Global Electric Submersible Cables Market Examination & Future Forecast Analyzed till 2026

A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled “Electric Submersible Cables Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview. The report anticipates that the sector for Electric Submersible Cables Market would rise at a positive CAGR during the period 2017-2026.

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Electric submersible cables, commonly known as electrical submersible pump cables or ESP cables, are specially designed cables that provide power to submersible pumps used for artificial lift of oil and gas resources, offshore drilling rigs, irrigation, mine dewatering, drinking water supply, sewage treatment plants, industries, fountains, seawater filtration plants, swimming pools, and aquariums. In the oil & gas industry, electric submersible cables are especially designed to withstand high temperature and abrasive environment of the downhole well, wherein the electric submersible pump is installed. These cables provide power to electrical submersible pumps from the surface power source for pumping crude oil from the hydrocarbon reservoir to the well surface. The reliability of the undisrupted electrical power supply to an electrical submersible pump system in an oil well depends on the performance of the power feed through the equipment utilized for power transfers such as power cable, pig tail connectors, and motor lead cables. Electric submersible cables can be manufactured in either flat or round cross-section. The choice between the two is typically based on space between production tubing and well casing. Selection of high quality electric submersible cables is of utmost importance, as when electric submersible cables fail, maintenance costs rise and production revenue plummets.

Increase in Demand for Electrical Submersible Pumps Likely to Drive the Market

Demand for electric submersible cables is almost directly proportional to the demand for electrical submersible pumps in various industries. Demand for electric submersible pumps for irrigation purposes is also rising owing to the increase in agriculture activities and decline in water sources. Demand for electrical submersible pumps in the water and wastewater industry is also increasing at a rapid pace. Shift in trend toward artificial lift systems for the production of crude oil in the oil & gas industry is also estimated to boost the demand for electrical submersible pumps. This, in turn, is projected to propel the number of oil wells based on electrical submersible pumps. The overall growth in demand for electrical submersible pumps across end-user industries is likely to drive the demand for electric submersible cables.

With the end of easy oil era the newly discovered oil and gas reservoirs are located at a much greater depth. Maturing oil wells and depleting oil reserves are prompting exploration & production companies to drill deeper. This has lead to an increase in the overall depth of an oil well for extracting these resources. In turn, this has resulted in deeper electrical submersible pump settings, thereby boosting the demand for electric submersible cables that are employed to supply power from the power source to the pump motor.

Limited Deployability in Shale Gas Fields Expected to Restrain Market

The gas lift method has become more prevalent for artificial lift mechanism for shale gas with the advent of shale gas boom, especially in the U.S. Following the footsteps of the U.S., countries across the globe are now evaluating the probability of extracting shale gas resources. However, nearly 80% of oil wells in the U.S. are onshore stripper wells. Most of these onshore wells employ sucker rod pumps for production. Among onshore non-stripper wells, 27% utilize sucker rod pumps, while 52% use gas lifts. The remaining 21% employ electrical submersible pumps and other methods. This indicates the dominance of sucker rod pump and gas lift mechanism as an artificial lift technology in the hydrocarbons sector in the U.S., especially in the shale gas sector. Thus, limited deployability of electrical submersible pumps for shale gas production is anticipated to hamper the electric submersible cables market in the near future.

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Production from Oil Sands Offers Lucrative Opportunity for Electric Submersible Cables

The largest oil reserves in the world are primarily concentered in three countries: Saudi Arabia, Venezuela, and Canada (specifically, Alberta). Oil production in Canada is estimated to rise by 800,000 bbl/d by 2020, making the country a prominent source of global oil supply. Introduction of electrical submersible pumps has been a significant technological improvement to the steam-assisted gravity drainage (SAGD) process. Electrical submersible pump systems are an ideal choice for thermal recovery, including SAGD, as they can produce higher flow rates and operate more reliably and economically than other artificial lift methods.

Europe Held Major Share of Around 50% of Global Electric Submersible Cables Market in 2017

Based on region, the electric submersible cables market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe dominated the global electric submersible cables market in 2016. This can be primarily ascribed to the rise in demand for electrical submersible pumps and electric submersible cables in the oil & gas industry in Russia & CIS countries. The market in Middle East & Africa is anticipated to expand at a significant pace during the forecast period, primarily due to the rise in demand for electrical submersible pumps in the region for extracting oil from maturing and aging production wells. 

Large Number of Players Dominate Global Electric Submersible Cables Market

Key players operating in the global electric submersible cables market are Baker Hughes, Schlumberger Limited, Prysmian Group, Nexans, Siemens AG, Borets, Halliburton, The Kerite Company, Havells, Jainson Cables, V-GUARD INDUSTRIES LTD., Superstar Cables, Southwire Company, LLC, and Alkhoorayef Petroleum.

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