Electrical Submersible Pump Cables Market
Electrical Submersible Pump Cables Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2023
Press Release :
Electrical submersible pump (ESP) cables are specially designed to supply electricity from the transformer to pump motor in deepened water and oil wells, even in high temperature and rigorous environmental conditions. The increasing depths of downhole gas and oil wells and the rapid depletion as well as maturation of oil fields have resulted into deeper pump settings, driving the demand for ESP cables. However, the decline in oil prices is likely to limit the demand for such cables in the coming years due to the reduction in the expenditure on offshore exploration and production of oil and gas.
The global market for ESP cables is likely to witness a rise in its opportunity at a CAGR of 4.70% during the period from 2015 to 2023. In terms of revenue, the market is expected to grow from US$3.0 bn in 2014 to reach US$4.5 bn by the end of 2023. In terms of volume, the market is expected to expand at a CAGR of 4.40% between 2015 and 2023.
Asia Pacific to Emerge as Most Attractive Market for Investors
Europe, North America, Central and South America, Asia Pacific, and the Middle East and Africa are the key regional markets for ESP cables across the world. Holding a whopping share of around 60%, Europe emerged as the leading consumer of ESP cables in 2014 and was trailed by North America.
Analysts expect this regional market to remain dominant over the forthcoming years on account of the rising number of mature fields in the U.K., Norway, Russia, and Kazakhstan. North America is expected to remain seated at the second position in the years to come, supported by the increase in oil sands projects in Canada and the growing production of shale oil in the U.S.
Asia Pacific is projected to emerge as the most attractive ESP cables market for investors due to the large number of offshore oil wells in the South China Sea, Australia, and Malaysia. The Middle East and Africa, however, is anticipated to report the fastest CAGR of 8.70% from 2015 to 2023.
Over the coming years, the ongoing development of shale reserves in China and the increasing exploration and production activities in the South China Sea are expected to fuel the demand for ESP cables in Asia Pacific. The presence of mature fields in Venezuela and Brazil is anticipated to boost the application of these cables in the Central and South America, states TMR.
Demand for ESP Cables from Onshore Sites to Remain High
Based on sites, ESP cables are widely utilized in the onshore application and the offshore application. In 2014, the onshore segment contributed to a share of nearly 70% of the overall application of these cables.
As the deployment of ESP cables in onshore fields is relatively easier and cost efficient, thanks to the low adversity and minimal requirement of additional protective components, they will continue to find widespread application in onshore fields over the next few years.
Hitachi Metals Ltd., Borets Co. LLC, GE Oil & Gas, Kerite, Schlumberger Ltd., Prysmian Group, Halliburton Co., Weatherford Int., and General Cable Corp. are the leading players in the global ESP cables market.
This research study analyzes the market for electrical submersible pump Cables in terms of volume (Thousand Meters) and revenue (USD Million). The ESP cables market has been segmented on the basis of application, technology and geography. The regional segment has been further divided into 17 sub-segments that comprise 12 countries which are major players in the global ESP cables market. For the research, 2014 has been taken as the base year while all forecasts have been given for the 2014–2023 period. Market data for all the segments has been provided at the regional as well as country-specific level for the 2014–2023 period. The report provides a broad competitive analysis of companies engaged in the ESP cable business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the global ESP cables market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive industry analysis of the global ESP cables market with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and profitability of the global ESP cables market. The forces analyzed are the bargaining power of buyers, bargaining power of suppliers, threat from new entrants, threat from substitutes, and degree of competition.
The high-level analysis in the report provides detailed insights into the ESP cables business globally. There are currently numerous drivers for the ESP cables market. One of the most prominent drivers is increasing depth of downhole oil and gas wells. Apart from this, increasing production from mature oilfields and unconventional resources is expected to increase the demand of ESP and ESP cables in the near future. Market attractiveness analysis was carried out for the ESP cables market on the basis of geography. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.
The ESP cables market was further segmented on the basis of application and technology. The configuration of ESP cables is different for both onshore and offshore oilfields, depending on the surface and sub-surface components. In onshore oilfields, the cost of surface equipment would be less as compared to that in offshore fields as the system is mounted with additional protective components in offshore fields. The installation of ESP cable in onshore would be low cost and easier due to less adverse conditions unlike in offshore fields. The ESP cable market was analyzed across five geographies: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Regional data has been provided for each sub-segment of the ESP cable market. Key market participants in the ESP cable market include Prysmian Group, Baker Hughes Incorporated, Halliburton Company, Schlumberger Limited, Weatherford International, and Borets Company, LLC. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
ESP Cables Market: By Application
ESP Cables Market: By Technology
- EPDM (Ethylene propylene diene monomer)
ESP Cables Market: By Region
- Rest of North America
- Rest of Asia Pacific
- Rest of Europe
Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
South & Central America
- Rest of South & Central America