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Electric Submersible Cables Market Growth: Strengthening the Growth Trajectory of the Electric Submersible Cables Market
Electric Submersible Cables Market
What Is the Expected CAGR for the Electric Submersible Cables Market Through 2025?
The market for electric submersible cables has shown a consistent growth trend in recent times. The market worth is projected to rise from $4.89 billion in 2024 to $5.07 billion in 2025, recording a compound annual growth rate (CAGR) of 3.6%. The historical growth pattern can be linked to various factors such as oil and gas exploration endeavors, heightened offshore oil production, renewable energy ventures, expansion of undersea mining activities, and a rising demand for subsea connectivity.
What's the Projected Size of the Global Electric Submersible Cables Market by 2029?
The market for electric submersible cables is projected to witness a consistent growth over the upcoming years, reaching a valuation of $6.03 billion by 2029, growing at a CAGR of 4.4%. This anticipated growth within the forecast period is linked to factors such as deep-sea exploration and production, increased offshore wind energy capacity, advances in undersea technologies, growth in underwater monitoring and sensing, and the development of undersea electrification projects. Key trends predicted for the forecast period include a surge in renewable energy infrastructure investments, heightened demand for high-voltage and high-capacity cables, improved cable monitoring and maintenance technologies, emphasis on sustainable and environmentally friendly materials, and the utilization of submarine interconnections for power grids.
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Top Growth Drivers in the Electric Submersible Cables Industry: What's Accelerating the Market?
The expansion of the electric submersible cables market is anticipated to be driven by increasing oil and gas exploration activities. Exploring and evaluating unexplored areas for potential oil and gas reserves is what constitutes oil and gas exploration. Used predominantly in oil and gas exploration, electric submersible cables can withstand extreme conditions such as high temperatures, corrosive fluids, and abrasive materials found in the downhole environment. They are capable of transmitting high currents across vast distances, which is crucial for powering electric submersible pumps (ESPs). For instance, based on data released by the Energy Information Administration, a US federal statistical and analytical agency, in June 2023, it is projected that global oil demand will climb by 6% between the years 2022 and 2028, hitting 105.7 million barrels daily. Simultaneously, global upstream investments for oil and gas exploration, extraction, and production are expected to soar 11% annually, reaching a record USD 528 billion in 2023. Thus, the increased activities in oil and gas exploration are fuelling the electric submersible cables market's growth.
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What Trends Will Shape the Electric Submersible Cables Market Through 2029 and Beyond?
One notable trend emerging in the electric submersible cables market is the forging of strategic alliances. Major players in the industry are entering into collaborations that leverage a variety of skills and resources, thereby boosting their abilities in areas such as design, production, distribution, and utilization of electric submersible cables. For instance, in June 2023, the Dubai Cable Company, a UAE-based entity, formed a strategic alliance with Baker Hughes, a US energy technology firm. The objective of this partnership was to expedite the creation and manufacturing of power cables for electrical submersible pumps (ESPs). This partnership is predicted to offer clients in the oil and gas sector, including ADNOC, a flexible solution. Furthermore, a significant development in September 2024 demonstrated this growing trend, as a company aimed to supply Australia with top-of-the-line, specialized cable offerings, including submersible cables. This step was taken to assist various industries with innovative, tailor-made cables, further highlighting the role of strategic partnerships in propelling the electric submersible cables market growth.
What Are the Main Segments in the Electric Submersible Cables Market?
The electric submersible cables market covered in this report is segmented -
1) By Cable Type: ESP Flat Power Cable, ESP Round Power Cable
2) By Insulation: Polypropylene, Ethylene Propylene Diene Monomer (EPDM)
3) By Voltage: Low Voltage, Medium Voltage, High Voltage
4) By End User: Mining Industries, Oil And Gas Industries, Agriculture Industries, Construction Sector, Other End Users
Subsegments:
1) By ESP Flat Power Cable: Flat Cable With PVC Insulation, Flat Cable With Polyurethane Insulation
2) By ESP Round Power Cable: Round Cable With PVC Insulation, Round Cable With Polyurethane Insulation, Round Cable With Thermoplastic Elastomer (TPE) Insulation
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Which Top Companies are Driving Growth in the Electric Submersible Cables Market?
Major companies operating in the electric submersible cables market include Siemens AG, Sumitomo Electric Industries Ltd., ABB Ltd., Schlumberger Limited, Halliburton Co, Nexans SA, Rockwell Automation, Hitachi Metals Ltd., Superstar Cable Industries, Furukawa Electric, Baker Hughes Co, Southwire Company LLC, Leoni AG, GE Company LLC, LS Cable & System, General Cable, Prysmian Group, Elsewedy Electric, Havells India Limited, KEI Industries Ltd., Magitek Services, New England Wire Technologies Corp., NKT AS, Jainson Cables India Pvt Ltd., ABA Industry Inc., Rotex (India), Jainson Insulation Pvt. Ltd., Kerite Company, Finolex Cables Ltd.
Which Regions Will Dominate the Electric Submersible Cables Market Through 2029?
Asia-Pacific was the largest region in the electric submersible cables market in 2024. The regions covered in the electric submersible cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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