According to a new report by Expert Market Research titled, “Global Outage Management System Market Share, Size, Report and Forecast 2024-2032″, the global outage management system (OMS) market is projected to grow at a CAGR of 18.80% between 2024 and 2032. Aided by rising demand for electricity supply and technological advancements, the market is projected to reach a value of USD 6.93 billion by 2032.
An outage management system (OMS) is a software application designed to streamline the process of outage detection, diagnosis, and restoration in power distribution networks. It integrates real-time data from various sources, such as smart meters, sensors, and SCADA systems, to provide utilities with comprehensive visibility into their network operations. By automating outage detection and analysis, OMS enables utilities to minimise downtime, improve customer satisfaction, and optimise resource utilisation.
The global outage management system (OMS) market growth is primarily driven by the increasing demand for reliable and resilient power supply infrastructure. With the proliferation of digital technologies and the rise of smart grids, utilities are under pressure to enhance their outage response capabilities and minimise service disruptions. OMS offers utilities the ability to proactively identify and mitigate potential outages, thereby reducing the impact on customers and improving overall grid reliability.
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Furthermore, stringent regulatory mandates aimed at improving grid resilience and reducing outage duration are driving the adoption of OMS solutions globally. Governments and regulatory bodies are increasingly mandating utilities to implement advanced outage management systems as part of their grid modernisation efforts. This has created a favourable environment for market growth, with utilities investing significantly in OMS solutions to comply with regulatory requirements and enhance operational efficiency, consequently driving up the outage management system (OMS) market share.
The integration of advanced analytics and machine learning algorithms is a prominent trend in the OMS market. Utilities are leveraging predictive analytics to anticipate outage events, prioritise response efforts, and optimise resource allocation. By analysing historical outage data and weather patterns, OMS solutions can forecast potential outage scenarios and proactively implement preventive measures, such as tree trimming and equipment maintenance.
Cloud-based OMS solutions are gaining traction in the market due to their scalability, flexibility, and cost-effectiveness. Cloud deployment enables utilities to access OMS functionalities via web browsers or mobile applications, allowing for seamless remote access and real-time collaboration. Moreover, cloud-based OMS solutions offer rapid deployment and scalability, making them an attractive option for utilities seeking to modernise their outage management capabilities, outage management system (OMS) market development.
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Customer-centric outage management has become a priority for utilities looking to differentiate themselves in the competitive market. OMS solutions are incorporating features such as outage notifications, interactive outage maps, and self-service portals to enhance the customer experience during outages. By providing timely updates and personalised communication, utilities can improve customer satisfaction and loyalty.
As per the outage management system (OMS) market analysis, North America is projected to possess a significant portion of the outage management system (OMS) market due to the growing demand and necessity for power restoration. The increasing implementation of diverse energy management systems is driving the adoption of outage management systems in North America, which is additionally reinforced by the advancement of smart grids. Furthermore, the region benefits from the substantial presence of numerous key market players who have made substantial investments in the enhancement of advanced outage management systems, thereby further propelling market growth.
Integrated solutions play a major role in the outage management system (OMS) market and are projected to experience substantial growth in the coming years. The increasing inclination of end-users towards advanced distribution management system (ADMS) is anticipated to boost the need for integrated outage management system products. Integrated OMS not only contribute to enhancing utility operations but also facilitate the maintenance of distributed networks through a more efficient solution, thereby driving up their demand, leading to outage management system (OMS) market expansion.
Market Segmentation
The market can be divided based on the product, component, application, end-user, and region
Market Breakup by Product
• Standalone
• Integrated
Market Breakup by Component
• Software
• Services
Market Breakup by Application
• Residential
• Commercial
Market Breakup by End-User
• Public Utility
• Private Utility
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global outage management system (OMS) market. Some of the major players explored in the report by Expert Market Research are as follows:
• Hitachi Energy Ltd.
• General Electric Company
• Oracle Corporation
• Siemens AG
• Schneider Electric SE
• ABB Ltd.
• Others
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