Utility outage management systems market to reach $1.3 billion annually by 2023
Global spending on outage management systems is expected to grow from $929.4 million annually in 2014 to $1.3 billion in 2023
Global spending on outage management systems is expected to grow from $929.4 million annually in 2014 to $1.3 billion in 2023, according to a report from Navigant Research.
Utility IT infrastructures across the world are being transformed by the introduction of smart grid technologies, particularly the integration of massive amounts of data from smart meters and increased distributed grid monitoring and intelligence.
The increase in data, the growing sophistication of smart grid IT, and major advances in big data analytics all require the development of new outage management systems that are more complex and robust than previous systems.
“The overall purpose and function of an OMS have not changed significantly over the years, but the demands on these systems have increased dramatically,” says Lauren Callaway, research analyst with Navigant Research. “Today’s OMSs need to be able to handle and process more data, realize greater efficiencies in the detection and restoration of power, and increase the predictive/preventive nature of outage responses.”
Outage management systems are benefitting from advances in IT and stronger grid awareness from smart grid technologies, according to the report, but as standalone systems they are being challenged by the development of advanced distribution management systems (ADMSs).
ADMSs have yet to be widely deployed, due to their high cost and the need for organizational overhaul. Still, ADMSs are seeing increasing interest and adoption, given their potential to improve information, simplify utility operations, and maximize efficiency.