Electric Submersible Cables Industry Growth on Track, Expected to Reach USD 8.3 Billion by 2031 - TMR Report

The global electric submersible cables market, valued at approximately US$ 5.2 billion in 2022, is poised for steady growth over the next decade. With an anticipated compound annual growth rate (CAGR) of 5.3% from 2023 to 2031, the market is expected to reach an estimated US$ 8.3 billion by the end of 2031.

Substantial growth in the oil & gas sector is a key factor driving market expansion. Electric submersible cables are engineered to operate in harsh environments, handling high pressures and temperatures while minimizing corrosion and providing essential fire safety measures. In addition, increased adoption of these cables in the water and wastewater treatment sector is fueling market growth as the need for effective water management intensifies globally.

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Market Introduction

Electric submersible cables are specifically designed to establish reliable power connections in liquid environments at various depths and under varying degrees of pressure. They are integral to numerous applications such as mining, chlorination systems, swimming pool lighting, food and beverage preservation, aquariums, wastewater treatment, and the oil & gas sector.

These cables reduce pump cavitation and mitigate damage from corrosive agents like hydrogen chloride and hydrogen sulfide, making them ideal for both oil & gas operations and wastewater management. Specially engineered cables-resistant to abrasion, grease, and moisture-ensure high performance in extreme conditions, thereby opening lucrative opportunities for companies operating in this sector.

Key Market Drivers and Trends

Growth in the Oil & Gas Sector

High-performance, robust cables that withstand extreme pressures and temperatures are widely used in oil & gas operations. Electric submersible armored cables, constructed with materials such as aluminum or steel, offer additional protection in downhole environments. These cables provide reliable power and data transmission, essential for monitoring and control systems in oil extraction processes. Consequently, expansion in the oil & gas sector continues to be a significant driver of market revenue.

Rising Demand in Water & Wastewater Treatment

Electric submersible pumps play a vital role in treating wastewater by moving sludge and water mixtures efficiently. Paired with these pumps, electric submersible cables channel treated water to designated locations. With 25% to 30% of the global population facing drinking water scarcity, the demand for effective wastewater treatment is surging, thereby bolstering the market for submersible cables.

Technological Advancements and Product Innovation

Recent trends in the market include the manufacture of highly flexible cables with uniform resistance, designed to operate reliably in harsh conditions. Innovations have led to the development of cables that are resistant to abrasion, grease, and moisture. These advancements not only enhance performance in oil & gas and wastewater treatment sectors but also open up opportunities in mining and construction industries.

Regional Outlook

According to market analyses, Europe dominated the global electric submersible cables market in 2022, driven by substantial growth in the oil & gas industry and a surge in new water & wastewater treatment facilities. However, market shares in North America, Asia Pacific, and the Middle East & Africa are projected to grow steadily during the forecast period, fueled by investments in sewage water treatment, drinking water projects, and agricultural applications.

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Analysis of Key Players

Key manufacturers in the electric submersible cables market are diversifying their product portfolios to cater to various applications.

Leading companies 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

These firms are expanding their production facilities and entering strategic partnerships to meet the rising global demand. For example, in December 2023, Nexans signed two MoUs with the Government of Morocco to establish a new cable plant, marking a significant step in boosting local manufacturing capabilities.

Market Segmentation

ESP Cable Type

ESP Flat Power Cable
ESP Round Power Cable
Insulation
Polypropylene
Ethylene Propylene Diene Monomer (EPDM)

End-user Industry

Oil & Gas
Agriculture
Mining
Construction
Others

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