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Electric Submersible Cables Market to Reach USD 8.3 Billion by 2031, Driven by Expanding Oil & Gas and Water Treatment Sectors - Latest Report by Transparency Market Research, Inc.
The global electric submersible cables market (https://www.transparencymarketresearch.com/electric-submersible-cables-market.html), valued at US$ 5.2 Bn in 2022, is set to expand robustly, with projections indicating a market value of US$ 8.3 Bn by the end of 2031. The market is anticipated to grow at a compound annual growth rate (CAGR) of 5.3% during the forecast period of 2023 to 2031.
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Key Market Drivers and Trends
Surge in Oil & Gas Sector Investments
Substantial growth within the oil & gas industry is a major catalyst for the electric submersible cables market. These cables are engineered to handle higher pressures and temperatures, mitigating risks of corrosion while incorporating enhanced fire safety measures. High-performance, robust, and high-temperature resistant cables are critical to meet the demanding operational conditions prevalent in oil & gas operations.
Expanding Adoption in Water & Wastewater Treatment
The increasing global scarcity of drinking water-affecting approximately 25% to 30% of the population-is driving investments in water and wastewater treatment infrastructure. Electric submersible pumps, which utilize these cables, play an essential role in managing sludge and water mixtures. Manufacturers are innovating by developing highly flexible cables with uniform resistance capable of operating in harsh conditions, ensuring efficient treatment processes.
Innovations in Cable Technology
Market trends reveal a rise in the manufacture of specially engineered cables that resist abrasion, grease, and moisture. These innovations not only improve durability in extreme environments but also broaden the applications of submersible cables in sectors such as mining, agriculture, and construction.
Market Introduction
Electric submersible cables are specifically designed for establishing reliable power connections in liquid environments, functioning effectively under various depths and pressure conditions. These cables find critical applications in:
Oil & Gas: Delivering power and data transmission in downhole environments and mitigating risks from high-pressure and corrosive conditions.
Water & Wastewater Treatment: Facilitating the efficient operation of electric submersible pumps which treat and channel water to designated locations.
Other Applications: Including mining, chlorination systems, swimming pool lighting, food and beverage preservation, aquariums, and subsurface irrigation systems in agriculture.
These specialized cables reduce pump cavitation and protect against the detrimental effects of hydrogen chloride and hydrogen sulfide, thereby playing a pivotal role in both oil & gas and wastewater management sectors.
Regional Outlook
In 2022, Europe dominated the electric submersible cables landscape, bolstered by significant expansion in the oil & gas industry and the development of new water and wastewater treatment facilities. The market share across North America, Asia Pacific, and the Middle East & Africa is also expected to rise steadily, driven by increased investments in sewage treatment, drinking water projects, and agricultural infrastructure.
Competitive Landscape and Key Developments
Major global players are actively expanding their production capabilities and diversifying product portfolios to cater to the growing market demand. Key manufacturers include:
Borets
The Kerite Company
General Cable Technologies Corporation
Prysmian Group
Jainson Cables India Pvt. Ltd.
Superstar Cable Industries
Southwire Company, LLC
Nexans
V-Guard Industries Ltd.
Havells India Ltd.
Hitachi Metals Ltd.
Alkhoorayef Petroleum
Schlumberger Ltd.
Halliburton
Baker Hughes, a GE Company
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Notable Collaborations:
In June 2023, Ducab signed an MoU with Baker Hughes to expedite the production of power cables for electric submersible pumps.
In December 2022, Petroleum Development Oman (PDO) entered an MoU with Borets aimed at establishing local manufacturing facilities for electric submersible power cables.
Market Segmentation
By ESP Cable Type:
ESP Flat Power Cable
ESP Round Power Cable
By Insulation Material:
Polypropylene
Ethylene Propylene Diene Monomer (EPDM)
By End-User Industry:
Oil & Gas
Agriculture
Mining
Construction
Others
Geographical Coverage:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Contact Us:
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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