Utility Outage Management System Spending is Expected to Total Nearly $11.8 Billion from 2014 to 2023, According to Navigant Research
By Business Wire News
By Business Wire News
A recent report from Navigant Research analyzes the global market opportunities for outage management systems (OMSs), including global market forecasts for spending, segmented by category and region, through 2023.
Historically, OMSs have been configured to respond to signals that indicate outages, manage restoration, and communicate outage information. However, with much larger amounts of data available from modern smart grid technologies, today’s OMSs are becoming more complex and robust, incorporating more features to better prevent outages and restore power more efficiently. Click to tweet: According to a recent report from Navigant Research, global utility OMS spending is expected to total nearly $11.8 billion from 2014 to 2023.
“As the grid has become smarter and more connected, utilities and vendors have recognized several issues with legacy OMS systems, which is driving change in the technology,” says Lauren Callaway, research analyst with Navigant Research. “These innovations focus on integrating real-time information reporting, big data analytics, the cellular connectivity of work crews, and the growing effort to mesh engineering and operations IT systems with operational technology (OT).”
Because today’s OMSs need to be able to handle more data and restore power faster, vendors have created combined systems that also incorporate distribution management systems and supervisory control and data acquisition functionality. According to the report, these integrated systems, known as advanced distribution management systems (ADMSs), are expected to erode sales of standalone OMSs over the forecast period, particularly in North America and Europe.
The report, “Outage Management Systems,” analyzes the global market opportunities for OMSs. It provides an assessment of the current market drivers and challenges, regional trends, technologies, and business segments related to OMSs. Global market forecasts for spending, segmented by category (software purchases and upgrades, software maintenance fees, services, and analytics) and region, extend through 2023. The report also profiles key industry players and examines several utilities that have upgraded their OMSs to align with more ambitious smart grid initiatives and aggressive regulatory policies. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Outage Management Systems,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.