Dublin, Oct. 08, 2024 (GLOBE NEWSWIRE) -- The "Outage Management System - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Outage Management System was estimated at US$1.7 Billion in 2023 and is projected to reach US$5.0 Billion by 2030, growing at a CAGR of 16.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
As extreme weather events become more frequent and power demands increase, the deployment of OMS has become essential for utilities seeking to enhance operational efficiency, improve customer satisfaction, and meet regulatory compliance.
The growth in the outage management system market is driven by several factors, including the increasing demand for grid reliability, the rise of smart grids, and the growing frequency of extreme weather events. One of the primary drivers is the global shift toward modernizing aging utility infrastructure, as outdated systems are more prone to failures and extended outages. The adoption of smart grid technologies, which integrate real-time data from various parts of the grid, is also fueling demand for advanced OMS solutions that can process vast amounts of information and predict potential issues before they cause service disruptions.
Additionally, climate change and the increasing frequency of severe weather events are driving utilities to invest in more robust OMS systems to enhance grid resilience and improve their ability to respond to widespread outages. Regulatory pressures that require utilities to meet stringent performance metrics in terms of outage duration and customer communication are also contributing to market growth. Lastly, the rise of decentralized energy systems, including renewable energy sources, is creating additional complexity in grid management, further boosting demand for sophisticated outage management systems that can handle dynamic, distributed grids.
How Are Technological Advancements Shaping the Outage Management System Industry?
Technological advancements in data analytics, artificial intelligence (AI), and machine learning are transforming the capabilities of Outage Management Systems. AI-powered OMS solutions can predict and proactively address potential outages by analyzing historical data, weather patterns, and real-time grid information. The integration of Internet of Things (IoT) sensors throughout the grid provides real-time data that allows OMS to detect even minor fluctuations in power delivery, enabling predictive maintenance and reducing the likelihood of outages.
Cloud-based OMS platforms are also emerging, providing utilities with scalable, secure, and cost-effective solutions that enhance collaboration between field teams and control centers. Additionally, advancements in mobile technology have enabled field crews to access OMS data directly from mobile devices, allowing for faster response times and more efficient resource allocation. These technological innovations are enhancing the resilience and adaptability of OMS solutions, making them more capable of handling complex, large-scale grid operations.
Where Is the Outage Management System Most Widely Used?
OMS systems are widely deployed in the utility sector, particularly among electric utilities responsible for delivering power to large populations and industrial operations. They are critical in managing both urban and rural grids, where service interruptions can have severe economic and social impacts. In developed countries, OMS systems are extensively used by utilities to improve service reliability, minimize outage durations, and meet stringent regulatory performance metrics.
In regions prone to extreme weather events, such as hurricanes or snowstorms, OMS systems are invaluable for coordinating emergency response efforts and restoring power quickly. Additionally, OMS is increasingly being adopted by smaller, municipal utilities and cooperatives that seek to modernize their grid operations and provide more reliable service to their communities. With the growing deployment of smart grids and renewable energy sources, OMS systems are also being integrated into microgrids and distributed energy resource (DER) networks, enabling better management of power fluctuations in decentralized energy infrastructures.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Integrated Outage Management System segment, which is expected to reach US$3.8 Billion by 2030 with a CAGR of a 17.4%. The Standalone Outage Management System segment is also set to grow at 14.6% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was valued at $460.7 Million in 2023, and China, forecasted to grow at an impressive 15.4% CAGR to reach $740.4 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as ABB Ltd., Advanced Control Systems, Inc., dataVoice International, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 179 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $1.7 Billion |
| Forecasted Market Value (USD) by 2030 | $5 Billion |
| Compound Annual Growth Rate | 16.7% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Outage Management System - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Increasing Frequency of Power Outages Due to Extreme Weather Events Spurs Demand for Outage Management Systems
- Growing Adoption of Smart Grid Technology Strengthens Market for Advanced OMS Solutions
- Rising Focus on Grid Reliability and Operational Efficiency Expands Market for Outage Management Systems
- Technological Advancements in Real-Time Monitoring and Data Analytics Propel Innovation in OMS
- Increasing Integration of OMS with SCADA and GIS Systems Expands Addressable Market for Utility Companies
- Surge in Demand for Automated Fault Detection and Response Fuels Growth in OMS Adoption
- Growing Regulatory Pressure for Utilities to Reduce Downtime Strengthens Demand for OMS
- Increasing Deployment of Distributed Energy Resources (DERs) Expands Market for OMS Capable of Managing Complex Grids
- Rising Demand for OMS in Renewable Energy Integration Drives Growth in Sustainable Power Management
- Growing Focus on Enhancing Customer Experience and Communication During Outages Fuels OMS Adoption
- Advancements in Cloud-Based Outage Management Platforms Propel Market Growth in SaaS-Based Solutions
- Increasing Use of OMS in Microgrid and Distributed Network Management Expands Market for Decentralized Power Solutions
FOCUS ON SELECT PLAYERS(Total 12 Featured)
- ABB Ltd.
- Advanced Control Systems, Inc.
- dataVoice International
- Milsoft Utility Solutions
- Oracle Corporation
- Power Costs, Inc.
- PowerCom Ltd.
- Prometheus Group
- Siemens AG
- Survalent Technology Corporation
For more information about this report visit https://www.researchandmarkets.com/r/sbtuhc
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