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The rising demand for a continuous and reliable electricity supply creates a need for an efficient system to monitor and manage the power distribution throughout the region. The outage management system is the complete suite of solutions used by the power distribution and grid supervisors to identify outages, provide an alert, and restore the power. Integrating interactive voice response capabilities in OMS facilitates automated and enhanced client communication to drive customer’s satisfaction. Thus, utility companies are excessively adopting an outage management system (OMS) to satisfy customers' increasing demands. Today, the utility industry is confronting concerns regarding excessive electricity consumption. Limited power generation resources further create the need to save and restore the power. Growing concerns related to excessive power utilization enforces power distribution operators to deploy the OMS solution. Thus, increasing power utilization concerns are likely to drive the OMS market growth.
Increasing spending on smart grid development positively impacts the outage management system adoption. The integration of outage management systems with advanced metering infrastructure enhances the smart grid’s functionality. Thus, growing smart grids deployments is another crucial factor for driving the global market growth. Outage management systems reduce outage time and allocate necessary resources for faster restoration of power. The integration of OMS with geographic information system (GIS) has improved location functionality to fast and accurate tracking of a power outage. Apart from this, the widespread communication infrastructure and informative dashboards are assisting power distribution supervisors to attain valuable data insights. These insights are further helpful in fast and accurate decision making. Thus, the OMS is gaining much popularity across the utility industry due to its numerous benefits and enhanced functionalities. The integration of OMS with the supervisory control and data acquisition (SCADA) system offers the complete automation of overall OMS operations. Thus, the integration of OMS with the SCADA system is likely to drive the market growth during the forecast period.
Key Market Driver -
• Growing popularity of smart grids and smart meters is driving the market growth • Integration of OMS with the SCADA system to boost the demand for solution.
Key Market Restraint -
• Complex infrastructure and data management challenges are hindring the market growth
The highly competitive outage management system landscape entices key players in the global market to adopt various business strategies to sustain their competence. Key players are increasingly focusing on the development and expansion of their existing offerings. By keeping utility and distributor operators' needs in mind, prominent vendors advances their existing OMS platforms. The integration of the OMS platform with other advanced systems helps key players in facilitating the next level of automation and reliability to outage management operation. Strategic partnerships and collaborations with the power distribution and smart grids assist companies to expand their customer base.
Key companies summarised includes ABB Ltd., General Electric Company, Oracle Corporation, Schneider Electric SA, Siemens AG, CGI Inc, Advanced Control Systems Inc, Oracle Corporation, Operation Technology, Inc., FirstEnergy Corp., Hexagon AB, Kaihen, mPower Innovations, Futura Systems Inc, and among others.
North America is likely to hold major market share owing to the increasing need to restore power. A increasing adoption of energy management systems is the key factor for driving the market across North America. Significant investments by the United States utility industry for advancing utility operations are positively impacting market growth. As per the 'Smart Grid System Report' published by the U.S Department of Entergy in February 2019, the United States utility industry has invested USD 144 billion to develop power generation, transmission, and distribution systems. This growth has further driven by the presence of prominent companies across the region. Increasing demand for analytical tools across the utility industry would fuel the market growth. Significant development of smart infrastructure projects would boost the OMS demand across North America. The region is leading in the adoption of advanced technology solutions, which further accelerates OMS's adoption rate. The growing popularity of smart grids and advanced metering technology is likely to fuel market growth.
Europe is expected to showcase significant market share owing to the progressive demand for digitally enabled grids. The need to save and restore electricity is the key factor in supporting market growth across Europe. With the progressive approaches towards advanced technology, smart grids are becoming mainstream in the European utility industry. Various smart grid projects have been funded by the European Government, which further boosts the market growth.
Strong economic growth in emerging Asian countries such as China and India is likely to bolster the investments in smart infrastructure projects. For instance, in November 2017, Indian government invested USD 44.9 billion in smart grid infrastructure projects. Thus, a favorable government initiative for smart infrastructure development is likely to propel the market growth across the region. Rapid urbanization and industrialization are further stimulating the OMS demand. The significant demand for advanced distribution management systems would drive the OMS market across the Asia-Pacific.
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