The Electric Submersible Cables Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Submersible Cables Global Market Report 2024, The electric submersible cables market size has grown steadily in recent years. It will grow from $4.75 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. 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, 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 $5.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. 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.
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 December 2022, according to the reports shared by the Energy Information Administration (EIA), a US-based government agency, US Oil production increased from 11.2 million barrels per day (b/d) in 2020 to 11.6 million barrels per day (b/d) by 2021, and natural gas production increased from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day by 2021. Therefore, growing oil and gas exploration activities are driving the growth of the electric submersible cables market.
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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
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. Furthermore, in October 2021, Gulf Cable and Electrical Industries Company, a Kuwait-based manufacturer of electrical cables, partnered with Riyadh Cables Group Company, a Saudi Arabia-based cable manufacturer. With this partnership, they aim to build a factory in Kuwait that will specialize in manufacturing high-voltage cables and expand their cable business services to their customers.
The electric submersible cables market report table of contents includes:
1. Executive Summary
2. Electric Submersible Cables Market Characteristics
3. Electric Submersible Cables Market Trends And Strategies
4. Electric Submersible Cables Market – Macro Economic Scenario
5. Global Electric Submersible Cables Market Size and Growth
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26. South America Electric Submersible Cables Market
27. Brazil Electric Submersible Cables Market
28. Middle East Electric Submersible Cables Market
29. Africa Electric Submersible Cables Market
30. Electric Submersible Cables Market Competitive Landscape And Company Profiles
Top Major Players:
- Siemens AG
- Sumitomo Electric Industries Ltd
- ABB Ltd
- Schlumberger Limited
- Halliburton Co
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