Global Electrical Submersible Pump Cables Market: Burgeoning Exploration of New Oil Wells Hints at Significant Growth.
The level of competition among the players operating in the global electrical submersible pumps (ESP) cable market is significantly high due to the presence of a large number of companies with a comparable and strong brand value, finds Transparency Market Research (TMR) in a research report. The competition in the market is expected to intensify over the next couple of years as leading companies are opting for strategic alliances and acquisitions. For instance, to enter the ESP cables market, Halliburton Company acquired Global Artificial Lift Company. Manufacturers in the market are vertically integrated with distinct advantages in terms of both product quality and cost.
The prime companies operating in the global electrical submersible pumps cable market include Prysmian Group, Schlumberger Limited, Baker Hughes Incorporated, GE Oil and Gas, Halliburton Company, Weatherford International, Borets Company LLC, General Cable Corporation, and Hitachi Metals Ltd. The global electrical submersible pumps cable market is projected to expand at a 4.7% CAGR between 2015 and 2023. In 2015, the global electrical submersible pumps cable market was worth US$3.1 bn and is probable to touch US$4.4 bn by the end of 2023.
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EPDM Cables to Gain Prominence Globally
In the technology segment, EPDM (synthetic rubber) cables dominated the market in 2014 and are likely to maintain a dominant position until 2023 with a valuation of US$2.6 bn in the same year. By volume, it is expected to acquire 201,187 meters in 2023. According to a TMR analyst, “The growth of the EPDM (synthetic rubber) cables segment can be attributed to the growing installation of electrical submersible pumps cable of this technology type in offshore sites.” EPDM cables can be effectively employed in both high and low temperature conditions as they are flexible in terms of adaptability to fluctuating temperatures. EPDM cables have barrier tapes, which protect the insulation system and jacket from any mechanical damage. Onshore sites are likely to emerge as the key site segment by 2023 with a valuation of US$2.9 bn in the same year.
Geographically, Europe surged ahead of all the regions with a valuation of US$2.0 bn in 2015 and is projected to retain a lead by rising to US$2.7 bn by the end of 2023. Within Europe, Russia was the leading market in 2014 and is anticipated to witness striking growth during the forecast period. The growth of the Europe electrical submersible pumps cable market can be attributed to the maturing oilfields in the U.K. and Russia. The focus of the oil and gas industry is likely to be completely on offshore exploration and production activities over the next few years. As a result of this, the demand for electrical submersible pumps cable is likely to significantly increase in the near future.
Concerns over Depleting Oil Reserves to Augment Adoption of Electrical Submersible Pumps Cables
The primary factors driving the global electrical submersible pumps cable market are maturing oil wells and depleting oil reserves across the globe. As a result of this, oil and gas exploration activities have substantially risen over the last couple of years, thus boosting the demand for electrical submersible pumps and cables. Furthermore, the growing utilization of the steam assisted gravity drainage (SAGD) process in oil sand projects in Canada is anticipated to drive the deployment of ESP cables in the coming years. Re-development of oil fields after the oil spill accident in the Gulf of Mexico is another significant driver.
However, limited deployment capabilities in shale gas fields and the cutback in offshore exploration and production budgets due to a drop in oil prices are likely to restrain the growth of the market.
The market has been segmented as below:
ESP Cables Market: By Application
ESP Cables Market: By Technology
- EPDM (Ethylene propylene diene monomer)
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