Electric Submersible Cables Market Forecasts from 2023 to 2028

The global electric submersible cables market is expected to grow at a CAGR of 4.38% during the forecast period.

Electric submersible cables that supply electricity to submersible pumps for artificially raising oil and gas reserves, offshore drilling rigs, mine dewatering, irrigation in gardens and farms, industries, water fountains, water for drinking supply, wastewater treatment facilities, seawater filtration plants, swimming pools, and aquariums. The demand for electrical submersible pumps and cables is inversely correlated with the global market for electric submersible cables. The market for electric submersible pumps used for agriculture has grown due to the increasing use of advanced technology in agriculture and the depletion of water resources, which has also impactedthe expansion of the global electric submersible cable market size.

MARKET DRIVERS:

Increasing infrastructural development and renewable energy resources to fuel market expansion.

Electric submersible cables are in high demand because of the rising need for oil and gas, particularly from offshore sources, which calls for dependable power transmission solutions. Further, due to the growing adoption of offshore turbine farms and other renewable energy projects, submersible cables are required for effective power transmission. Additionally, electric submersible cables are needed for infrastructure projects like desalination plants, treatment plants for wastewater, and underwater mining operations, increasing the global electric submersible cables market.

High demand for electric submersible cables by emerging markets to boost market growth.

Electric submersible cables can rise significantly in developing regions like Asia-Pacific and Latin America thanks to expanding industrial activity, improved infrastructure, and offshore exploration operations. The market for electric submersible cables has chances to meet the needs of these projects' power transmission needs because of the increasing attention being paid to clean sources of energy, particularly offshore wind farms. For instance, Singapore's tremendous infrastructure potential and a focus on growing offshore production. Although MEA is likely the industry leader in hydrocarbon production, they have recently shifted their attention to offshore production to accommodate the rising demand for hydrocarbons.

Expansion of subsea communication network

The demand for electric submersible cables is being fueled by the growth of subsea communication networks, which is being driven by the requirement for underwater data transfer. These cables provide for dependable and quick data transfer for applications such as internet connectivity, telecommunication, and other subsea communication. The demand for electric submersible cables is rising as a result of technological developments in subsea machinery and systems, including subsea processing and electrical distribution. Strict performance standards in terms of dependability, efficiency, and longevity must be met by these cables, which increases the global electric submersible cables market size.

Rising use in the oil & gas industry

Due to the considerable usage of electric submersible cables in offshore oil and gas exploration, manufacturing, and extraction activities, the oil and gas sector has been a big consumer of these cables. In subsea installations, such as subsea wellheads, subsea production systems, and subsea processing systems, submersible cables are used. With these cables, dependable power transmission in submerged situations is ensured despite challenging environmental factors such as high pressure, rust, and mechanical stress. Electric submersible cables are used in the agriculture industry for aquaculture operations, submersible pumps, and irrigation systems which are increasing the global electric submersible cables market share in the oil and gas sector.

Shale gas extraction uses a few electrical submersible pumps.

The gas lift technique is commonly employed for artificial lift devices for shale gas with the advent of the shale gas boom, mainly in the United States. Following the United States lead, nations all over the world are currently assessing whether it is feasible to produce shale gas resources. The shale gas business in the US and the predominance of beam pump and gas lift systems as artificial lift technologies. Further, it is anticipated that the electrical submersible cables market will suffer in the years to come due to the low employment of electrical submersible pumps in the extraction of shale gas.

North America is projected to be a significant electric submersible cable marketplace.

The North American region is anticipated to lead the global electric submersible cables market during the projected period. There has been an increase in offshore activity, with a focus on raising offshore output. North American offshore oil and gas production is heavily reliant on the USA and Canada. Many ESPs are used to pump oil from deep wells to the surface. In anticipation of the growth of the ESP cable industry, electric submersible pumps are frequently employed in agriculture, residential, maritime, and harsh weather conditions for dewatering purposes. To fulfill the rising energy demand, which is driving the ESP cable market, European nations are anticipated to enhance their offshore output.

Products

• The installation of the TransCoil™ rigless-deployed electrical submersible pumping (ESP) system, which is intended to assist operators in bringing wells online more quickly and reduce the costs associated with installing and upgrading ESPs. Operators can minimize postponed production and reduce their overall lifting costs to increase the economic life of their assets because they can do away with the need for a rig in fields where rig availability is a constraint or where high intervention costs can restrict artificial lift alternatives. The ESP is inverted in the TransCoil™ rigless-deployed ESP system, with the motor on top directly coupled to the power cords.
• Cable Multiflex CT600 is multiconductor cable consisting of two, three, four, or even five copper flexible conductors with a maximum DC resistance of conductor at 20 degrees Celsius. The light duty cable is suitable for low voltage electrical power distribution installed in sumps, ducts and gutters, and also for installations for cables trays in dry, moisture, as well as wet environments and outdoors.

Segmentation:

By Insulation Type

• Polypropylene
• Ethylene Propylene Diene Monomer

By Cable Type

• Flat
• Round
• Motor Lead Extension

By Application

• Oil and Gas
• Agriculture
• Mining
• Construction

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Others