smart governance, smart education, smart building, smart healthcare, and smart mobility.
Smart building solutions help cities, companies, and citizens to reduce the estimated 40% of energy consumed by buildings worldwide. 3D printing technology has gained huge popularity with the rapid evolution of Internet of Things (IoT). In 2015, approximately 0.2 million 3D printers were sold worldwide to enterprises.
Barcelona, Spain is considered to be one of the best among smart cities worldwide. It includes almost all the aspects of a smart city, including a new bus network, electric vehicles, smart traffic lights, Wi-Fi, smart city campus, radars project, waste management, and fabrication laboratories.
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Technavio’s ICT analysts categorize the global smart city market into seven major segments by components. They are:
- Smart security
- Smart infrastructure
- Smart energy
- Smart governance and smart education
- Smart building
- Smart healthcare
- Smart mobility
The top three segments by components in the global smart city market are:
Smart infrastructure
The global smart infrastructure component market was valued at USD 113.7 billion in 2015 and is expected to reach USD 320.5 billion by 2020, growing at a CAGR of 23.03%.
Water networks in smart cities are geared with automated control systems and information technologies (such as big data, analytics, and information management systems). As the global population expands, demand for clean water becomes a concern and can affect natural water resources. Cities are adopting smart water management systems, based on ICT, to save water resources for the future. Technology can help supply systems to provide purified water in a cost-efficient manner. Siemens and Schneider Electric are providing smart water network systems to streamline water network operations.
According to Swapnil Tejveer Sharma, a lead M2M and connected devices analyst from Technavio, “Schneider Electric is using integrated information systems to control the water operation process. The integrated information management system sends real-time data to operators to track and monitor the water supply process. The data is collected from SCADA systems that are linked to geographic information systems, and integrated with enterprise resource planning systems.”
Smart energy
The global smart energy component market was valued at USD 108.9 billion in 2015 and is expected to reach USD 298.1 billion by 2020, growing at a CAGR of 22.31%.
The market for smart energy components is driven by wireless internet penetration and the growing awareness of cloud services among consumers. The market is also driven by the emergence of technologies such as ZigBee and Wi-Fi. Nearly, 25% of households in the US and 70% in Western Europe use Wi-Fi technology to manage energy. EMSs are widely adopted to manage electricity inside a building. Decreased prices of monitoring and control devices is one of the major drivers for increasing the growth rate of this component among corporate customers. In addition, these systems offer benefits such as greenhouse gas reduction and sustainability, which enhance the brand value of the company.
“The effective management of power supply systems is helping cities to reduce power consumption to minimal costs. ICT infrastructure and automated control systems, such as smart grid technologies, help electricity suppliers reduce transmission losses and conserve electricity for future consumption,” says Swapnil.
Smart building
The global smart building component market was valued at $66.9 billion in 2015 and is expected to reach $170.4 billion by 2020, growing at a CAGR of 20.56%.
Buildings consume 40% of the global energy demand. Buildings in cities have to be reengineered to save energy before a city can be called a smart city. Smart building solutions help a building save up to 30% of water consumption, 40% of energy consumption, and overall building maintenance costs by 10%-20% annually.
Some of the key issues in a building include fire safety, earthquake resistance, terrorist attacks, and floods. The use of connected technology can help reduce greenhouse emissions from a building. Smartphone users in the building can be connected through different devices and IoT technologies and be alerted in case of any emergency.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ABB
- Cisco
- Ericsson
- GE
- Huawei Technologies
- IBM
- Microsoft
- Oracle
- Schneider Electric
- Siemens
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