Electric Submersible Cables Market – Overview
Electric submersible cables are used to provide power from surface power sources to the downhole electrical submersible pumps. These pumps are mainly used in the artificial lift of oil and gas resources, offshore drilling rigs, irrigation, mine dewatering, drinking water supply, sewage treatment plants, industries, fountains, sea water filtration plants, swimming pools, and aquariums. These cables are generally manufactured in flat and round cross-sections, and the selection of the type of cable depends upon the available clearance through which theses cables have to pass. The selection of a quality electric submersible cables is very important, as they can affect the operation and can lead to increase in maintenance costs and downtime of the equipment.
Increase in number of electrical submersible pumps across major end-user industries such as oil & gas, agriculture, water & wastewater, etc. is expected to drive demand for electric submersible cables, as the demand for these cables is directly proportional to demand for electrical submersible pumps. Moreover, increasing depth of oil wells is also projected to drive the market in the near future. However, preference of gas lift method over of electrical submersible pump systems for shale gas production is likely to be a major restraint for the market. The world is moving toward unconventional sources of energy such as shale gas. Limited deployability of electrical submersible pump systems in shale gas is anticipated be a significant restraint for the market.
This report analyzes and forecasts the market for electric submersible cables at the global and regional level. The market has been forecast based on revenue (US$ Mn) from 2018 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global electric submersible cables market. It also covers impact of these drivers and restraints on demand for electric submersible cables during the forecast period. The report also highlights opportunities in the electric submersible cables market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global electric submersible cables market. Porter’s Five Forces model for the electric submersible cables market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, where in ESP cable type, insulation, and end-user industry are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global electric submersible cables market by segmenting it in terms of ESP cable type, insulation, and end-user industry. In terms of ESP cable type, the electric submersible cable market can be classified into ESP flat power cable and ESP round power cable. Based on insulation, the electric submersible cables market can be categorized into polypropylene and ethylene propylene diene monomer (EPDM). In terms of end-user industry, the market can be segmented into oil & gas, agriculture, mining, construction, and others. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for electric submersible cables in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual market size of electric submersible cables for 2017 and estimated market size for 2018 with forecast for the next eight years. The global market for electric submersible cables has been provided in terms of revenue. Market revenue has been defined in US$ Million. Market numbers have been estimated based on ESP cable type, insulation, and end-user industry of electric submersible cables. Market size have been provided in terms of global, regional, and country level markets.
The report comprises profiles of major companies operating in the global electric submersible cables market. Key players in the electric submersible cables market 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. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, regional presence, and recent developments.
Key Takeaways
- The ESP flat power cable segment accounts for a prominent share due high demand for the cables from end-user industries
- Analysis and benchmarking of electric submersible cable pricing across all the regions
- Recovering crude oil prices and maturing oil wells and depleting oil reservoirs along with increasing demand for electrical submersible pumps are expected to drive the electric submersible cables market in the near future
- In terms of end-user, the oil & gas industry segment is anticipated to expand at a significant rate during the forecast period
- EPDM is the major insulation segment for electric submersible cables
- Europe is anticipated to dominate the market during the forecast period
- The market in Middle East & Africa is expected to expand at a significant rate during the forecast period among all the regions
