Smart city investment to reach $11.3 billion in Asia Pacific area

Sponsored by

Annual investment in smart city technology in Asia Pacific will grow from $3 billion in 2014 to $11.3 billion in 2023, according to Navigant Research.

Home to most of the world’s largest and fastest-growing mega-cities, Asia Pacific faces unprecedented challenges related to rapid urbanization. Along with the challenges, however, comes the opportunity to rethink approaches to managing these cities, and offer their inhabitants economic opportunities and meaningful quality of life enhancements, using smart city technologies.

“For many cities in the developed western world, the adoption of smart cities approaches is a choice; for officials in the mega-cities of Asia Pacific, it is a necessity,” says Eric Woods, research director with Navigant Research. “The list of problems facing contemporary city dwellers in the region includes stressed city finances, inadequate infrastructure, rising energy costs, congested transportation, and competition for global investment and skilled labor. Emerging intelligent systems, however, promise solutions, and cities across the region are starting to implement them.”

In many ways, smart city programs offer opportunities to tackle problems of a national scope, according to the report. Large developing countries like China and India now are running up against physical resource limits, and intelligent systems can reduce the use of energy and water without limiting economic growth. In addition, smart infrastructure can help developed world cities meet energy efficiency and carbon reduction targets and allow governments to deliver better services at lower cost.

Sponsored by

Get All the Electric Light & Power and POWERGRID International to Your Inbox

Subscribe to Electric Light & Power or POWERGRID International and the email newsletter today at no cost and receive the latest news and information.

Related Articles

U.S.-India consortium to advance energy independence

06/23/2017

The Department of Energy will award $7.5 million for a joint U.S.-India five-year project that will help advance the devel...

Urbanova, Avista pair on smart city pilot

06/21/2017

Pilot aims to increase energy efficiency and public safety, and garner insights into air quality

Landis+Gyr, CLP Power deliver AMI to Hong Kong

06/20/2017

Landis+Gyr's work on CLP Power’s Advanced Metering Infrastructure (AMI) platform in Hong Kong is now complete

Silver Spring Networks installs smart street lights in Jamaica

06/20/2017

Silver Spring Networks is carrying out a smart street light control program for Jamaica Public Service Co.