2023 GLOBAL SUBMERSIBLE PUMP CABLE MARKET DEMAND OF 4.4 BILLION US DOLLARS

The pump cable is a special cable used by the submersible pump unit. It is installed in the oil well. The lower end of the cable is connected with the connecting cable, and the upper end is connected with the ground control cabinet. According to TMR latest research report, in 2014, the global submarine pump cable market size reached 30 billion US dollars, is expected to 2023, this data will increase to 4.4 billion US dollars, during the compound annual growth rate of 4.7%.
The report says that as the depth of the well increases, the demand for submersible pump cables continues to grow. In addition, the increase in demand for submersible pumps will also drive the development of submersible pump cable markets in the coming years. However, in recent years, oil prices have led to sea exploration and oil production spending cuts, which will be the global demand for submersible pump cable market growth have a certain inhibitory effect. At the same time, the rise of the shale gas industry to reduce the demand for submersible pumps, the same will be a challenge for the submersible pump cable market.
According to the application environment, submersible pump cable market also become two types of marine and land, due to different oil field environment, offshore submersible pump cable and terrestrial cable composition will be different. In general, the cost of offshore submersible pump cable is much higher. Moreover, for offshore oilfields, the installation of submersible pump cables also requires additional protection components, while the terrestrial oil field environment is not required, so the land submersible pump cable installation is more simple and cheaper. In 2014, land submersible pump cables accounted for 69.88% of the total market.
From a technical point of view, submersible pump cable market can be divided into polypropylene, ethylene propylene diene monomer (EPDM) and other categories. Among them, EPDM is one of the largest category, in 2014 the market share reached 57.27%.
From a regional perspective, Europe is the largest demand market in North America, Europe, Asia Pacific, Middle East & Africa, South America and Central America, with a market share of 60% in 2014. It is expected that by 2023, Europe will maintain its leading position as the number of mature oil fields in the United Kingdom, Kazakstan, Russia and Norway increases. Followed by North America. This is mainly due to the rapid increase in US shale gas production and the increase in oil production in Canada led to submersible pump cable demand continues to grow.
In addition, with the South China Sea, Australia, Malaysia and other regions of the sea oil wells continued to increase, the Asia-Pacific submarine pump cable for the first time will usher in rapid development. Exploration of offshore oil fields in Africa and South America will also increase demand in the region. Moreover, the increase in global oil sands production will also bring more development opportunities for the submersible pump cable market.
From the enterprise point of view, Kerite, Hitachi Metals, Borets, General Electric Oil & Gas Company, Prysmian Group and Weidford International will become the world's leading supplier of submersible pump cables.