Global Electrical Submersible Pump Cables Market: Burgeoning Exploration of New Oil Wells Hints at Significant Growth.

The level of competition among the players operating in the global electrical submersible pumps (ESP) cable market is significantly high due to the presence of a large number of companies with a comparable and strong brand value, finds Transparency Market Research (TMR) in a research report. The competition in the market is expected to intensify over the next couple of years as leading companies are opting for strategic alliances and acquisitions. For instance, to enter the ESP cables market, Halliburton Company acquired Global Artificial Lift Company. Manufacturers in the market are vertically integrated with distinct advantages in terms of both product quality and cost.

The prime companies operating in the global electrical submersible pumps cable market include Prysmian Group, Schlumberger Limited, Baker Hughes Incorporated, GE Oil and Gas, Halliburton Company, Weatherford International, Borets Company LLC, General Cable Corporation, and Hitachi Metals Ltd. The global electrical submersible pumps cable market is projected to expand at a 4.7% CAGR between 2015 and 2023. In 2015, the global electrical submersible pumps cable market was worth US$3.1 bn and is probable to touch US$4.4 bn by the end of 2023.

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EPDM Cables to Gain Prominence Globally

In the technology segment, EPDM (synthetic rubber) cables dominated the market in 2014 and are likely to maintain a dominant position until 2023 with a valuation of US$2.6 bn in the same year. By volume, it is expected to acquire 201,187 meters in 2023. According to a TMR analyst, “The growth of the EPDM (synthetic rubber) cables segment can be attributed to the growing installation of electrical submersible pumps cable of this technology type in offshore sites.” EPDM cables can be effectively employed in both high and low temperature conditions as they are flexible in terms of adaptability to fluctuating temperatures. EPDM cables have barrier tapes, which protect the insulation system and jacket from any mechanical damage. Onshore sites are likely to emerge as the key site segment by 2023 with a valuation of US$2.9 bn in the same year.

Geographically, Europe surged ahead of all the regions with a valuation of US$2.0 bn in 2015 and is projected to retain a lead by rising to US$2.7 bn by the end of 2023. Within Europe, Russia was the leading market in 2014 and is anticipated to witness striking growth during the forecast period. The growth of the Europe electrical submersible pumps cable market can be attributed to the maturing oilfields in the U.K. and Russia. The focus of the oil and gas industry is likely to be completely on offshore exploration and production activities over the next few years. As a result of this, the demand for electrical submersible pumps cable is likely to significantly increase in the near future.

Concerns over Depleting Oil Reserves to Augment Adoption of Electrical Submersible Pumps Cables

The primary factors driving the global electrical submersible pumps cable market are maturing oil wells and depleting oil reserves across the globe. As a result of this, oil and gas exploration activities have substantially risen over the last couple of years, thus boosting the demand for electrical submersible pumps and cables. Furthermore, the growing utilization of the steam assisted gravity drainage (SAGD) process in oil sand projects in Canada is anticipated to drive the deployment of ESP cables in the coming years. Re-development of oil fields after the oil spill accident in the Gulf of Mexico is another significant driver.

However, limited deployment capabilities in shale gas fields and the cutback in offshore exploration and production budgets due to a drop in oil prices are likely to restrain the growth of the market.

The market has been segmented as below:

ESP Cables Market: By Application

• Onshore
• Offshore

ESP Cables Market: By Technology

• EPDM (Ethylene propylene diene monomer)
• Polypropylene
• Others

Deepening Oil Reserves to Create Strong Demand for Electrical Submersible Pump Cables Worldwide, reports TMR

The presence of a large pool of equally-placed participants, such as Schlumberger, Weatherford, and Baker Hughes, determines the degree of competition in the global electrical submersible pump cables market, finds Transparency Market Research in a recent study.

At present, the market is fragmented and the degree of competition is likely to shift from medium to high over the next few years. To withstand this rivalry, leading participants are increasingly engaging in vertical integration; technological innovation and product differentiation although remains the key determinants of their competence.

Going forward, mergers, acquisitions, and strategic alliances are likely to emerge as the most preferred strategy among players looking to expand their reach and strengthen their presence across the world.

Depleting Oil Reserves Compel Producers to Dig Deep, Drive Demand for ESP Cables

Oil drilling and exploration companies are digging out oil wells in order to enhance oil production. The rapid depletion as well as maturation of oil reserves has compelled these producers to drill deep, increasing the depth of oil wells, which has resulted into deeper pump setting, driving the demand for ESP cables required to supply the electricity from the transformer to pump motor.

Apart from this, the growing demand for ESP is also an important factor, driving the growth of this market, as it is directly proportional to the demand for ESP cables.

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Decline in Oil Price to Limit Deployment of ESP Cables

“Although several factors point towards a thriving future for ESP cables, the recent decline in oil prices may limit their application due to a rapid decrease in offshore exploration and production expenditure over the years to come,” says an analyst at TMR. The limited employability of these cables in shale gas fields is also expected to hamper the market’s growth in the long run.

ESP cable manufacturers, however, are projected to gain rewarding opportunities in the forthcoming years due to the increasing number of oil sands projects set to commence very soon across the world.

Demand for ESP Cables to Remain High in Europe

Europe has been leading the global market for ESP cables since its inception. In 2014, the region generated a revenue of US$1.9 bn, accounting for a share of nearly 60% in the global market. Analysts expect it to remain dominant over the forthcoming years. However, the Middle East and Africa is expected to present the most promising opportunities for these cables in the near future, registering the fastest CAGR of 8.70% between 2015 and 2023.

In 2014, the onshore segment emerged as the key site for the application of ESP cables and is projected to remain leading in the years to come. Based on technology, EPDM (synthetic rubber) cables will continue to witness the strongest demand over the next few years.

On the whole, the worldwide ESP cables market is likely to present an opportunity worth US$4.5 bn by 2023, increasing from US$3.0 bn in 2014 at a CAGR of 4.70% between 2015 and 2023. During the same period, the production volume of ESP cables is likely to expand at a CAGR of 4.40%, globally.

Key Takeaways

• The worldwide ESP cables market is likely to present an opportunity worth US$4.5 bn by 2023
• Europe led the global market with a share of nearly 60% in 2014
• The Middle East and Africa will register the fastest CAGR of 8.70% between 2015 and 2023

Key Segments of the Electrical Submersible Pump Cables Market

By Application

• Onshore
• Offshore

By Types

• EPDM (Ethylene propylene diene monomer)
• Polypropylene
• Others

Growth Of Electrical Submersible Pump Cables Market 2014 - 2023

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.

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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