How do local utilities benefit from Smart Cities?

In 2023, the global smart cities market was valued at $748.7 billion and is expected to expand at a compound annual growth rate (CAGR) of 25.8% through 2030 (Source: Grandview Research).

There are three key components for successful smart cities’ use cases:

01. Local electric utility’s smart grid infrastructure.?

The smart grid serves as the backbone for numerous successful smart city applications, fostering a strong partnership between cities and their local electric utility companies.

02. The network.

A few things to know about the network:

• The network should enable intelligent infrastructure to bring smart cities to life with citizen-focused applications because it ensures device and system connectivity, allowing vast amounts of data to flow in real-time or near real-time for applications to reach their full potential.

• The network is often derived from the utility’s smart grid infrastructure to provide a scalable foundation because it supports the expansion of smart city capabilities.

• To ensure scalability, the network must be open and multi-protocol compatible because this allows it to deliver 24/7 reliability across diverse use cases, applications, and devices within smart cities.

• The network should be a truly open, data-agnostic platform that facilitates essential data movement and sharing because this unlocks scalable business value for the city.

• The network must support data flow from various smart devices, like water meters and lighting sensors to deliver real-time insights, enhancing operational efficiency and decision-making across the city.

What are the benefits of the network for a smart city?

• Assisting with climate and environmental goals. The network streamlines integrating a city’s renewable energy sources with the grid, managing EV charging networks, and enabling connected smart buildings and campuses to optimize energy use and manage peak demand effectively.
• Public safety. Smart street lighting, camera networks, alarms, and other applications all contribute to making a city both safe and smart.

03.?Smart meters.

Smart water metering is emerging as a top use case, as effective water usage management and conservation grow increasingly important amid limited water resources.

How can local utilities benefit from this, particularly?

Collaborating with local governments on smart city initiatives can open new revenue streams for utilities through network lease agreements. This creates a win-win-win scenario, benefiting the utility, the city, and, most importantly, the citizens they serve.

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