Global ESP Cables Market to Exhibit 4.70% CAGR from 2014 to 2023 owing to Increasing Exploration Activities Worldwide

Transparency Market Research, a global market intelligence firm, announces the publication of a new research report made available on the company website. The market research report, titled “Electrical Submersible Pump Cables Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2023,” provides a detailed analysis of the market.According to the research report, in 2014, the global electrical submersible pump (ESP) market was valued at more than US$3 bn and is anticipated to reach a value of US$4.5 bn by the end of 2023. The market is projected to register a healthy 4.70% CAGR between 2014 and 2023.

View summary of this report @ : http://www.transparencymarketresearch.com/electrical-submersible-pump-cables-market.html

Electrical submersible pump cables transmit surface power to the pump motor and are specially designed to perform under the downhole well setting. ESP cables are three-phase cables and differ mostly depending on the well specifications and geography. The increasing demand for ESPs worldwide and increase in the depth of oil wells are the major factors fuelling the growth of the global ESP cables market. In addition, the growing production from oil sands across the globe has provided huge opportunities for the growth of the major players operating in the market. However, limited usability in shale gas fields and the recent drop in oil prices has resulted in a reduction in production spending and offshore exploration, thus hampering the growth of the market.

On the basis of application, the global ESP cables market has been classified into offshore and onshore ESP cables. In 2014, the onshore segment led the market, holding a 69.88% share in the global ESP cables market. The configuration of ESP cables depends on the surface and sub-surface components, differentiating it for offshore and onshore oilfields. On the basis of type, the global ESP cables market has been categorized into polypropylene, EPDM, and others. In 2014, the EPDM cables segment dominated the market, holding a 57.27% share in the overall market, whereas the polypropylene cables and others segments accounted for a 34.69% and 8.03% share, respectively, in the global ESP cables market.

By geography, the global ESP cables market has been segmented into South and Central America, North America, the Middle East and Africa, Europe, and Asia Pacific. In 2014, Europe dominated the market, accounting for a 60% share in the global ESP cables market. This region is anticipated to remain in the leading position throughout the forecast period, owing to the rising number of mature fields in the U.K., Kazakhstan, Russia, and Norway. Europe is followed by North America, which held a 20% share in the global ESP cables market in 2014. The substantial share of the North America market can be attributed to the rising production from oil sands in Canada and growing shale oil production in the U.S., which are the key contributors to the growth in ESP cable installations in the region. The increasing exploration and production activities in the South China Sea are estimated to augment the growth of the Asia Pacific ESP cables market in the next few years.

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The research study has further provided a clear picture of the competitive scenario of the global ESP cables market. Some of the prominent players operating in the market are Borets Company, LLC, General Cable Corporation, Prysmian Group, Hitachi Metals, Ltd., Kerite, Weatherford International, Schlumberger Limited, Halliburton Company, and GE Oil & Gas.

Key Segments of the ESP Cables Market:

ESP Cables Market: By Application

Onshore
Offshore

ESP Cables Market: By Types

EPDM (Ethylene propylene diene monomer)
Polypropylene
Others

ESP Cables Market: By Region

North America

U.S.
Canada
Rest of North America

Asia Pacific

China
Indonesia
Rest of Asia Pacific

Europe

Russia
Norway
Kazakhstan
Rest of Europe

Middle East & Africa

Saudi Arabia
United Arab Emirates
Nigeria
Rest of Middle East & Africa

South & Central America

Venezuela
Brazil
Rest of South & Central America

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