The Business Research Company’s report on the Electric Submersible Cables Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the electric submersible cables market further?
Growing oil and gas exploration activities are expected to propel the growth of the electric submersible cables market going forward. Oil and gas exploration is the process of searching for and evaluating potential oil and natural gas reserves in underexplored areas. Electric submersible cables are primarily used in oil and gas exploration, which withstand the harsh conditions of the downhole environment, including high temperatures, corrosive fluids, and abrasive materials. They also transmit high currents over long distances, necessary for powering electric submersible pumps (ESPs). For instance, in June 2023, according to the data published by the Energy Information Administration, a US-based federal statistical and analytical agency, global oil demand is expected to rise by 6% between 2022 and 2028, reaching 105.7 million barrels per day, while global upstream investments in oil and gas exploration, extraction, and production are set to grow 11% year-on-year to a record USD 528 billion in 2023. Therefore, growing oil and gas exploration activities are driving the growth of the electric submersible cables market.
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What are the key factors influencing the forecasted market size of the electric submersible cables industry?
The electric submersible cables market size has grown steadily in recent years. It will grow from $4.89 billion in 2024 to $5.07 billion in 2025 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to oil and gas exploration activities, increased offshore oil production, renewable energy projects, expansion of subsea mining activities, and increased demand for subsea connectivity
The electric submersible cables market size is expected to see steady growth in the next few years. It will grow to $6.03 billion in 2029 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to deepwater exploration and production, rising offshore wind energy capacity, advancements in subsea technologies, expanding subsea monitoring and sensing, emergence of subsea electrification projects. Major trends in the forecast period include growing investments in renewable energy infrastructure, demand for high voltage and high-capacity cables, enhanced cable monitoring and maintenance technologies, focus on sustainable and eco-friendly materials, submarine interconnections for power grids.
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Who are the leading competitors in the electric submersible cables market?
Major companies operating in the electric submersible cables market include Siemens AG, Sumitomo Electric Industries Ltd., ABB Ltd., Schlumberger Limited, Halliburton Co, Nexans SA, Rockwell Automation, Hitachi Metals Ltd., Superstar Cable Industries, Furukawa Electric, Baker Hughes Co, Southwire Company LLC, Leoni AG, GE Company LLC, LS Cable & System, General Cable, Prysmian Group, Elsewedy Electric, Havells India Limited, KEI Industries Ltd., Magitek Services, New England Wire Technologies Corp., NKT AS, Jainson Cables India Pvt Ltd., ABA Industry Inc., Rotex (India), Jainson Insulation Pvt. Ltd., Kerite Company, Finolex Cables Ltd.
Which emerging trends are set to transform the electric submersible cables market landscape?
Strategic partnerships are a key trend gaining popularity in the electric submersible cables market. Major companies operating in the electric submersible cables market are forming partnerships with complementary expertise and resources to enhance their capabilities in designing, manufacturing, distributing, or deploying electric submersible cables. For instance, in June 2023, Dubai Cable Company, a United Arab Emirates-based cable company, collaborated with Baker Hughes, a US-based energy technology company. With this collaboration, they aim to accelerate the development and manufacturing of power cables for electrical submersible pumps (ESPs). Further, this collaboration would provide clients in the oil and gas industry, including ADNOC, with a flexible solution. Moreover, in September 2024, aiming to provide Australia with high-quality, specialized cable solutions, including submersible options, to support various industries with advanced, custom-built cables, exemplifies the trend of strategic partnerships driving growth in the electric submersible cables market.
How do different geographies compare in terms of market share and growth potential in the electric submersible cables market?
Asia-Pacific was the largest region in the electric submersible cables market in 2024. The regions covered in the electric submersible cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Which major segments of the electric submersible cables market are experiencing the fastest growth?
The electric submersible cables market covered in this report is segmented –
1) By Cable Type: ESP Flat Power Cable, ESP Round Power Cable
2) By Insulation: Polypropylene, Ethylene Propylene Diene Monomer (EPDM)
3) By Voltage: Low Voltage, Medium Voltage, High Voltage
4) By End User: Mining Industries, Oil And Gas Industries, Agriculture Industries, Construction Sector, Other End Users
Subsegments:
1) By ESP Flat Power Cable: Flat Cable With PVC Insulation, Flat Cable With Polyurethane Insulation
2) By ESP Round Power Cable: Round Cable With PVC Insulation, Round Cable With Polyurethane Insulation, Round Cable With Thermoplastic Elastomer (TPE) Insulation
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How is the electric submersible cables market defined, and what are its core characteristics?
Electric submersible cables are specialized electrical cables made up of several insulated wires wrapped around a metal core and covered in plastic or rubber insulation. Electric submersible cables transmit electrical power from the surface to submersible pumps or other equipment in submerged or subsea locations.
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