Outage Management System Industry Insight
Nearly many months since the world declared a national lockdown over the novel coronavirus pandemic, Market Research Future found in its new study on the global Outage Management System Market 2020 that it would regain its footing with new scores. The market would be achieving higher valuations by the year 2023 and stagger at 16.5% CAGR. The years of growth could be observed from the year 2018 to 2023.
The study offers in-depth information about the key market segments, vendor landscape, geographical outlook, factors driving, and inhibiting growth along with COVID-19 impact Analysis of Outage Management System Market with the report.
Top Impacting Factors
The outage management system supports in recuperating operational efficiencies and communications and vastly mounting speed of trouble analysis, allowing managers to make better and faster decisions, thus reducing dispatching bottlenecks that occur during high-volume outage conditions. The global outage management system and its demand are driven by the urge to surge customer satisfaction are likely to boost the growth of the outage management system market in the future timeframe.
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The escalating adoption of energy management systems is one of the latest trends that will gain traction in the outage management systems market in the coming years. To assist transition utilities, energy companies are altering the functioning of grids. They are recuperating each part of the value chain by implementing IT technology solutions to progress the functionality. These systems help out in collaborating and transforming grids to accommodate low carbon polluting technologies such as distributed generation, renewable, and energy storage for power generation, making power generation more multi-dimensional than before. These factors have been accumulated to become favored in the matter of the rise of the global outage management system market.
Currently, North America and Europe grabbed the highest demand in the OMS. The demand in these regions is mainly driven by reduced overtime pay, escalating information expectation, faster restoration of power, and growing flexibility of performance-based rate-making.
Segmentation of Market
The analysis of the global outage management system market is studied for segments of material, type, and application.
In terms of type segment, the market has included integrated OMS and standalone OMS.
In terms of the application segment, the market has included public utilities and private utilities.
North America leads the global outage management system market in support of reducing the costs linked with outages and crew management with easy-to-generate historical statistics and faster restoration of power are some factors motivating the growth of the market in the North America region.
Asia-pacific region is expected to inflate at a high pace, mainly owing to the mounting investment in smart grid developments. APAC will be the foremost revenue contributor to the market by 2021. The Asian countries such as India, China, Japan, as well as Pakistan, strong emphasis is being placed on smart grid technologies to advance asset utilization and the reliability of the grid systems as these countries are likely to be the leading smart grid markets during the assessment period.
The industry players of global outage management system market include General Electric Company (U.S.), ABB Ltd. (Switzerland), Schneider Electric SE (France), Oracle Corporation (U.S.), Intergraph Corporation (U.S.), Siemens AG (Germany), CGI Group (Canada), Advanced Control Systems Inc. (U.S.), and S&C Electric Company (U.S).
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