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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Electrical Submersible Pump Cables Market Report with
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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.
Browse
Press Release Electrical Submersible Pump Cables Market :
http://www.transparencymarketresearch.com/pressrelease/electrical-submersible-pump-cables-market.htm
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