Dublin, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The "Global Electric Submersible Cables Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global electric submersible cables market demonstrates robust growth, with an expected surge from $4.51 billion in 2022 to $5.59 billion by 2027, marking a 4.1% compound annual growth rate (CAGR). The rising need for durable and efficient cable solutions in oil and gas exploration is spearheading this market progression.
According to the latest comprehensive analysis, the market expansion blossoms amidst dynamic geopolitical scenarios, such as the Russia-Ukraine conflict impacting global economic dynamics. Despite these challenges, strategic partnerships have emerged as a notable trend, with industry leaders joining forces to combine technology expertise and production capabilities.
Strategic Partnerships to Enhance Electric Submersible Cable Innovations
Alliances between cable manufacturers and technology firms are shaping the market's landscape. These collaborations aim to advance the development of state-of-the-art cables for electric submersible pumps (ESPs)—a vital component in the extraction process across the energy sector.
Asia-Pacific Reigns as the Market Chief
The Asia-Pacific region stands as the largest contributor to the electric submersible cables market, with industry behemoths like Siemens AG and ABB Ltd. driving the regional and global market trajectory.
- Innovative Product Developments: Major players are continuously innovating in the ESP cable domain, focusing on cables that can withstand extreme downhole conditions encountered during oil and gas extraction.
- Acquisitions Galore: Recent acquisitions, such as that of Reka Cables Ltd. by Nexans S.A., indicate a strategic push to consolidate market positions and extend technological capabilities.
- Oil and Gas Exploration Surge: With rising global energy demands, oil and gas exploration activities are intensifying, consequently fuelling the need for specialized submersible cables.
The insightful market research report offers data-rich analysis, including subdivision of the market by various segments—covering ESP flat and round power cables, along with a breakdown by their end-use industries like mining, agriculture, and construction.
Comprehensive Industry Insights to Inform Future Decisions
Decision-makers and stakeholders in the electric submersible cables market will find value in the exhaustive insights and future market scenario projections provided. The report articulates the sales of diverse cable types such as power cables, control cables, and high-temperature cables, examining their manufacturing value and consumption rates across different geographies.
With the steadfast increase in oil and gas exploration activities and strategic industry partnerships, the electric submersible cables market is poised for continued growth, offering vast opportunities for sector players and investors alike.
The electric submersible cables market report is now available, providing an in-depth understanding of current trends, market size, and forecasted growth—paving the way for informed strategic planning and investment decisions.
For enterprises aiming to cement their position in the electric submersible cables landscape or for new entrants aspiring to tap into this evolving market, the report is an essential tool to navigate the complexities and leverage growth opportunities in the industry.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $4.75 billion |
| Forecasted Market Value (USD) by 2027 | $5.59 billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- 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 And System Ltd.
- LS Cable & System
- General Cable
- Prysmian Group
- Elsewedy Electric
- Havells India Limited
- NKT A/S
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/nzubg4
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