New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Outage Management Global Market Report 2022" - https://www.reportlinker.com/p06290026/?utm_source=GNW
The global outage management market is expected to grow from $0.65 billion in 2021 to $0.78 billion in 2022 at a compound annual growth rate (CAGR) of 19.0%. The outage management market is expected to grow to $1.58 billion in 2026 at a CAGR of 19.3%.
The outage management market consists of sales of outage management systems (OMS) services by entities (organizations, sole traders, and partnerships) that refer to different computer-related software used by the electric distribution.These are mainly used by the grid and system supervisors to return power to the grid.
The outage management system identifies and provides alerts for outages in power grids.
The main types of outage management are software and services.Software OMS is used to restore the network model after an outage.
The different types of outage management products are integrated and standalone.These are used by various end-user such as public utility and private utilities.
They are also used in different applications such as residential and commercial.
North America was the largest region in the outage management market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in the outage management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The outage management market research report is one of a series of new reports that provides outage management market statistics, including outage management industry global market size, regional shares, competitors with a outage management market share, detailed outage management market segments, market trends and opportunities, and any further data you may need to thrive in the outage management industry. This outage management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Increasing demand for energy consumption due to expanding population and rapid urbanization rate is driving the growth of the market.With such expansion, there is a need for proper management and distribution of electricity to avoid any kind of harmful hazards or accidents.
For example, primary energy consumption in the world increased by 1.3% to 583.9 exajoules, in 2019 from 576.23 exajoules, in 2018. The energy consumption is expected to increase further in the forecast period and may drive the utility sector in the outage management systems market due to the rise in population.
Network management systems that are used beyond the control room help in restoring services to the customers is gaining popularity in the market. For instance, In May 2021, Oracle corporation one of the American multinational computer technology corporations started using outage management beyond the control room to the desktop devices with the internet access where the storm management employers can efficiently work to respond to staff and dispatch crews from anywhere which will save the time in restoring service to the customers.
In April 2019, Milsoft Utility Solutions, a provider in electric angering analysis and outage management system services, acquired a Daffron and Associates for an undisclosed amount.As a result of this acquisition, Milsoft Utility solutions will expand its business in its toolbox and its value-added solutions for its customers.
Daffron and Associates is a US based provider for bill presentation, financial presentation, and outage management and bill services.
The countries covered in the outage management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06290026/?utm_source=GNW
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