Impact of the Covid-19 Outbreak on the Global Outage Management Systems Market
The COVID-19 pandemic has significantly impacted businesses across the world, resulting in a global economic recession. Most governments have imposed partial or total lockdowns to curb the spread of the virus. Outage management systems are used to assist in the restoration of power by the operators of electric distribution systems. The generation of electricity is essential during the current COVIS-19 crisis; wherein, the maintenance of outages and scheduled refueling at nuclear power plants are still taking place during the lockdown. The operators of electric distribution systems are introducing procedures for minimizing the risk of outages during the lockdown, whereas other operators are planning to extend the scheduled outages.
The increase in smart-grid deployment spending is responsible for the growth of the market. However, the spread of COVID-19 across the globe has resulted in the shutting down of businesses and the postponement or cancellation of commercial events, such as concerts and sports events, which in turn, is lowering the demand for electricity. This decline has impacted the need for the installation of smart grids. Also, the disruptions in supply chain activities, the unavailability of raw materials and workforce, and revenue losses are impacting the growth of the smart grids market, which is also hindering the growth of the outage management systems market during the current pandemic crisis.
FIGURE: NUMBER OF ELECTRICAL OUTAGES IN FIRMS WORLDWIDE, IN 2018
North America holds the largest market share in the outage management systems market. Factors responsible for the growth of the market in the region include the need for rapid restoration of power and the reduction in costs associated with the outages, as well as crew-management with easy-to-generate historical statistics. However, the halting of operations has reduced the consumption of electricity, which is hampering the growth of the market. The resumption of operations at the plants is expected to drive the growth of the global outage management systems market over the forecast period.
Source: Primary Experts, Secondary Sources and MRFR Analysis
Source: U.S. Energy Information Administration