(MENAFN- PR Newswire) NOIDA, India, Nov. 21, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the outage management system Market was valued at 0.80 billion in 2020 and is expected to grow at a CAGR of around 18% from 2022-2028. The analysis has been segmented into Type (Standalone OMS, Integrated OMS); Component (Software System, Component System); End-User (Private Utility, Public Utility); Region/Country.
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The Outage management system market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Outage management system market. The outage management system market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the outage management system market at the global and regional levels.
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Market Overview
An outage Management System (OMS) is a computer system and software used by system operators to reduce outage time and help allocate resources for system restoration. Factors that are escalating its market growth are driven by rising global energy demand due to the expanding population and rapid urbanization rate across emerging regions. 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 help consumers to enhance their energy management capabilities. Utility technologies such as outage management systems help meet this demand.
The Outage management system Market is expected to grow at a steady rate of around 18% during the forecast period. It is mainly owing to an outage management system that helps to reduce the duration of outages and maintenance, provides an efficient prediction of outages and their location, and helps in the reduction of the number of complaints registered by end users. In addition, the mounting integration of outage management systems with smart devices is creating opportunities for the outage management system market in the coming years .
Some of the major players operating in the market include ABB Ltd., General Electric Company, Oracle Corporation, Schneider Electric SE, Siemens AG, Intergraph Corporation, Advanced Control Systems Inc., CGI Group, Survalent Technology Corporation and S&C Electric Company.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has slightly impacted the electricity demand however, they were a slight increase in demand for electricity by residential sectors as more people are staying at home due to lockdown across the countries. To provide interrupted services to customers, utility operators are adapting to the COVID-19 working environment so that they can focus on enhancing the approach to grid resiliency and asset management as these is the high priorities of utilities.
The global outage management system market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on the drive type, the outage management system market is categorized into IC engines and electric vehicles. The electric vehicles segment caters an extensive share of the market and is expected to grow at an influential rate in the forecasted period as well. It is mainly owing to the increasing adoption of electromobility due to environmental concerns and rising fossil fuel prices are the prominent drivers of the segment growth. Additionally, the manufacturer's focus on converting their entire automotive offering emission-free to grab early revenue growth opportunities in future mobility solutions will positively influence the segment. Based on sales channel, the outage management system market is bifurcated into OEM and aftermarket. Aftermarket caters considerable share of the market. As outage management systems are subjected to continuous drainage. Though these batteries have long replacement cycles, continuous growth in aging vehicle fleets still offers significant growth opportunities for vendors in the automotive battery aftermarket.
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Outage management system Market Geographical Segmentation Includes:
North America (United States, Canada, and Rest of North America) Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe) Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific) Rest of the World
Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the vast customer network spread over a large area, which requires the need to manage power outages as they happen. An outage management system helps in accessing the information and provides a mechanism that improves consumer handling and satisfaction, thereby maximizing customer retention and increasing the profit for the electricity distributor, thereby increasing the growth of the market.
The major players targeting the market include
ABB Ltd. General Electric Company Oracle Corporation Schneider Electric SE Siemens AG Intergraph Corporation Advanced Control Systems Inc. CGI Group Survalent Technology Corporation S&C Electric Company
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the outage management system market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the outage management system market? Which factors are influencing the outage management system market over the forecast period? What are the global challenges, threats, and risks in the outage management system market? Which factors are propelling and restraining the outage management system market? What are the demanding global regions of the outage management system market? What will be the global market size in the upcoming years? What are the crucial market acquisition strategies and policies applied by global companies?
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outage management system Market Report Coverage
| Report Attribut e | Details |
| Base year | 2021 |
| Forecast period | 2022-2028 |
| Growth momentum | Accelerate at a CAGR of over 18% |
| Market size 2020 | USD 0.80 billion |
| Regional analysis | North America, Europe, APAC, Rest of World |
| Major contributing region | Asia Pacific to Dominate the Global outage management system
Market |
| Key countries covered | United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, India, and Australia |
| Companies profiled | ABB Ltd., General Electric Company, Oracle Corporation, Schneider Electric SE, Siemens AG, Intergraph Corporation, Advanced Control Systems Inc., CGI Group, Survalent Technology Corporation and S&C Electric Company |
| Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
| Segments Covered | By Type, By Component, By End-User; By Region/Country |
about univdatos market insights (umi)
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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