Outage Management Market Size, Share, Growth Drivers and Regional Analysis, Global Forecast 2024 - 2031

AUSTIN, TEXAS, UNITED STATES, June 5, 2024 /EINPresswire.com/ -- Outage Management Market Size & Growth Analysis

The SNS Insider report highlights a burgeoning Outage Management Market, poised to reach USD 9.7 Billion by 2031. This exponential growth, at a CAGR of 8.15% over the forecast period (2024-2031), is Driven by the ever-increasing demand for reliable and uninterrupted electricity supply.

Growing Demand for Reliable Power Drives Market Expansion

The Increasing demand for a continuous and reliable electricity supply as a key driver for the Outage Management System (OMS) market. Utility companies are increasingly adopting OMS solutions to meet customer expectations and improve their satisfaction. concerns regarding excessive power consumption and limited generation resources are compelling distribution operators to deploy OMS solutions for efficient power management and restoration. The report also explores the positive influence of smart grid development on OMS adoption. Integration of OMS with advanced metering infrastructure strengthens the functionality of smart grids, further propelling market growth. OMS facilitates faster restoration times by reducing outage durations and allocating resources efficiently. The integration with Geographic Information Systems (GIS) enhances location tracking capabilities, enabling swift and accurate outage identification. The integration of OMS with Supervisory Control and Data Acquisition (SCADA) systems offers complete automation of OMS operations, streamlining overall efficiency. Real-time outage alerts, system insights, outage tracking, and improved communication with customers regarding outages and repairs are further driving market expansion for OMS.

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KEY PLAYERS:
- ABB
- General Electric
- Oracle
- Schneider Electric
- Siemens
- CGI Inc.
- Advanced Control Systems Inc.
- FUTURA SYSTEMS INC.
- Intergraph Corporation
- Milsoft Utility Solutions.
- Survalent Technology Corporation
- S&C Electric Company
- Open Systems International Inc.
- FirstEnergy Corp.
- Hexagon AB
- Kaihen
- Westinghouse Electric Company LLC.
- Power System Engineering Inc.
- Ripley Power & Light Company

Regional Developments

- The North America as a leading region in the Outage Management Market. This dominance is attributed to factors such as the increasing need for power restoration, rising adoption of energy management systems, and significant investments in grid modernization projects. The region's early adoption of advanced technologies Such as smart grids and advanced metering infrastructure further fuels market expansion.
- Europe is another significant market for OMS solutions, driven by the growing demand for digitally enabled grids and the need for efficient power management. Government initiatives and funding for smart grid projects are propelling market growth in this region.

Recent Developments

- The report sheds light on recent developments shaping the market landscape. In June 2022, Westinghouse Electric Company LLC acquired BHI Energy, Inc., a leading provider of outage and power management solutions. This strategic move strengthens Westinghouse's ability to offer enhanced outage and maintenance efficiencies.
- ABB Ltd.'s launch of ABB Ability Outage Management System 2.0 in March 2020 marked a significant development. This advanced system leverages Artificial Intelligence (AI) and Machine Learning (ML) for improved outage detection and restoration.

KEY MARKET SEGMENTS:

By Type
• Standalone outage management system
• Integrated outage management system.

by type, the integrated OMS segment holds the largest market share due to the rising inclination towards advanced applications like Advanced Distribution Management Systems (ADMS).

By End-User Industry
• Private Utility
• Public Utility

The Public utilities segment dominates the market by end-use industry due to the cost-effectiveness of OMS solutions compared to private utilities. The private utilities segment is anticipated to grow rapidly due to increasing investments in smart grid technologies such as DMS and ADMS.

By Component
• Software System
• Communication System

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Global Events Impact on the Outage Management Market

The report analyses the impact of global events like the Russia-Ukraine War and potential economic slowdowns on the Outage Management Market. The Russia-Ukraine War has potentially impacted the availability of critical components required for OMS deployment. rising energy costs might influence utility companies' investment decisions related to OMS solutions. An economic slowdown could lead to budgetary constraints for utility companies, potentially hindering investments in new technologies such as OMS. However, the long-term benefits of OMS, such as reduced outage durations and improved efficiency, are likely to sustain market growth in the long run.

Key Takeaways

• The Outage Management Market is expected to witness significant growth driven by the increasing demand for reliable electricity supply.
• Rising adoption of advanced technologies like smart grids and integration with AI and ML are key growth factors for the market.
• North America and Europe are expected to remain dominant markets due to supportive government initiatives and early technology adoption.
• The report provides valuable insights for market participants, including utility companies, technology providers, and investors, to make informed decisions in this dynamic market.

Table of Content – Analysis of Key Points

Chapter 1. Executive Summary
Chapter 2. Global Market Definition and Scope
Chapter 3. Global Market Dynamics
Chapter 4. Outage Management Market Impact Analysis
Chapter 4.1 COVID-19 Impact Analysis
Chapter 4.2 Impact of Ukraine- Russia war
Chapter 4.3 Impact of ongoing Recession
Chapter 5. Value Chain Analysis
Chapter 6. Porter’s 5 forces model
Chapter 7. PEST Analysis
Chapter 8. Outage Management Global Market, by Type
Chapter 9. Outage Management Global Market, by Component
Chapter 10. Outage Management Global Market, by End-User Industry
Chapter 11. Regional Outlook
Chapter 12. Competitive Intelligence
Chapter 13. Key Companies Analysis
Chapter 14. Research Process

Continued…

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SNS Insider Pvt. Ltd
+1 415-230-0044
info@snsinsider.com

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