New York, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Outage Management System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Outage Management System Market Research Report, Type, End User and Region - Forecast till 2030” the market is Outage Management System Market is projected to be worth USD 4.41 billion by 2030, registering a CAGR of 21.3% during the forecast period (2022 - 2030). , The market was valued at USD 4.79 billion in 2021.
List of the Companies Profiled in the Outage Management System Market Research Report are–
- General Electric Company (U.S.)
- ABB Ltd. (Switzerland)
- Oracle Corporation (U.S.)
- Siemens AG (Germany)
- Schneider Electric SE (France)
- Intergraph Corporation (U.S.)
- CGI Group (Canada)
- Advanced Control Systems Inc. (U.S.)
- S&C Electric Company (U.S)
- Survalent Technology Corporation (Canada).
- Among others.
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Competitive Analysis
The OMS market witnesses strategic deals, such as collaboration, mergers & acquisitions, expansion, and product launches. Also, major players make strategic investments in research & development activities and in fostering their expansion plans.
For instance, recently, on Oct. 27, 2021, Brunswick Electric Membership Corporation (BEMC) announced that it would now utilize a new outage texting service called COAST (Cooperative Outage and Status Texting). COAST is a free notification service that enables members to report and receive an outage status report directly to BEMC’s outage management system, making it possible to dispatch the crew as quickly and safely as possible.
COAST can also respond quickly to a text inquiry and alert members when the power at the service is on or off on the associated phone numbers
Market Research Future’s Review on Outage Management System Market
The global outage management system market is growing at a rapid pace. Higher spending on smart grid developments is a major driving force behind the rapid market development. Besides, stringent government regulations and initiative increases the outage management system market shares. Also, the addition of renewable energy capacity acts as a key growth propeller, meeting the growing global energy demand.
With the global energy demand rising due to the expanding population and rapid urbanization rate across emerging regions, the market is projected to witness strong growth in the next few years.
Additionally, increasing government focus on integrating outage management systems for efficient grid management would substantiate the market revenues. Smart grid technologies are increasingly becoming primitive for utilities to match the rising energy demand and helping consumers to enhance their energy management capabilities. Utility technologies such as outage management systems help meet this demand.
On the flip side, high initial installment and maintenance costs of OMS systems restrain the market growth, impacting sales. Manufacturers are increasingly focusing on reducing the production cost of components used in outage management systems. Also, vast investments required to increase the grid network and distribution capacities pose challenges for market growth.
Emerging markets provide untapped opportunities for the outage management system market. Significantly growing industrialization and urbanization in developing regions offer lucrative opportunities for global players. Growing government mandates & policy updates, alongside increasing renewable power generation, foster the market size. Growing complexities in the grid networks due to the dependence on renewable energy resources push the market growth.
Browse In-depth Market Research Report (188 pages) on Outage Management System
https://www.marketresearchfuture.com/reports/outage-management-system-market-2745
COVID-19 Impact on the Market
The onset of COVID-19 caused huge revenue losses to the outage management system industry. Manufacturers faced problems ranging from obtaining components and delivering end products to attracting workers from quarantines. Resultantly, several outage management system manufacturing facilities were closed.
Broken supply chains and production of several key components further caused price hikes and lowered the market demand. However, the OMS industry is rapidly getting back to normal, witnessing significant demand for energy in industrial sectors worldwide. The market demand is expected to scale up further following the uplift of lockdown in many countries.
Segmentation
The market is segmented into tуреs, аррlісаtіоns, components, and regions. The tуре segment is sub-segmented into ѕtаndаlоnе OMS and іntеgrаtеd OMS. The component segment is sub-segmented into communication systems, software systems, and others. The аррlісаtіоn segment is sub-segmented into рublіс utіlіtу and рrіvаtе utіlіtу. By region, the analysis is segmented into Americas, Europe, Asia Pacific, and the rest-of-the-world.
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Regional Analysis
Globally, North America accounts for the largest outage management system market value. Outage management systems have already been deployed in the majority of utility centers in the region.
Besides, factors such as the rising focus on faster power restoration processes and reducing operational and outage costs with easy-to-generate historical statistics drive the outage management system market growth. Additionally, favorable government regulations and incentives for utilities to achieve system-wide energy savings and reduce peak demand boost the outage management system market size.
Segmentation of Market covered in the research:
Outage Management System Market Information by Type (Integrated OMS and Standalone OMS), End User (Public and Private Utilities) and by Region - Forecast to 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
