Outage Management Global Market Report 2023

·4 min read

Major players in the outage management market are ABB Ltd., General Electric Company, Oracle Corporation, Schneider Electric SA, Siemens AG, CGI Inc., Advanced Control Systems Inc., Intergraph Corporation, Futura Systems Inc.

New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Outage Management Global Market Report 2023" - https://www.reportlinker.com/p06290026/?utm_source=GNW
, Survalent Technology Corporation, Milsoft utility solutions, and S&C Power Company.

The global outage management market grew from $0.79 billion in 2022 to $0.96 billion in 2023 at a compound annual growth rate (CAGR) of 20.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The outage management market is expected to grow to $1.98 billion in 2027 at a CAGR of 19.9%.

The outage management market includes revenues earned by entities by providing advanced metering infrastructure, distribution management system, electric potential storage base, telecommunication network.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

The outage management 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.

North America was the largest region in the outage management market in 2022 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 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.

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 instance, according to the report July 2021 published by International Energy Agency IEA), a France-based autonomous intergovernmental organization for energy, the demand for power worldwide is anticipated to rise by roughly 5% in 2021 and 4% in 2022, whereas fossil fuel-based electricity generation expected to supply 45% of it in 2021 and 40% in 2022. Energyconsumption 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 June 2022, Westinghouse Electric Company LLC, a US-based nuclear power and outage management company acquired BHI Energy, Inc for an undisclosed amount. Through this acquisition, Westinghouse Electric Company LLC aims to strengthen its ability to serve the nuclear operating fleet by offering new standards in outage and maintenance efficiencies.

The countries covered in the outage management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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.
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