The
featured report from Transparency Market Research, titled “Electrical
Submersible Pump Cables Market - Global Industry Analysis, Size,
Share, Growth Trends, and Forecast 2014 - 2023”, offers a
360-degree view of the market. According to the report, the global
electrical submersible pump (ESP) cables market will expand at a CAGR
of 4.70% during the forecast period from 2014 to 2023. In 2014, the
global electrical submersible pump cables market was worth US$3 bn
and by 2023, the market is projected to be worth US$4.4 bn.
In-depth
research report on Electrical Submersible Pump Cables Market
with Full TOC at :
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The
global electrical submersible pump (ESP) cables market will be driven
by the elevated depth of oil wells. In addition to this, growing
demand for electrical submersible pumps will further drive the demand
for ESP cables in the coming few years. Nevertheless, the recent drop
in oil prices has led to a cutback in offshore exploration and
production spending, which will suppress the global ESP cables
market. Furthermore, the limited deployability of electric
submersible pumps in shale gas fields will also challenge the global
electrical submersible pump cables market
On
the basis of application, the global electrical submersible pump
(ESP) cables market is divided into offshore and onshore. The
configuration of ESP cables is different for both offshore and
onshore oilfields, as it depends on the surface and sub-surface
components involved. The cost of ESP cables is lower in onshore
oilfields as compared to offshore fields. In offshore fields, the
system is mounted using additional protective components. In onshore
fields, the installation of ESP cables is cheaper and easier, as
there are less adverse conditions present in comparison to offshore
field conditions. In 2014, the onshore ESP cables segment held a
69.88% share in the global electrical submersible pump cables market.
By
technology, the global electrical submersible pump (ESP) cables
market is segmented into polypropylene, ethylene propylene diene
monomer (EPDM), and others. The EPDM cables segment held a 57.27%
share in the global electrical submersible pump cables market in
2014.Region-wise, the global electrical submersible pump (ESP) cables
market is classified into North America, Europe, Asia Pacific, the
Middle East and Africa, and South and Central America. Europe led the
global electrical submersible pump cables market with a 60% share in
2014. Europe is projected to continue its dominance during the
forecasting horizon due to the growing number of mature fields in the
U.K., Kazakhstan, Norway, and Russia. The second largest share in the
global electrical submersible pump cables market was held by North
America in 2014. The North America electrical submersible pump cables
market is driven by the rapidly rising shale oil production in the
U.S. along with the increasing production from oil sands in Canada.
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The
Asia Pacific segment of the global electrical submersible pump (ESP)
cables market is driven by the elevated number of offshore wells in
the South China Sea, Australia, and Malaysia. In the near future, the
demand for ESP cables is projected to gradually rise due to new
oilfield discoveries in offshore regions of Africa and South
America.Players in the global electrical submersible pump (ESP)
cables market will benefit from the increasing production from oil
sands globally in the foreseeable future. Some of the key players
operating in the global electrical submersible pump cables market are
Kerite, Hitachi Metals, Borets Company, GE Oil & Gas, Prysmian
Group, and Weatherford International.
