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Friday, June 03, 2016

Smart Grids will Deliver $18.8B in Cost Savings by 2021

Internet of Things (IoT) technologies are enabling municipalities around the globe to implement a series of digital transformation projects. Juniper Research has found that European cities are forging ahead with efforts to become Smart Cities, with 60 percent of the world’s leading smart city projects based in this region.

Innovation to reduce congestion and energy consumption were key initiatives across many European cities, according to the findings from their latest worldwide market study.

Juniper’s Smart City Rankings have been compiled following an extensive study of numerous cities around the world. Juniper applied forty metrics in their study -- covering technology, transport, energy, open data and the local economy.

The top ranking Smart Cities for 2016 are:

  1. Singapore
  2. Barcelona
  3. London
  4. San Francisco
  5. Oslo

"When addressed effectively, the impacts of reduced congestion are substantial -- higher economic productivity, potential for new revenue streams and services as well as a measurable benefit in reduced healthcare costs," said Steffen Sorrell, research analyst at Juniper Research.

Singapore Leading Smart City Efforts

The top ranked city, Singapore was found to be a world leader in applying smart mobility policies and technology. Meanwhile, the city’s fixed and cellular broadband services, city software apps and strong open data policy led to it taking the top spot for 2016.

According to the Juniper assessment, with efforts to become a Smart Nation now underway, Singapore serves as a beacon from which other cities can learn best practices.

How Renewables are Driving Smart Grids

Additionally, the research uncovered that deployment of smart grid technologies has found its way onto the agenda for leading cities across the globe.

Alongside increased pressure on resources from urban migration, this common goal is driven, in large part, by a shift towards new renewable energy sources -- such as solar power and wind generation. North America and parts of Asia in particular, are showing strong investment in renewable energy technologies.

The anticipated results of these electric power projects are encouraging. Overall, Juniper anticipates that the smart grid technology deployment will deliver $18.8 billion in cost savings in 2021.

This will be achieved through reduced energy use and avoided economic costs from emissions. The reduced emissions are equivalent to those produced by nearly 15 million homes annually.