Market Trends of Outage Management Systems Industry
This section covers the major market trends shaping the Outage Management Systems Market according to our research experts:
Public Utility Segment to Dominate the Market
- Outage management systems or OMS are a variety of computer-aided methods that are used by electrical distribution systems. They are primarily used by the grid and distributed system supervisors to return power to the network. Outage management systems identify outage s and provide instant alerts. They also record the history of interruptions throughout the operations and provide real-time insight into the systems. The use of the outage management system provides for capabilities, especially for the public utility system, as their networks are usually older and much more complex.
- The public utility segment is investing heavily in the creation of a more structured smart grid all over the world. The outage management system is a part of the smart grid initiative and provides reliable information about the outage s and their management to the company. The investment in the creation of better grids is expected to provide growth to the outage management system.
- Primary energy consumption in the world increased by 1.3% to 583.9 exajoules, in 2019 from 576.23 exajoules, in 2018. The energy consumption is expected to increase further in the forecast period and may drive the utility sector in the outage management systems market.
- In 2019, Utilities Kingston has implemented a new outage management system (OMS) to help further improve addressing and communicating power outage s. The Survalent-ONE outage management system (OMS) pinpoints both planned and unplanned power outage s, providing accurate and timely information, both for the public and for crews as they work to restore power. The market has many different types of outage management systems, and advancements are expected to be made in the system in the forecast period.
- Hence, the Public Utility segment is expected to dominate the market in the forecast period due to the increase in energy consumption and advancements being made in the equipment.
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Asia Pacific Region is expected to Dominate the Market
- The Asia-Pacific region consists of the largest installed capacity generation of energy in the world. Optimization of the large grid requires the usage of solutions like the outage management system, which is expected is expected to provide for the use and growth of the market.
- The Asia-Pacific region is the largest user of renewable energy in the world. Renewable energy sources such as solar and wind have issues with reliability, which may be managed better with the use of the outage management systems, thereby facilitating the growth of the sector.
- The Asia-Pacific utility companies usually have a vast customer network spread on a large area, which requires the need to manage the power outage s as they happen. Access to the information provides a mechanism that improves consumer handling and satisfaction, thereby maximizing customer retention and increase the profit for the electricity distributor, thereby increasing the growth of the market.
- Primary energy consumption in the Asia-Pacific region increased by 3.3% to 257.56 exajoules, in 2019 from 249.35 exajoules, in 2018. The energy consumption is expected to increase further in the forecast period and may drive the outage management systems market.
- Hence, Asia-Pacific is expected to dominate the outage management systems market due to the increase in the investments in systems related to the smart grid and rising primary energy consumption in the region.
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