Electrical Submersible Cables Market 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 Geography, Segment revenue estimation, Forecast, 2024-2032.

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

 

Segment Analysis for the Electrical Submersible Cables Market

By Type:

Leading Segment: Flat ESP Cables

Flat ESP cables dominate the market with over 60% share due to their widespread adoption in oil & gas applications, particularly in onshore production. These cables are favored for their compact design & ease of installation in wells with limited space. Companies like Prysmian Group and Schlumberger extensively produce flat ESP cables, which are designed to operate in harsh environments with high temperatures and pressure.

Fastest-Growing Segment: Round ESP Cables

Round ESP cables are growing at a CAGR of 9%, driven by increasing demand in offshore oil production where enhanced durability and resistance to water ingress are critical. Their circular design minimizes mechanical stress & makes them ideal for deepwater operations. For example, Nexans has been developing advanced round ESP cables for offshore projects in regions like the North Sea & the Gulf of Mexico.

 

By Voltage:

Leading Segment: Medium Voltage Cables

Medium voltage cables account for approximately 45% of the market share, as they are widely used in oil wells with moderate depths. These cables strike a balance between performance & cost, making them a preferred choice for both onshore & offshore applications. Schlumberger offers medium voltage ESP cables that ensure efficient power delivery in oil extraction processes.

Fastest-Growing Segment: High Voltage Cables

High voltage cables are growing at a CAGR of 10.5%, fueled by their demand in deepwater offshore projects & renewable energy applications such as offshore wind farms. The ability of high voltage cables to handle greater power loads is critical in these demanding environments. As an example, Subsea 7 has deployed high voltage ESP cables in offshore wind farms in Europe.

 

By Insulation Material:

Leading Segment: Cross-Linked Polyethylene (XLPE)

XLPE cables dominate the market with a share exceeding 40%, owing to their superior thermal and chemical resistance. These cables are ideal for high-temperature environments in oil and gas extraction. Major manufacturers like Borealis and Prysmian Group use XLPE as the preferred insulation material in their ESP cable offerings.

Fastest-Growing Segment: Ethylene Propylene Diene Monomer (EPDM)

EPDM-insulated cables are expanding at a CAGR of 11%, driven by their high elasticity and ability to withstand harsh environmental conditions, including exposure to oil and chemicals. This makes them a preferred choice in both onshore & offshore oil production. EPDM cables are increasingly adopted in projects like the Middle East's expanding oilfields.

 

By Application:

Leading Segment: Onshore Oil Production

Onshore oil production holds the largest market share of over 50%, as it accounts for a significant portion of global oil extraction activities. Onshore wells predominantly utilize flat ESP cables for their reliability and cost-efficiency. For example, the U.S. Permian Basin heavily relies on ESP systems equipped with flat cables for high-volume oil extraction.

Fastest-Growing Segment: Renewable Energy (Offshore Wind Farms)

This segment is witnessing a robust CAGR of 13%, driven by the global shift toward clean energy & the rising deployment of offshore wind farms. ESP cables play a critical role in these projects, ensuring efficient power transfer from the turbines. Europe leads this segment, with projects like the Dogger Bank Wind Farm in the UK utilizing ESP cables for underwater power transmission.

 

By Region:

Leading Region: North America

North America holds the largest market share of around 38%, driven by extensive onshore oil production in the U.S. & Canada. The shale boom has been a major contributor, with the Permian Basin & Bakken Shale leading demand for ESP systems & cables. Additionally, technological advancements in ESP cable materials have supported the region’s dominance.

Fastest-Growing Region: Middle East & Africa

The Middle East & Africa region is expanding at a CAGR of 12%, fueled by large-scale offshore and onshore oil production projects in Saudi Arabia, the UAE, and Nigeria. The growing investment in oilfield exploration and the adoption of advanced ESP systems are driving demand for both flat and round cables. For instance, Saudi Aramco has been deploying high-performance ESP systems in its offshore oilfields, boosting cable demand.

 

Key Players

• Prysmian Group

• Nexans

• Borets International

• Schlumberger Limited

• Halliburton

• Baker Hughes

• General Cable

• Hitachi Metals

• ABB Ltd.

• Weatherford International

 

Electrical Submersible Cables Market Report Coverage

Report Attribute	Details
Forecast Period	2023 – 2030
Market Size Value in 2023	USD 3.2 billion
Revenue Forecast in 2030	USD 5.1 billion
Overall Growth Rate	CAGR of 6.2%
Base Year for Estimation	2022
Historical Data	2017 – 2021
Unit	USD Billion, CAGR (2023 - 2030)
Segmentation	By Type, By Voltage, By Insulation Material, By Application, By Region
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, Europe, Asia-Pacific, LAMEA
Country Scope	US, Canada, Mexico, UK, Germany, France, China, Japan, India, South Korea, Australia, etc.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.