The overall growth in demand for electrical submersible pumps across end-user industries is likely to drive the demand for electric submersible cables.
Albany, NY -- (SBWIRE) -- 06/11/2018 -- The global market discussion on the electric submersible cables can be found in a fresh study, broadcasted to the wide repository of Market Research Hub (MRH). The study is titled as "Electric Submersible Cables Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026", which reveals that global demand for electric submersible cables is almost directly proportional to the demand for electrical submersible pumps in various industries. In order to provide a detailed overview of the market, the study analyzes and forecasts the market for electric submersible cables at the global and regional level. Also, the market forecast presented in the study is based on revenue (US$ Mn) from 2018 to 2026, considering 2017 as the base year.
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Submersible cables are required to supply electricity to various devices that must work while submerged, are frequently exposed to rain, and are used in conditions that are unpredictable. In the present time, rise in demand for electrical submersible pumps in the oil & gas industry for artificial lift method, in agriculture industry for irrigation purposes, in the water & wastewater industry for pumping applications, and in other major industries is anticipated to boost the electric submersible cables market.
As per the research outcomes, the global electric submersible cables market was valued at around US$ 4.36 Bn in 2017 and is anticipated to expand at a CAGR of over 5% from 2018 to 2026. To pour more light on the market current, the study includes analysis of drivers and restraints of the global electric submersible cables market. It also covers impact of these drivers and restraints on demand for electric submersible cables during the forecast period.
Furthermore, the report also highlights opportunities in the electric submersible cables market at the global and regional level. Regionally, prime focus areas of the market are North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The analysts have observed that rise in demand from oil & gas end-user industry segment in Middle East & Africa is anticipated to drive the electric submersible cables market in this particular region.
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The report has been also examined on the basis of its major segments, which are ESP cable type, insulation, and end-user industry. In terms of ESP cable type, the electric submersible cable market can be classified into ESP flat power cable and ESP round power cable. Based on insulation, it has been categorized into polypropylene and ethylene propylene diene monomer (EPDM). In terms of end-user industry, the market can be segmented into oil & gas, agriculture, mining, construction, and others. Fore each segment, the research highlights market scope to understand where the market for electrical submersible cables stands to gain.
At last, vital statistics assembled in the report provides information on various strategies adopted by major companies and its influence on the customer's purchase decisions. At present, key players in the electric submersible cables market are Baker Hughes, V-GUARD INDUSTRIES LTD., Jainson Cables, Schlumberger Limited, Borets, Prysmian Group, Nexans, Siemens AG, Halliburton, The Kerite Company, Havells, Superstar Cables, Southwire Company, LLC, and Alkhoorayef Petroleum.
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