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The outage management market is expected to grow significantly, rising from $0.96 billion in 2023 to $1.16 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.3%. This growth is driven by factors like aging infrastructure, grid reliability, severe weather events, regulatory compliance, and asset management.
What Is the Projected Market Size of the Global Outage Management Market and Its Growth Rate?
The market is expected to experience substantial growth over the next few years, reaching $2.27 billion by 2028, with a compound annual growth rate (CAGR) of 18.4%. This growth is driven by factors such as distributed energy resources, electrification initiatives, public-private partnerships, cybersecurity, and customer expectations. Key trends include data analytics, grid modernization, microgrids, remote monitoring, and mobile applications.
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What are the Key Drivers Fueling Growth in the Outage Management Market?
The growing global population and rapid urbanization are driving an increase in energy consumption. As urbanization expands, the need for efficient electricity management and distribution becomes critical to avoid hazards and accidents. For example, according to the International Energy Agency (IEA) report from July 2021, global power demand is expected to grow by 5% in 2021 and 4% in 2022, with fossil fuel-based generation accounting for 45% in 2021 and 40% in 2022. The rise in energy consumption is likely to fuel growth in the outage management systems market, especially with the increasing population.
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Who Are the Key Players Driving Growth in the Outage Management Market?
Major companies operating in the market include ASEA Brown Boveri Ltd., General Electric Company, Oracle Corporation, Schneider Electric SA, Siemens AG, Consultants to Government and Industry Incorporated, Advanced Control Systems Inc, Intergraph Corporation, Futura Systems Inc., Survalent Technology Corporation, Milsoft Utility Solutions, S&C Power Company, Westinghouse Electric Company, Utilities Kingston, Gainesville Regional Utilities, Itron Inc., Eaton Corporation, Landis+Gyr., Enghouse Systems, Det Norske Veritas GL, Hexagon Safety & Infrastructure, DataVoice International Inc., AutoGrid, SmartGridCIS, Clevest Solutions Inc., Sentient Energy Inc., Beckwith Electric Co. Inc., Aclara Technologies, Thales Group
What Are The Emerging Trends Shaping The Growth Of The Outage Management Market?
Leading companies in the market are focusing on innovative features like outage maps within outage management systems (OMS) to boost market revenues. Outage maps allow users to track localized power outages in real-time, offering services like reporting issues, checking restoration timelines, viewing outage maps, and receiving alerts. For example, in September 2022, SMTX Utilities, a US-based utility provider, introduced an OMS with an outage map feature. This system notifies staff of outage locations using predictive tools and provides customers with timely outage information, reducing restoration time by optimizing team resources.
What Are the Segments of the Global Outage Management Market?
The outage management market covered in this report is segmented –
1) By Type: Software, Services
2) By Product: Integrated, Standalone
3) By End User: Public Utility, Private Utility
4) By Application: Residential, Commercial
Geographic Overview: North America at the Helm of the Outage Management Market
North America was the largest region in the market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Understanding the Definition of the Outage Management Market
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.
The Outage Management Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Outage Management Market Report: Trends, Opportunities, Strategies, and More
The Outage Management Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into outage management market size, outage management market drivers and trends, outage management market major players, outage management competitors' revenues, outage management market positioning, and outage management market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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