The global electric submersible cables market was valued at around US$ 4.36 Bn in 2017 and is anticipated to expand at a CAGR of over 5% from 2018 to 2026, according to a new report by Transparency Market Research (TMR) titled ‘Electric Submersible Cables Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2026.’ Electric submersible cables or ESP cables or electrical submersible pump cables are cables that are used to provide power to downhole electrical submersible pumps from a surface power source. These cables are used across various end-use industries for supplying power to electrical submersible pumps used for artificial lift applications, irrigation purposes, in sewage treatment plants, or in any other application. However, the electric submersible cables used in oil & gas industry are specially designed as they have to operate in a high temperature and abrasive environment.
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Rise in Demand from Oil & Gas End-user Industry Segment in Middle East & Africa is anticipated to Drive the Electric Submersible Cables Market in the Region
In terms of region, the electric submersible cables market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe held a leading share of more than 50% of the global electric submersible cables market in 2017. This can be attributed to Russia & CIS countries, whose oil & gas industry forms a major part of not only the electrical submersible pumps industry but also of the electric submersible cables market. Moreover, the market in Middle East & Africa is expected to expand at a significant pace during the forecast period, primarily due to maturing and aging wells along with the declining reservoir pressures in the oil & gas field of the region. Furthermore, depleting reservoirs are likely to lead to expansion of the market in the region.
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Electric Submersible Cables Market Dominated by Few Major Players with Focus on the Oil & Gas Industry
Key players covered in this report are Baker Hughes, Schlumberger Limited, Prysmian Group, Nexans, Siemens AG, Borets, Halliburton, The Kerite Company, Havells, Jainson Cables, V-GUARD INDUSTRIES LTD., Superstar Cables, Southwire Company, LLC, and Alkhoorayef Petroleum. The major players present in the market are those that are mainly focusing on providing cables to the oil & gas end-use industry, as the industry forms a major part of the market.