Navigant Research Report Shows the Annual Utility Revenue Opportunity in Smart Cities Is Expected to Exceed $100 Billion by 2027

Several smart city application areas are strong entry points for
new services, but regulatory challenges, utility business culture, and
technical and operational challenges present barriers

BOULDER, Colo.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/DER?src=hash” target=”_blank”gt;#DERlt;/agt;–A new report from Navigant
Research
examines global smart city business opportunities for
utilities, providing market forecasts, segmented by region and smart
city technology type, through 2027.

Utilities around the world are becoming increasingly integrated with
smart city deployments, driven by the need to generate new revenue
opportunities. Smart city applications such as electric vehicle (EV)
charging infrastructure and services, smart street lighting, smart
buildings, distributed energy resources (DER), and smart city
communication networks all offer significant new business opportunities
for utilities. Click
to tweet
: According to a new report from @NavigantRSRCH,
the annual utility revenue opportunity in smart cities is expected to
grow from almost $45 billion in 2018 to over $100 billion by 2027.

“With increasing energy efficiency and utilization of DER cutting into
their bottom line, utilities must position themselves as innovators and
generate new revenue streams to remain profitable in the 21st century,”
says Ryan Citron, senior research analyst with Navigant Research. “Smart
cities represent a significant opportunity for utilities to develop new
business lines, extend their partner ecosystems, and establish new bonds
with local communities.”

While utility interest and involvement in smart city deployments is
increasing, several key barriers to greater market participation remain,
according to the report. These barriers include regulatory challenges,
utility business culture and organizational structure, technical and
operational challenges, and the lack of a business case for some smart
city applications. The configuration of these challenges is unique to
each utility given its history, location, culture, and current asset
base. However, there are many lessons to learn from early leaders
already establishing their footprint in the smart cities market.

The report, Utility
Opportunities in Smart Cities
, analyzes the global smart city
business opportunities for utilities. The study focuses on smart city
use cases such as EV charging, smart street lighting, smart buildings,
DER, and smart city communication networks. It includes a study of
regional trends, utility case studies, and key barriers and
opportunities in the market. Global market forecasts, segmented by
region and smart city technology type, extend through 2027. An Executive
Summary of the report is available for free download on the Navigant
Research website
.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of
clean, intelligent, mobile, and distributed energy. Additional
information about Navigant Research can be found at www.navigantresearch.com.

About Navigant

Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.

* The information contained in this press release concerning the
report,
Utility Opportunities in Smart Cities, is a summary and
reflects Navigant Research’s current expectations based on market data
and trend analysis. Market predictions and expectations are inherently
uncertain and actual results may differ materially from those contained
in this press release or the report. Please refer to the full report for
a complete understanding of the assumptions underlying the report’s
conclusions and the methodologies used to create the report. Neither
Navigant Research nor Navigant undertakes any obligation to update any
of the information contained in this press release or the report.

Contacts

Lindsay Funicello-Paul
+1.781.270.8456
[email protected]

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