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 (ESP) 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.
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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.
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.
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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.
The analysis presented here is based on a report by Transparency
Market Research (TMR) titled “Electrical Submersible Pump Cables
Market - Global Industry Analysis, Size, Share, Growth Trends, and
Forecast 2014 - 2023.”
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
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