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Electric Submersible Cables Market Growth: Powering Innovation and Expansion in the Electric Submersible Cables Market by 2025
Electric Submersible Cables
What Is the Expected CAGR for the Electric Submersible Cables Market Through 2025?
In the past few years, the market size of electric submersible cables has seen a consistent expansion. The market is projected to increase from $4.89 billion in 2024 to around $5 billion in 2025, growing at a compound annual growth rate (CAGR) of 2.2%. The historical growth of this market can be linked to several factors including exploration activities of oil and gas, higher offshore oil output, advancements in renewable energy initiatives, an expansion in subsea mining activities, and a rise in subsea connectivity demand.
What's the Projected Size of the Global Electric Submersible Cables Market by 2029?
Anticipated to see consistent growth in the upcoming years, the electric submersible cables market is projected to expand to a size of $5.9 billion by 2029, yielding a compound annual growth rate (CAGR) of 4.2%. This predicted growth within the forecast period can be accredited to the rising deepwater exploration and production activities, an increase in offshore wind energy capabilities, advancements in subsea technology, growth in subsea monitoring and sensing and the onset of subsea electrification projects. The forecast period also foresees trends such as escalating investments in renewable energy infrastructure, a higher demand for high voltage and high-capacity cables, improvements in cable monitoring and maintenance technologies, emphasis on sustainable and environmentally friendly materials and the development 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 fueled by the increasing activities in oil and gas exploration. The quest for and assessment of potential oil and natural gas reserves in undplored regions constitutes oil and gas exploration. Electric submersible cables, primarily used in these exploration activities, are designed to endure the challenging downhole environment, which includes high temperatures, abrasive materials, and corrosive fluids. Additionally, these cables allow for the transmission of high currents over extended distances, a requirement for powering electric submersible pumps (ESPs). For instance, data published by the Energy Information Administration, a US-based federal statistical and analytical agency, in June 2023, predicts a 6% increase in global oil demand from 2022 to 2028, reaching 105.7 million barrels a day. Concurrently, global upstream investments in oil and gas exploration, and related extraction and production activities, are poised to grow by 11% year-on-year to an unprecedented USD 528 billion in 2023. Consequently, the escalating activities in oil and gas exploration are promoting growth in the electric submersible cables market.
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What Are the Key Trends Driving Electric Submersible Cables Market Growth?
The rise of strategic alliances is a notable trend within the electric submersible cables market. Established companies within the sector are entering into partnerships to strengthen their capabilities in various areas such as design, manufacturing, distribution, and implementation of electric submersible cables. Case in point, in June 2023, Dubai Cable Company, based in the United Arab Emirates, teamed up with US-based Baker Hughes, an energy technology firm. The goal of this partnership is to expedite the research, development, and production of power cables for electric submersible pumps (ESPs). This partnership is also set to provide flexible solutions to clients in the oil and gas industry, including ADNOC. Moreover, in September 2024, the focus on delivering Australia with top-quality, specialized cable solutions, inclusive of submersible cables, was displayed in a bid to support multiple industries with tailored cables. This showcases the shift towards strategic partnerships that propel growth in the electric submersible cables market.
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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