According to reports, The global smart city market size is estimated to grow by USD 288.7 bn from 2023-2027. The market is estimated to grow at a CAGR of 24.53% during the forecast period.
In the rapidly urbanizing Asia Pacific region, smart city development is gaining momentum, driven by population growth and infrastructure needs. Emerging economies like India and China are planning and launching pilot projects, focusing on environmental sustainability, resource management, and public safety through smart city technologies. In the smart city market, the substantial expense of modernizing smart grids poses a significant challenge. This cost includes investments in distribution systems, transmission line replacement, power delivery systems, substation digitalization, and digital controls.
