Outage Management System Market Projected to Reach USD 6.3 Billion by 2030, at a 21.3% CAGR – Report by Market Research Future (MRFR)
Outage Management System Market Growth Boost by Increase in New Products, Technology and Rising Investment
New York, US, June 09, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Outage Management System Market Information By Type, End-User, and Region – Forecast till 2030″, By 2030, the outage management system market will touch USD 6.3 Billion, attaining a CAGR of 21.3% from 2022 to 2030.
Outage Management System Market Overview
Different computer-related programs employed by the electric distribution are referred to as outage management. Grid and system managers mostly employ these to restore electricity to the grid. Power grid outages are located and alerted to via the outage management system.
Software and services are the two basic categories of outage management. After an outage, the network model is recovered using the software OMS. Outage control products come in both integrated and independent varieties. Numerous end users, including both public and commercial utilities, use these. They are employed in a variety of settings, including residential and commercial ones.
Market Competitive Landscape:
The affluent companies active in the outage management system industry are
- ABB Ltd. (Switzerland)
- General Electric Company (U.S.)
- Oracle Corporation (U.S.)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Intergraph Corporation (U.S.)
- Advanced Control Systems Inc. (U.S.)
- CGI Group (Canada)
- Survalent Technology Corporation (Canada)
- S&C Electric Company (U.S)
- Among others.
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To diversify their product offerings, major market players are spending a lot of money on research and development activities, which is bolstering the protective packaging industry’s growth. Industry participants are engaging in a range of strategic initiatives to strengthen their presence in addition to key market changes such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations.
Outage Management System Market COVID 19 Analysis
All throughout the world, public transport services have been suspended as a result of Covid-19, which has temporarily closed commercial and industrial facilities. This lowers the demand for electricity.
Due to the nationwide lockdown, which has encouraged more people to stay at home, residential power demand has slightly increased. Utility managers are adjusting to the COVID-19 operating environment to provide customers with delayed services so they can concentrate on enhancing grid resilience and asset management, which are the top priorities for utilities.
To prevent the electricity system from being disrupted, technology that supports edge computing, machine learning, remote monitoring, and access to vast volumes of data and analytics is used.
Outage Management System Market Report Scope:
|Market Size 2030||2030: USD 6.3 Billion|
|CAGR during 2022-2030||21.50% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, and Region|
|Key Market Opportunities||· Increase in new product launches and rising investment by the government in R&D.|
|Key Market Dynamics||· Increase in demand for the outage management system.|
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Market USP Covered:
Outage Management System Market Drivers:
There is a pressing requirement for a system that can effectively monitor and manage the distribution of power throughout the area due to the increasing need for a consistent and dependable electricity supply. The whole set of tools used by power distribution and grid supervisors to locate outages, issue a warning, and restore power is known as the outage management system. Automated and improved client communication is made possible by integrating interactive voice response capabilities into OMS, which boosts customer satisfaction. As a result, utility companies are overly implementing an outage management system (OMS) to meet the rising needs of their customers. The utility sector is now dealing with issues related to excessive electricity use. The necessity to conserve and restore power is further exacerbated by limited power-producing resources. Power distribution operators are compelled to implement the OMS solution as a result of growing concerns over excessive power consumption. As a result, rising power utilization issues are projected to fuel the expansion of the OMS market.
The adoption of outage management systems is influenced favorably by increased investment in smart grid development. The smart grid’s functionality is improved by integrating outage management systems with sophisticated metering infrastructure. The expansion of smart grid deployments is a key component in the expansion of the global market. Systematic management of outages shortens downtime and allots resources for a quicker return to full power. Fast and accurate tracking of a power outage is now possible thanks to the integration of OMS with geographic information systems (GIS).
Additionally, the extensive communication network and instructive dashboards are helping power distribution managers to gather insightful data. These insights are also beneficial for making rapid and precise decisions. Consequently, the OMS is becoming increasingly well-liked within the utility sector as a result of its many advantages and improved functionality. The supervisory control and data acquisition (SCADA) system integration with OMS allows total automation of all OMS activities. As a result, market expansion during the projected period is likely to be driven by the integration of OMS with the SCADA system.
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Outage Management System Market Opportunities
The Market to Perform Well in the Asia Pacific
The world’s greatest installed base of energy production is located in the Asia-Pacific area. Optimization of the vast grid necessitates the employment of tools like the outage management system, which is anticipated to support market utilization and expansion.
The Asia Pacific uses more renewable energy than any other region in the world. With the use of outage management systems, the reliability difficulties that renewable energy sources like solar and wind have might be better addressed, promoting the sector’s expansion. It is necessary to manage power outages as they occur since Asia-Pacific utility companies often have a wide customer base dispersed across a huge area. Access to the information offers a method that enhances customer service and satisfaction, maximizing customer retention and boosting the profit for the electricity distributor, hence accelerating market expansion.
Outage Management System Market Restraints:
Although there are numerous factors that are in favor of the global market, there are a few obstacles that can prevent it from expanding. Outage management systems have a high degree of complexity, which deters consumers from purchasing them and eventually slows the market’s growth rate.
As a result, many major businesses are participating in the worldwide market and conducting additional studies based on these restrictions in order to produce superior results. This endeavor on the part of the companies will reap in many benefits for the market in the long run.
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Outage Management System Market Segmentation
The worldwide outage management system market has been divided into two categories, with respect to type: standalone and integrated.
For the duration of the research, the integrated OMS sector is anticipated to produce the highest Global Market Share. Because of the shifting interest in cutting-edge applications like ADMS (Advanced Distribution Management System), there is an increase in the demand for integrated solutions.
Different constituents covered in the report are software and communication systems.
The communication sector is the one segment that has secured the lead in the global outage management system market.
Key applications of outage management systems include utility and recreational utility.
During the forecast period, both of these two application categories will hold equal shares in the worldwide outage management system market.
Outage Management System Market Regional Insights
The outage management system market will be largely dominated by North America. Power restoration in North America is becoming more and more necessary. The U.S. outage management system is expanding as a result of rising investments made by the country’s utility sector to improve utility operations.
In the area, there is a rising need for digitally enabled grids. The primary reason propelling the market expansion for outage management systems is the ability to resolve and restore power. The government has sponsored a large portion of the utilities sector, which helps the market. Market participants are using a variety of techniques, including partnerships, collaborations, new product launches, mergers, and contracts, to grow their businesses.
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Gainesville Regional Utilities, a Florida-based municipal electric utility, has chosen Open Systems International, Inc. to supply an outage management system to replace their outdated legacy system.
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