Electric Submersible Cables Market Growth Analysis With investment opportunities

The Business Research Company’s Electric Submersible Cables Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, July 2, 2024 /EINPresswire.com/ -- The electric submersible cables market size has grown steadily in recent years. It will grow from $4.75 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The market is anticipated to reach $5.86 billion by 2028, driven by deepwater exploration and production, rising offshore wind energy capacity, and advancements in subsea technologies.

Development of Renewable Energy Sources Drives Market Growth
The development of renewable energy sources is expected to propel the growth of the electric submersible cables market. Renewable energy projects, such as offshore wind farms and marine energy installations, require electric submersible cables to transmit electricity from submerged sources to onshore facilities. For instance, in March 2023, the U.S. Energy Information Administration reported that renewable energy sources surpassed coal and nuclear in the U.S. electric power sector in 2022. Texas led with 26% of the total U.S. wind generation, while Oklahoma launched one of the largest wind farms in the United States. Therefore, the development of renewable energy sources is driving the growth of the electric submersible cables market.

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Major Players and Market Trends
Major companies operating in the electric submersible cables market include Siemens AG, Sumitomo Electric Industries Ltd., ABB Ltd., Schlumberger Limited, Halliburton Co, Nexans SA, Rockwell Automation, Hitachi Metals Ltd., Superstar Cable Industries, Furukawa Electric, Baker Hughes Co, Southwire Company LLC, Leoni AG, GE Company LLC, LS Cable And System Ltd., LS Cable & System, General Cable, Prysmian Group, Elsewedy Electric, Havells India Limited, NKT A/S, KEI Industries Ltd., Magitek Services, New England Wire Technologies Corp., NKT AS, Jainson Cables India Pvt Ltd., ABA Industry Inc., Rotex (India), Jainson Insulation Pvt. Ltd., Kerite Company, Finolex Cables Ltd.

These companies focus on product innovation, such as submarine cables for long-distance power transmission. For example, in September 2022, Sumitomo Electric Industries Ltd. launched a 525 kV Cross-Linked Polyethylene (XLPE) Submarine Cable, capable of transmitting capacities exceeding 2 GW, addressing the growing demand for long-distance, high-capacity transmission.

Electric Submersible Cables Market Segments:
• By Cable Type: ESP Flat Power Cable, ESP Round Power Cable
• By Insulation: Polypropylene, Ethylene Propylene Diene Monomer (EPDM)
• By Voltage: Low Voltage, Medium Voltage, High Voltage
• By End User: Mining Industries, Oil And Gas Industries, Agriculture Industries, Construction Sector, Other End Users

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the electric submersible cables market in 2023 and is expected to continue leading. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.

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Electric Submersible Cables Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Electric Submersible Cables Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electric submersible cables market size, electric submersible cables market drivers and trends, electric submersible cables market major players, competitors' revenues, market positioning, and market growth across geographies. The electric submersible cables market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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