The featured report from Transparency Market Research, titled “Electrical Submersible Pump Cables Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2023”, offers a 360-degree view of the market. According to the report, the global electrical submersible pump (ESP) cables market will expand at a CAGR of 4.70% during the forecast period from 2014 to 2023. In 2014, the global electrical submersible pump cables market was worth US$3 bn and by 2023, the market is projected to be worth US$4.4 bn.

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The global electrical submersible pump (ESP) cables market will be driven by the elevated depth of oil wells. In addition to this, growing demand for electrical submersible pumps will further drive the demand for ESP cables in the coming few years. Nevertheless, the recent drop in oil prices has led to a cutback in offshore exploration and production spending, which will suppress the global ESP cables market. Furthermore, the limited deployability of electric submersible pumps in shale gas fields will also challenge the global electrical submersible pump cables market

On the basis of application, the global electrical submersible pump (ESP) cables market is divided into offshore and onshore. The configuration of ESP cables is different for both offshore and onshore oilfields, as it depends on the surface and sub-surface components involved. The cost of ESP cables is lower in onshore oilfields as compared to offshore fields. In offshore fields, the system is mounted using additional protective components. In onshore fields, the installation of ESP cables is cheaper and easier, as there are less adverse conditions present in comparison to offshore field conditions. In 2014, the onshore ESP cables segment held a 69.88% share in the global electrical submersible pump cables market.

By technology, the global electrical submersible pump (ESP) cables market is segmented into polypropylene, ethylene propylene diene monomer (EPDM), and others. The EPDM cables segment held a 57.27% share in the global electrical submersible pump cables market in 2014.Region-wise, the global electrical submersible pump (ESP) cables market is classified into North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. Europe led the global electrical submersible pump cables market with a 60% share in 2014. Europe is projected to continue its dominance during the forecasting horizon due to the growing number of mature fields in the U.K., Kazakhstan, Norway, and Russia. The second largest share in the global electrical submersible pump cables market was held by North America in 2014. The North America electrical submersible pump cables market is driven by the rapidly rising shale oil production in the U.S. along with the increasing production from oil sands in Canada.

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The Asia Pacific segment of the global electrical submersible pump (ESP) cables market is driven by the elevated number of offshore wells in the South China Sea, Australia, and Malaysia. In the near future, the demand for ESP cables is projected to gradually rise due to new oilfield discoveries in offshore regions of Africa and South America.Players in the global electrical submersible pump (ESP) cables market will benefit from the increasing production from oil sands globally in the foreseeable future. Some of the key players operating in the global electrical submersible pump cables market are Kerite, Hitachi Metals, Borets Company, GE Oil & Gas, Prysmian Group, and Weatherford International.