USD 4.72 Billion
Report ID:
SQMIG45A2273 |
Region:
Global |
Published Date: April, 2024
Pages:
199
|Tables:
59
|Figures:
70
Global Outage Management System Market size was valued at USD 4.72 Billion in 2022 and is poised to grow from USD 5.11 Billion in 2023 to USD 10.47 Billion by 2031, growing at a CAGR of 8.3% in the forecast period (2024-2031).
The need for productive systems to manage power distribution, grid managers to detect failures, issue alerts, and restore power is increasing with increased demand for power generation provide consistent and reliable. Outage management system capabilities integrated interactive voice feedback feature features allows improved connection to customer.
The limited use of power energy requires the storage and regeneration of electricity. Increased concerns about overconsumption are forcing distribution operators to rely on blackout monitoring systems. Thus, the size of the market increases due to increased capacity consumption concerns. Furthermore, the reliability of outage monitoring systems is expected to increase as software and the Internet of Things (IoT) continue to evolve, offering profitable opportunities for businesses.
The increasing demand for continuous and reliable power supply calls for an efficient system to monitor and control power distribution throughout the region. Outage management system is a complete solution if power distribution and grid monitors use it to detect power outages, issue warnings, and restore powers are readily available. Thus, to meet the growing demands of customers, utilities are increasingly adopting Occupational Monitoring Systems (OMS). Utilities face concerns about excessive power consumption. Limited resources further heighten the need for energy protection and restoration. Growing concerns about overconsumption are forcing power distribution operators to implement OMS solutions. Thus, growing concern about electricity consumption could boost the growth of the market.
Global Market Size
USD 4.72 Billion
Largest Segment
Standalone OMS
Fastest Growth
Integrated OMS
Growth Rate
8.3% CAGR
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The outage management system market segmentation, based on application, includes public utilities and private utilities. The market segmentation, based on type, includes standalone OMS and integrated OMS. By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World.
Analysis by Application
The public sector is expected to be the largest segment during the forecast period. The division uses an excellent number of outage management systems to increase their power supply efficiency and network reliability. Increase in installed electricity worldwide in the public sector is expected to contribute to the development of outage monitoring systems. Increasing developments in software and Internet of Things are expected to increase the reliability of the outage monitoring system. Outage management systems or OMS are a variety of computer-aided systems used by electricity distribution systems. They are basically grid and distributed system monitors and are used to return electricity to the grid. Interrupt monitoring systems will indicate the extent of interruptions and issue warnings immediately. They also record a history of disruptions throughout operations and provide real-time insights into policies. Transit monitoring systems provide opportunities, especially for public systems, as their communication infrastructure is often outdated and highly complex.
The public sector is investing heavily in a well-structured smart grid around the world. The outage management system is part of the smart grid system and provides the company with reliable information about outages and their management. Investment in better network infrastructure is expected to improve the outage monitoring system.
The private sector is a key contributor to the global outage management system market as it invests in and adopts intermittent management systems to increase its operational efficiency and deliver better services to customers. These agencies recognize the importance of technology in outage detection, response, and resolution, enabling the allocation of resources for OMS implementation. Private agencies often require tailored solutions to meet their specific business needs. They play a role in influencing OMS providers to customize and integrate systems according to their specific needs. Interoperability with other applications, such as geographic information systems (GIS), customer information systems (CIS), and distribution systems (DMS), is a key focus for private enterprises to provide grid management all have been weakened.
Analysis by Type
The standalone segment is dominating the market dedicated to outage management systems that focus primarily on outage extraction, analysis, and response. It is designed to handle specific end-to-end applications without extensive integration with other utility systems. Standalone OMS solutions are often quick to deploy because they do not require extensive integration with existing utility infrastructure. This can be useful for utilities looking to accelerate deployment and can immediately improve operational efficiency. For business users with limited budgets or specific downtime needs, a stand-alone OMS can be a cost-effective solution. They can choose and invest in the things that are most relevant to their role.
The integrated segment is designed to seamlessly integrate with other application systems, such as geographic information systems (GIS), distribution systems (DMS), customer information systems (CIS), and SCADA.
An integrated OMS uses data from multiple sources, providing a comprehensive view of the utility’s performance. This allows utilities to analyze data from multiple systems and make informed decisions, resulting in better downtime predictions and response strategies. Integration with other control systems streamlines operations and improves overall business efficiency. Data from multiple systems can be linked and analyzed in real time, facilitating more coordinated and effective downtime responses.
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Robust economic growth in emerging Asian countries such as China and India are likely to increase investment in smart infrastructure projects. For example, the Indian government allocated $44.9 billion (about $140 per person in the US) entered smart grid infrastructure projects. Thus, government policies to support smart services could stimulate market growth across the region. Urbanization and rapid technological progress further stimulate the demand for OMS. Huge demand for advanced distribution systems will drive the market across Asia-Pacific.
North America is expected to hold the largest market share owing to the growing need for power restoration. Increasing adoption of energy infrastructure is a key factor driving the market across North America. The huge investment by the United States utility industry to improve the performance of the utilities is positively impacting the growth of the market. According to the Smart Grid System Report by the US. According to the Department of Energy announced in January 2019, the United States utilities have invested $144 billion to develop electricity generation, transmission and distribution systems. This growth is due to infrastructure large ones throughout the region again Increasing demand for analytics tools across the consumer sector will drive the market growth. Significant growth in the smart infrastructure sector will increase the demand for OMS across North America. The industry is leading the adoption of technologically advanced solutions, further accelerating OMS adoption. Growing smart grid technology and advanced metering technology is likely to fuel market growth.
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Drivers
Growing Demand for Outage Monitoring Systems Driving Market Growth
Increasing Adoption of Utility Monitoring Systems
Restraints
High Initial Savings
Data Quality and Availability Issue
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The competitive environment of the Global Outage Management System Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. The competitive environment in the global outage management system (OMS) market is characterized by several key players vying to offer innovative solutions and services to utility companies across the globe. These companies engage in various strategies such as mergers and acquisitions, partnerships, product launches, investments in research and development to gain a competitive advantage and expand their market share.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Smart grid technology combined with the proliferation of IoT devices is driving the adoption of OMS solutions. This system uses real-time data and analytics to increase situational awareness, optimize resource allocation, and simplify predictive maintenance, improving overall network efficiency and performance. However, the market faces several constraints, including high initial investment costs associated with implementing OMS solutions and the difficulty of integrating these systems into consumer products. Besides, concerns about data privacy and cybersecurity pose challenges in terms of widespread adoption. A major trend shaping the market is increased focus on grid modernization and resilience. Companies are investing in advanced OMS solutions equipped with predictive analytics, artificial intelligence and machine learning capabilities to proactively identify and mitigate potential outages. Furthermore, there is a strong emphasis on performance and standardization to enable seamless communication and cooperation between utility systems and stakeholders.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 4.72 Billion |
Market size value in 2031 | USD 10.47 Billion |
Growth Rate | 8.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Outage Management System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Outage Management System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Outage Management System Market:
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Report ID: SQMIG45A2273