Report Description Table of Contents The electrical submersible cables market was worth USD 3.2 billion in 2023 and will be worth USD 5.1 billion by 2030, growing at a CAGR of 6.2% during the forecast period. The demand for Electrical Submersible Cables is rising due to the upsurge in the energy requirement, especially from the oil and gas sector, where ESP systems play a significant role from the depth of wells. It is estimated that the global oil demand will increase by 1.7 mb/d by 2025, thus, the demand for submersible cables that endure rough conditions. For instance, the growth in the size of offshore oil fields in areas such as the Middle East and the U.S. Gulf of Mexico has led to the usage of advanced ESP cables. In 2023, Prysmian Group launched its new range of high-temperature resistant ESP cables for deepwater operations, enhancing the endurance and productivity of SUB sea well intervention. Renewable energy sources, including offshore wind farming, are also drivers pushing the demand for submersible cables besides the oil and gas sector. The global market for Electrical Submersible Cables (ESP) is promising because of the ever-rising requirement for efficient techniques for extracting oil and the growth in the number of offshore oil and gas fields. Offshore has been projected to contribute 30% of the total world output of oil by 2030, and submersible cables used in such conditions are expected to show sustainable performance. Furthermore, the global increase in renewable energy projects, especially wind power projects such as offshore wind farms, brings new opportunities for ESP cables. For instance, in 2022, the company launched high-performance submersible cables for the renewable energy market as offshore wind energy grows popular. This outstanding dual demand for energy extraction and sustainable energy production presents a strong growth prognosis for ESP cables in the future. Market Segmentation By Type: Flat ESP Cables Round ESP Cables By Voltage: Low Voltage Cables Medium Voltage Cables High Voltage Cables By Insulation Material: Polypropylene (PP) Ethylene Propylene Diene Monomer (EPDM) Cross-Linked Polyethylene (XLPE) Others By Application: Oil & Gas Extraction Offshore Oil Production Onshore Oil Production Renewable Energy (Offshore Wind Farms) Water Treatment and Extraction By Region North America US Mexico Canada Rest of North America Europe Switzerland Russia France Germany U.K Finland Turkey Netherlands Belgium Spain Italy Rest of Europe Asia Pacific India China South Korea Japan Singapore Thailand Indonesia Malaysia Philippines Australia Rest of Asia-Pacific LAMEA Brazil Argentina Uruguay Saudi Arabia Rest of LAMEA The Middle East's Electrical Submersible Cables (ESP) market is leading the way due to high activities in the oil and gas sector. The region now hosts more than 30% of global oil production, and countries such as Saudi Arabia and the UAE rely on advanced ESP systems to boost production from mature and deeper assets. This need for efficient extraction solutions has driven the ESP cables in the region as will be seen below. In 2023, Saudi Aramco upgraded additional oil fields in the Red Sea, using high-performance ESP systems with qualified submersible cables that imposed elemental above-water serious operation. Moreover, as the Middle East has gradually shifted towards renewable energy and offshore wind projects are being established in the Middle East, Middle East ESP cables are gradually being adopted in the former field, thereby firmly establishing the Middle East market lead. Key Players Prysmian Group Nexans Borets International Schlumberger Limited Halliburton Baker Hughes General Cable Hitachi Metals ABB Ltd. Weatherford International Frequently Asked Question About This Report . Table of Contents 1. ELECTRICAL SUBMERSIBLE CABLES MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030) 1.1. North America 1.2. Europe 1.3. Asia Pacific 1.4. Latin America 1.5. Middle East & Africa 2. ELECTRICAL SUBMERSIBLE CABLES MARKET – REVENUE ($MILLION), BY REGION, (2024 – 2030) 2.1. North America 2.2. Europe 2.3. Asia Pacific 2.4. Latin America 2.5. Middle