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 Cables Market: Snapshot
Demands for electrical submersible pump (ESP) cables ride on the back of the growing uptake of the artificial lift technology in pumping production fluids from wellbores. Numerous characteristics of ESPs, such as safety, cost-effectiveness, and outstanding subsurface controls, drive the sales of ESP cables in oil production facilities around the world. Over the past years, use of ESP cables progressed on account of growing deployment of ESPs as high-volume pumps in offshore oil and gas explorations, particularly because the overall system is environmentally friendly. The ESP cables market has garnered revenue gains from the efforts of energy companies to go for deep oil wells for hydrocarbon explorations in harsh environments, both onshore and offshore.
The global ESP cables market is projected to garner a CAGR of 4.70% during the period from 2015 to 2023, to reach revenue worth of US$4.5 bn by 2023-end. Its valuation was pegged at US$3.0 bn in 2014.
The report segments the electrical submersible pump cables market on the basis of three parameters: technology, application, and region.
Uptake in Onshore Oilfield Explorations Still Massive
The two key application areas in the ESP cables market are the onshore and the offshore. Of the two, the former held the major share—nearly 70%--in 2017. The status quo is unlikely to change in coming few years. The demands are fueled by the ease of deployment in onshore oilfields. Onshore sites also need less upfront capital than offshore, reinforcing the application of ESP cables in the former type of oil and gas exploration. However, decline in oil prices has hit the profitability of the segment in recent years. Also, however, shale oil and gas explorations will catalyze technology advancements in ESP cables. Moreover, oil sands projects have taken off in a big way in developed countries of North America.
Players Shifting Sight to Asia Pacific and Middle East and Africa
Shifting attention of oil and gas companies to new shale gas reserves will open new avenues in developing markets.
The various regional market are Europe, Central and South America, North America, Asia Pacific, and the Middle East and Africa. Of these, Europe accounted for a massive share of the global ESP cables market in 2014. This was trailed by the North America.
The Europe ESP cables market will see the trend of demands maturing in coming years, as the growth will be lackluster in the U.K., Norway, Russia, and Kazakhstan. Meanwhile, North America will witness substantial demands, especially coming from the U.S. and Canada. Growing spending of oil and gas companies in oil sand projects in these countries and growing numbers of shale oil explorations in the U.S. present large lucrative opportunities for market players.
By 2023-end, Asia Pacific is expected to emerge as the most attractive regional market. The demands for ESP cables will come mainly from China, Australia, and Malaysia. Growing numbers of offshore oil explorations have propelled the uptake. Rise in South China Sea energy exploration activities in recent years has spurred prospective demand for ESP cables.
On the other hand, the highest growth rate year-over-year is expected to come from the Middle East and Africa. During the assessment period 2015 to 2023, the regional market is expected to clock a CAGR of 8.70%. Overall, the radar of hydrocarbon exploration companies will shift stridently toward Central and South America.
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