Smart city investments to reach $3.7T as cities prepare for autonomous vehicles

According to market forecasts, smart city infrastructure investments are growing steadily and will reach $3.7 trillion by 2030. INFRA, a leading provider of infrastructure solutions for autonomous vehicles, and Verra Mobility Corporation, a leading provider of smart mobility technology solutions, see opportunity for investment as more and more cities adopt autonomous mobility.

Verra Mobility released a new Urban Mobility Technology Study, which found 93% of U.S. cities are preparing for driverless vehicles within the next five years. The study, conducted by Wakefield Research, polled city technology leaders from 100 municipalities of various sizes. Despite the anticipation of autonomous vehicles, 81% of respondents said they expect some systems will need updating before incorporating connected vehicles technology into their mobility initiatives.

Electricity consumption and cost in cities is expected to dramatically increase as more cities evolve into smart cities and begin widespread use of electronic autonomous vehicles. INFRA has recognized the need for infrastructure that will be essential in supporting this sustainable growth in autonomous mobility and optimizing urban energy demand.

The company sees its Giga Hub network as playing a critical role in the development of future smart cities, specifically the integration of its Hub-to-Grid technology. These hubs coordinate vehicle charging with the city’s electrical grid in real time.

The system enables bidirectional energy flow which allows for the autonomous vehicles to recharge during off-peak hours and then return stored energy to the grid during peak times. This vehicle-to-grid technology will be integral as it creates a reliable dynamic energy storage resource within the cities.

The hubs not only optimize energy usage but contribute to grid stability. Use of the hubs would result in environmental benefits, a reduction of energy costs to municipalities and lower costs for vehicle operators. INFRA invites partnerships with municipalities, energy providers and autonomous mobility companies on this initiative.

Photo Courtesy
JirkaBulrush via Wikimedia Commons
Creative Commons Attribution-Share Alike 4.0