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 observed during the historic period can be attributed to several factors. These include heightened oil and gas exploration activities, an increase in offshore oil production initiatives, the rise of renewable energy projects utilizing subsea equipment, the expansion of subsea mining activities, and a growing demand for enhanced subsea connectivity solutions. These combined elements significantly contributed to the development and expansion of the market for electric submersible cables during that period.

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 projected growth in the forecast period can be associated with several key factors. These encompass increased activities in deepwater exploration and production, a steady rise in offshore wind energy capacity and installations, ongoing advancements in subsea technologies, the expansion of subsea monitoring and sensing capabilities, and the emergence of projects related to subsea electrification. Key trends anticipated during this period include escalated investments in renewable energy infrastructure, a heightened demand for high-voltage and high-capacity cables suitable for subsea applications, the development of enhanced cable monitoring and maintenance technologies, a heightened focus on using sustainable and environmentally friendly materials in cable manufacturing, and the establishment of submarine interconnections aimed at reinforcing power grids.

The anticipated growth in oil and gas exploration activities is set to drive the expansion of the electric submersible cables market. Electric submersible cables play a crucial role in the challenging conditions of the downhole environment during oil and gas exploration, enduring high temperatures, corrosive fluids, and abrasive materials. Their capability to transmit high currents over extended distances is essential for powering electric submersible pumps (ESPs). As of December 2022, reported by the US-based Energy Information Administration (EIA), US oil production increased from 11.2 million barrels per day (b/d) in 2020 to 11.6 million b/d in 2021, while natural gas production rose from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day in 2021. The surge in oil and gas exploration activities is a key driver behind the growth of the electric submersible cables market.

The advancement of renewable energy sources is poised to be a significant driver for the electric submersible cables market. Renewable energy, derived from naturally replenishing resources, is witnessing increased deployment in projects such as offshore wind farms and marine energy installations. Electric submersible cables play a crucial role in transmitting generated electricity from submerged sources to onshore facilities. According to the U.S. Energy Information Administration (EIA) in March 2023, renewable energy sources surpassed coal and nuclear in the U.S. electric power sector in 2022, with Texas leading in wind generation. The development of large-scale wind farms, such as one in Oklahoma with a nearly 1,000-megawatt capacity, underscores the growing importance of electric submersible cables in the renewable energy sector.

Strategic partnerships are becoming a prominent trend in the electric submersible cables market. Key players in the market are actively forming partnerships to leverage complementary expertise and resources, enhancing their capabilities in the design, manufacturing, distribution, or deployment of electric submersible cables. A noteworthy example is the collaboration between Dubai Cable Company and Baker Hughes in June 2023. This partnership, aimed at accelerating the development and manufacturing of power cables for ESPs, provides a flexible solution for clients in the oil and gas industry, including ADNOC. Additionally, the collaboration between Gulf Cable and Electrical Industries Company and Riyadh Cables Group Company in October 2021, involving the establishment of a cable manufacturing factory in Kuwait, exemplifies the trend of strategic partnerships driving growth in the electric submersible cables market.

Prominent players in the electric submersible cable market are emphasizing product innovation, with a focus on advancements such as submarine cables tailored for long-distance power transmission. Submarine cables, specifically designed for underwater installation and often laid on the seabed, serve the purpose of transmitting telecommunication signals, internet data, or electrical power between continents or islands. Illustratively, in September 2022, Sumitomo Electric Industries, Ltd., a Japan-based manufacturer specializing in electric wire and optical fiber cables, introduced a groundbreaking 525 kV Cross-Linked Polyethylene (XLPE) Submarine Cable. Engineered to operate at 90 °C, this cable holds the distinction of providing the highest industrial voltage for XLPE cables, with a transmission capacity exceeding 2 GW. This innovative solution addresses the escalating demand for long-distance, high-capacity transmission within the electric submersible cable market, particularly in the context of the expanding capacities of renewable energy sources. Sumitomo Electric's commitment to advancing High Voltage Direct Current (HVDC) cable technology is evident in this development, reinforcing its global market position.

In April 2023, Nexans S.A., a cable manufacturing company based in France, undertook the acquisition of Reka Cables Ltd., for an undisclosed amount. This acquisition represents Nexans S.A.'s strategic intent to fortify its presence in the Nordics, gain access to innovative technologies, diversify its product portfolio, and enhance its global market reach. Reka Cables Ltd., based in Finland, specializes in manufacturing electric submersible and high-voltage cables, making it a valuable addition to Nexans S.A.'s growth strategy. This acquisition aligns with Nexans S.A.'s commitment to expanding its capabilities and solidifying its position as a key player in the electric submersible cable market.

Major companies operating in the electric submersible cables market report are 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 And System Ltd., LS Cable & System, General Cable, Prysmian Group, Elsewedy Electric, Havells India Limited, NKT A/S, 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.

Asia-Pacific was the largest region in the electric submersible cables market in 2023. The regions covered in the electric submersible cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric submersible cables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of cables in electric submersible applications include ESP flat power cables and ESP round power cables. ESP flat power cables are tailored for electric submersible pump (ESP) use within the oil and gas sector. These cables typically feature insulation materials such as polypropylene and ethylene propylene diene monomer (EPDM), capable of handling low voltage, medium voltage, and high voltage requirements. They find utility across a spectrum of industries including mining, oil and gas, agriculture, construction, and other sectors.

The electric submersible cables market research report is one of a series of new reports that provides electric submersible cables market statistics, including electric submersible cables industry global market size, regional shares, competitors with an electric submersible cables market share, detailed electric submersible cables market segments, market trends and opportunities, and any further data you may need to thrive in the electric submersible cables industry. This electric submersible cables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric submersible cables market consists of sales of power cables, control cables, flat cables, armored cables, high-temperature cables, triplex submersible cables, and chemically resistant submersible cables. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.