The Global Electric Submersible Cables Market size estimated at US$ 6.11 billion in the year 2023, is projected to reach a revised size of US$ 7.96 billion by the year 2029, growing at a CAGR of 5.42% over the period 2024-2029.
The Global Electric Submersible Cables market is estimated to develop with a notable CAGR in the future. The demand for submersible electrical cables is almost directly proportional to the call for them in various industries. The demand for electric submersible pumps for irrigation is also escalating due to the increase in agricultural activities and the decrease in water sources. The call for electric submersible pumps in the water and wastewater industry is also increasing at a rapid rate. The shift toward artificial lift systems for crude oil production in the oil and gas industry is also predicted to stimulate the call for electric submersible pumps.
The electric submersible cable is specially designed to withstand harsh conditions depending on your applications. The submersible electrical cable is produced in various configurations for different environmental conditions. In addition, it is designed for wet ground or underwater applications. A submersible pump cable prevents cavitation of the pump between the pump and the fluid surface. Submersible electrical cables, commonly referred to as submersible electrical pump cables or ESP cables are specially designed cables that power submersible pumps that are employed for the artificial lifting of oil and gas resources. These cables power the submersible electric pumps from the surface power source to pump crude oil from the hydrocarbon reservoir to the surface of the well. Selecting high-quality submersible power cables is of the utmost importance because when submersible power cables fail, maintenance costs increase and production revenues decrease.
Market Trends:
The gas lift method became more prevalent for the shale gas lift mechanism with the advent of the shale gas boom, especially in the United States. However, almost 80% of oil wells in the United States are onshore extraction wells. Most of these onshore wells use sucker rod pumps for production. Of the land wells without extraction, 27% use sucker rod pumps, while 52% use gas lifts. The remaining 21% use electric submersible pumps and other methods. This indicates the dominance of the sucker rod pump and gas lift mechanism as artificial lift technology in the US hydrocarbon industry, especially the shale gas industry.
Market Drivers
The escalating call for submersible power cables in mining, offshore drilling rigs, irrigation systems, drilling works, and wastewater treatment plants is a key factor that is predicted to drive the expansion of the worldwide submersible power cable market during the foreseen period. Escalating deployment of electric submersible pumps in the oil and gas industries, due to its various properties such as preventing cavitation of the pump, the lead jacket prevents damage caused by hydrogen sulfide and more concentrated hydrogen chloride, heat resistance ability, high reliability, and high flexibility is another factor that is predicted to drive the expansion of the worldwide submersible power cable market in the near future. Additionally, the growing preference for tightly confined industrial power cable unit designs in various industries is another factor supporting the growth of the worldwide submersible power cable market, as cables are equipped with waterproof gaskets. With the end of the era of easy oil, the new oil and gas fields are at a much greater depth. The maturing of oil wells and the depletion of oil reserves are pushing exploration and production companies to drill deeper. This has led to an increase in the total depth of an oil well to extract these resources. In turn, this has resulted in deeper adjustments to the submersible electric pump, thus escalating the call for submersible electrical cables that are employed to deliver power from the power source to the pump motor.
Market Restraints:
However, the high cost associated with maintaining submersible power cables is a major factor that is predicted to slow the expansion of the global market.
Market Opportunities:
Furthermore, escalated product improvement and the development of various raw materials for cable manufacturing are predicted to drive worldwide market expansion. Day by day, the rising use of advanced technologies for agricultural purposes and dwindling water sources have boosted the market for electric submersible pumps employed for irrigation purposes, which has had a proportionally positive impact on global electric submersible cables. The use of electric submersible pumps in wastewater management has escalated in various public-private industries, which is driving the worldwide market for submersible electric cables.
Market Challenges:
The limited deployment capacity of electric submersible pumps for shale gas production is predicted to hamper the market in the near future.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
5.42% |
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Segments Covered |
By Cable Type, Insulation, End User Industry, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Baker Hughes, Schlumberger Limited, Prysmian Group, Nexans, Siemens AG, Borets, Halliburton, Kerite Company, Havells, Jainson Cables, V-Guard Industries Ltd., Superstar Cables, Southwire Company, LLC, Alkhoorayef Petroleum, and Others. |
Market Segmentation:
On the basis of the type of cable, the flat power cable segment is predicted to dominate the target market, due to various characteristics such as less space occupation, reduced weight, and high flexibility.
On the basis of insulation, the polypropylene segment is predicted to dominate the worldwide market, due to the high usage and awareness of the lightweight property of polypropylene.
On an end-user basis, the oil and gas segment is predicted to dominate the global submersible power cable market, due to the high adoption for various applications.
Market Regional Analysis:
The Electric Submersible Cables Market includes are
The Asia-Pacific is predicted to dominate the worldwide market, due to the escalating development of infrastructure and technological improvements to achieve high energy efficiency in emerging countries such as China, India, and Japan in the area. The European market is foreseen to register significant expansion in the worldwide market in terms of revenue, due to the escalating use of submersible electrical cables for various applications such as submersible mining pumps, control circuits, motors and machinery, and portable construction equipment in the countries of the region. The North American market is predicted to experience lucrative expansion in the worldwide market in terms of revenue, due to the growing call for highly flexible and crush-resistant submersible power cables in various industrial sectors in countries in the region.
Market Key Players:
Market Recent Developments:
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