East & Africa 3. MARKET SHARE ANALYSIS – ELECTRICAL SUBMERSIBLE CABLES MARKET 3.1. Top 20 Players with Product Mix, Revenue, and Sales Volume 3.2. Market Share, 2023 3.3. Market By Type of ELECTRICAL SUBMERSIBLE CABLES and End Use Outlook Analysis 4. HISTORIC TRENDS IN ELECTRICAL SUBMERSIBLE CABLES MARKET 5. EMERGING MARKET TRENDS 6. NORTH AMERICA ELECTRICAL SUBMERSIBLE CABLES MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 6.1. North America ELECTRICAL SUBMERSIBLE CABLES Historical Market ($MILLION), (2017 – 2023) 6.2. North America ELECTRICAL SUBMERSIBLE CABLES Market ($MILLION) and Forecasts (2024 – 2030) 6.3. North America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Type 6.3.1. Flat ESP Cables 6.3.2. Round ESP Cables 6.4. North America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Insulation Material 6.4.1. Polypropylene (PP) 6.4.2. Ethylene Propylene Diene Monomer (EPDM) 6.4.3. Cross-Linked Polyethylene (XLPE) 6.4.4. Others 6.5. North America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Voltage 6.5.1. Low Voltage Cables 6.5.2. Medium Voltage Cables 6.5.3. High Voltage Cables 6.6. North America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 6.6.1. Oil & Gas Extraction 6.6.2. Offshore Oil Production 6.6.3. Onshore Oil Production 6.6.4. Renewable Energy (Offshore Wind Farms) 6.6.5. Water Treatment and Extraction 6.7. North America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 6.7.1. USA 6.7.2. Canada 6.7.3. Rest of North America 7. USA ELECTRICAL SUBMERSIBLE CABLES MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8. EUROPE ELECTRICAL SUBMERSIBLE CABLES MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8.1. Europe ELECTRICAL SUBMERSIBLE CABLES Historical Market ($MILLION), (2017 – 2023) 8.2. Europe ELECTRICAL SUBMERSIBLE CABLES Market ($MILLION) and Forecasts (2024 – 2030) 8.3. Europe ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Type 8.4. Europe ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Insulation Material 8.5. Europe ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Voltage 8.6. Europe ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 8.7. Europe ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 8.7.1. Germany 8.7.2. France 8.7.3. UK 8.7.4. Italy 8.7.5. Spain 8.7.6. Rest of Europe 9. APAC ELECTRICAL SUBMERSIBLE CABLES MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 9.1. APAC ELECTRICAL SUBMERSIBLE CABLES Historical Market ($MILLION), (2017 – 2023) 9.2. APAC ELECTRICAL SUBMERSIBLE CABLES Market ($MILLION) and Forecasts (2024 – 2030) 9.3. APAC ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Type 9.4. APAC ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Insulation Material 9.5. APAC ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Voltage 9.6. APAC ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 9.7. APAC ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 9.7.1. China 9.7.2. Japan 9.7.3. South Korea 9.7.4. India 9.7.5. Australia 9.7.6. Rest of APAC 10. LATIN AMERICA ELECTRICAL SUBMERSIBLE CABLES MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 10.1. Latin America ELECTRICAL SUBMERSIBLE CABLES Historical Market ($MILLION), (2017 – 2023) 10.2. Latin America ELECTRICAL SUBMERSIBLE CABLES Market ($MILLION) and Forecasts (2024 – 2030) 10.3. Latin America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Type 10.4. Latin America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Insulation Material 10.5. Latin America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Voltage 10.6. Latin America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 10.7. Latin America ELECTRICAL SUBMERSIBLE CABLES Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 10.7.1. Brazil 10.7.2. Argentina 10.7.3. Rest of Latin America 11. COMPANY PROFILES: 11.1. Prysmian Group 11.1.1. Company Overview 11.1.2. Company Snapshot 11.1.3. Operating business segments 11.1.4. Product offered and Revenue 11.1.5. Production & Sales 11.2. Nexans 11.3. Borets International 11.4. Schlumberger Limited 11.5. Halliburton 11.6. Baker Hughes 11.7. General Cable 11.8. Hitachi Metals 11.9. OTHER MARKET PLAYERS