Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market report titled Electrical Submersible Pump Cables Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2023. According to this report, the global ESP cables market revenue stood at USD 3,001 million in 2014 and is expected to reach USD 4,479 million by 2023 at a CAGR of 4.7% from 2014 to 2023.
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Electrical submersible pump cables are three-phase cables, which transmit the surface power to the pump motor and are specially designed to perform under downhole well environment. ESP cables differ according to the well specifications and geographies. These are economically-designed cables for oil and water wells that can handle high temperature and rigorous chemical environment. ESP cables are primarily composed of a conductor, an insulator, an armor and a jacket. The cable used for such applications should be reliable and durable as the installation location and harsh environment can be physically restrictive. The performance of ESP cables depends on the conductor type and insulator used in the cable.
The configuration of ESP cables is different for both onshore and offshore oilfields, depending on the surface and sub-surface components. In onshore oilfields, the cost of cables would be less as compared to that in offshore fields as the system is mounted with additional protective components in offshore fields. The installation of ESP cables in onshore fields would be relatively low cost and easier due to less adverse conditions unlike in offshore fields. Onshore ESP cables accounted for 69.88% share of the global ESP cables market in 2014. EPDM and Polypropylene are the types of ESP cables. EPDM cables accounted for 57.27% share of the global ESP cables market, whereas polypropylene and others held 34.69% and 8.03% share, respectively, in 2014.
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In the future, demand for ESP cables is expected to rise gradually as a result of growth in new oilfield discoveries in offshore areas of South America and Africa and increasing number of mature fields globally.
The global market for ESP cables has been segmented as follows:
ESP Cables Market: By Application
ESP Cables Market: By Types
- EPDM (Ethylene propylene diene monomer)
ESP Cables Market: By Region
- Rest of North America
- Rest of Asia Pacific
- Rest of Europe
Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
South & Central America
- Rest of South & Central America
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Source:Transparency Market Research