Outage Management System Market Size, Share, Growth Analysis, By Application(Public Utilities and Private Utilities), By Type(Standalone OMS and Integrated OMS), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Outage Management System Market?

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).

Q: Who are the key vendors in the Global Outage Management System Market?

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. 'ABB Ltd.', 'Utilities Kingston', 'Gainesville Regional Utilities', 'Oracle Corporation', 'Westinghouse Electric Company', 'General Electric Company', 'Siemens AG', 'CGI Group', 'Advanced Control Systems Inc.', 'Intergraph Corporation', 'S&C Electric Company ', 'Hitachi Energy Ltd.', 'General Electric Company', 'Siemens AG', 'Schneider Electric SE'

Q: What is the key driver of Global Outage Management System Market?

The growth of the global outage management system market is driven by the increasing demand for outage monitoring systems. Outage management systems are widely used in power distribution systems to help restore power. An outage monitoring system helps to generate valuable historical data and effectively identify and repair business outages. An interrupt monitoring system improves operational efficiency and communication and greatly increases the speed of problem analysis. This allows managers to make better and faster decisions and reduces the shipment complexity that occurs when there are too many intercepts.

Report ID: SQMIG45A2273 | Region: Global | Published Date: April, 2024
Pages: 199 | Tables: 59 | Figures: 70

Outage Management System Market News

In March 2023, Probus Smart Things Private Limited, an IoT Communications & Data Analytics company, raised $3 million from a US-based family business. and Unicorn India Ventures. The company develops solutions for interruption monitoring, energy consumption and performance management. Existing investors also participated in the round. By developing integrated hardware and software solutions, Probus helps utility providers digitize distribution networks and achieve complete network visibility. Power distribution utilities can leverage distribution network analytics to robust IOT solutions.

In March 2021, ABB Ltd announced its new ABB Ability Outage Management System 2.0. This system uses AI and ML to provide outage detection and restoration.

Owensboro Municipal Utilities announced in June 2023 that it will implement a text message system to notify customers of outages and help them respond quickly to outages by sending SMS notifications about electricity the surrounding energy will send it. The suspension monitoring system will immediately forward the report to the actual employees immediately for review.

Outage Management System Market Report Snapshots

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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 competitive environment of the 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 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. 'ABB Ltd.', 'Utilities Kingston', 'Gainesville Regional Utilities', 'Oracle Corporation', 'Westinghouse Electric Company', 'General Electric Company', 'Siemens AG', 'CGI Group', 'Advanced Control Systems Inc.', 'Intergraph Corporation', 'S&C Electric Company', 'Hitachi Energy Ltd.', 'General Electric Company', 'Siemens AG', 'Schneider Electric SE'

The growth of the outage management system market is driven by the increasing demand for outage monitoring systems. Outage management systems are widely used in power distribution systems to help restore power. An outage monitoring system helps to generate valuable historical data and effectively identify and repair business outages. An interrupt monitoring system improves operational efficiency and communication and greatly increases the speed of problem analysis. This allows managers to make better and faster decisions and reduces the shipment complexity that occurs when there are too many intercepts.

Increasing investment in Smart Grid Development: Increasing investment in smart grid development positively impacts the adoption of outage management system. Combining outage management systems with advanced meter infrastructure improves smart grid performance. An outage monitoring system reduces the duration of power outages and allocates resources necessary for rapid power restoration. The integration of OMS with geographic information systems (GIS) improved location performance in tracking power outages faster and more accurately. In addition to this, a comprehensive interface and informative dashboards help power distribution managers gain valuable data insights.

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.

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Outage Management System Market Size, Share, Growth Analysis, By Application(Public Utilities and Private Utilities), By Type(Standalone OMS and Integrated OMS), By Region - Industry Forecast 2024-2031

Outage Management System Market News

Outage Management System Market Report Snapshots

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