Electrical Submersible Pump Cables Market Research 2014 – 2023
Electrical submersible pump cables are specially designed to perform under downhole-well environments and transmit surface power to the pump motor. These cables are economically designed for water and oil wells and can stand rigorous chemical conditions and high temperatures.
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The global electrical submersible pump cables market is fueled by rising depths of downhole gas and oil wells and growing production from mature oilfields as well as unconventional sources. However, declining oil prices is having a negative impact on offshore exploration and production (E&P) spending, which is anticipated to hamper the electrical submersible pump cables market.
Ethylene Propylene Diene Monomer Most Commonly Used Cable Type
Electrical submersible pump cables can be segmented on the basis of type into polypropylene, ethylene propylene diene monomer (EPDM), and others. A Transparency Market Research report states that in 2014, EPDM accounted for 57.27% of the overall electrical submersible pump cables market, making it the largest segment. While polypropylene held 34.69% of the overall market, the others category accounted for 8.03% that year.
Onshore Electrical Submersible Pump Cables see Greater Demand
Electrical submersible pump cables, by application, are bifurcated into offshore and onshore cables, based on surface and sub-surface components. In 2014, onshore electrical submersible pump cables made up for a whopping 69.88% of the overall market. The growth of this segment can be attributed to the fact that installation of electrical submersible pump cables in onshore fields is relatively easier and cheaper due to less adverse conditions and no requirement of additional protective components.
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Europe Global Leader in Electrical Submersible Pump Cables Market
The global electrical submersible pump cables market is divided on the basis of geography into North America, Central and South America, Europe, Asia Pacific, and the Middle East and Africa. Accounting for a massive 60% share of the global market in 2014, Europe has emerged as the dominant consumer of electrical submersible pump cables and is forecast to retain its lead through 2023, according to the report by Transparency Market Research. This region is mainly fueled by a growing number of mature fields in Norway, Russia, the UK, and Kazakhstan.
Americas to Witness Strong Growth by 2023
With a 20% share of the global electrical submersible pump cables market in 2014, North America stands in second place owing to growing production from oil sands in Canada and rising shale oil production in the US. The Central and South America market for electrical submersible pump cables is anticipated to register a strong growth rate over the next eight years thanks to the presence of a large number of mature fields in Venezuela and Brazil.
Rising Exploration and Production Activities Fueling APAC Market
Asia Pacific is the third-largest electrical submersible pump cables market. This region is particularly attractive for investors owing to the large number of offshore wells in Malaysia, Australia, and the South China Sea, development of shale reserves in China over the next couple of years, and rising exploration and production activities in the South China Sea.
The major companies functioning in the global electrical submersible pump cables market include Prysmian Group, Schlumberger Limited, Borets Company, LLC, Weatherford International, Halliburton Company, Hitachi Metals, Ltd., General Cable Corporation, GE Oil & Gas, and Kerite.
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