Entitled the ‘Global Market Opportunities and UK Capabilities for future smart cities’, the report values the smart cities industry at more than $400 billion globally by 2020, with the UK expected to gain a 10 per cent share ($40 billion).
However, the report states that the UK utility companies are experiencing losses of up to 27 per cent of treated water due the poor condition of the water network.
It says that smart water management solutions can help water companies use technology to optimise performance, minimise disruptions and conserve water.
The report states that globally, utility companies which apply smart water solutions could save between $7.1 billion and $12.5 billion each year from using smart water solutions in areas such as the use of smarter leakage and pressure management techniques of water networks.
In addition, it says savings could be made by better interpreting data which enables strategic capital expenditure management, using smarter water quality monitoring and adopting smarter network operations and maintenance in the water cycle
Volker Buscher, Arup director and Smart Cities Forum member, who wrote the report, said:
“By 2050, the human population will have reached 9 billion people with 75 per cent of the world’s inhabitants living in cities. Smart technologies can help address some of the challenges of rapid urbanisation by improving services and managing their efficiency.
“We already have incredible academics and professionals in the UK so we are well equipped to capitalise on this growing market and help create a better environment for us all.”