Overview and Scope
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.
Sizing and Forecast
The outage management market size has grown exponentially in recent years. It will grow from $0.96 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to aging infrastructure, grid reliability, severe weather events, regulatory compliance, asset management.
The outage management market size is expected to see rapid growth in the next few years. It will grow to $2.27 billion in 2028 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to distributed energy resources, electrification initiatives, public-private partnerships, cybersecurity, customer expectations. Major trends in the forecast period include data and analytics, grid modernization, microgrids, remote monitoring, mobile applications.
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Segmentation & Regional Insights
The outage management market covered in this report is segmented –
1) Outage Management Market By Type: Software, Services
2) Outage Management Market By Product: Integrated, Standalone
3) Outage Management Market By End User: Public Utility, Private Utility
4) Outage Management Market By Application: Residential, Commercial
Top Major Players
ASEA Brown Boveri Ltd.
General Electric Company
Oracle Corporation
Schneider Electric SA
Siemens AG
North America was the largest region in the outage management market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the outage management market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
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. 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.
Key Industry Players
Major companies operating in the outage management 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
The outage management market report table of contents includes:
1. Executive Summary
2. Outage Management Market Characteristics
3. Outage Management Market Trends And Strategies
4. Outage Management Market – Macro Economic Scenario
5. Global Outage Management Market Size and Growth
…..
32. Global Outage Management Market Competitive Benchmarking
33. Global Outage Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Outage Management Market
35. Outage Management Market Future Outlook and Potential Analysis
36. Appendix
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