Global Outage Management market growth 2024, Forecast To 2033
7 Feb, 2024
The outage management market has witnessed exponential growth, increasing from $0.96 billion in 2023 to $1.16 billion in 2024, with a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period is attributed to factors such as aging infrastructure, grid reliability concerns, severe weather events, regulatory compliance, and advancements in asset management. The outage management market is expected to experience rapid growth, reaching $2.27 billion in 2028, with a CAGR of 18.4%. The forecasted growth is driven by factors such as the adoption of distributed energy resources, electrification initiatives, public-private partnerships, a focus on cybersecurity, and evolving customer expectations. Major trends in the forecast period include advancements in data and analytics, grid modernization, the implementation of microgrids, remote monitoring capabilities, and the development of mobile applications.
Global Outage Management Market Key Driver
The escalating demand for energy consumption, driven by population growth and rapid urbanization, is propelling market growth. The International Energy Agency predicts a 5% rise in global power demand in 2021 and a 4% increase in 2022, with fossil fuel-based electricity generation supplying 45% in 2021 and 40% in 2022. This increasing energy consumption is expected to drive the utility sector in the outage management systems market. (2023: - , 2024: - , 2028: -)
Get A Free Sample Of The Global Outage Management Market ReportGlobal Outage Management Market Segments
The global outage management market covered in this report is segmented –
1) By Type: Software, Services
2) By Product: Integrated, Standalone
3) By End User: Public Utility, Private Utility
4) By Application: Residential, Commercial
By Geography: The regions covered in the Outage Management market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas 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.
Major Outage Management Industry Players
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
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Outage Management Market Overview
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.
Outage Management Global Market Report 2023 provides data on the global outage management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The outage management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.