Electric Submersible Cables Market Report 2025

The electric submersible cables market size has grown steadily in recent years. It will grow from $4.89 billion in 2024 to $5.07 billion in 2025 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to oil and gas exploration activities, increased offshore oil production, renewable energy projects, expansion of subsea mining activities, and increased demand for subsea connectivity.

The electric submersible cables market size is expected to see steady growth in the next few years. It will grow to $6.03 billion in 2029 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to deepwater exploration and production, rising offshore wind energy capacity, advancements in subsea technologies, expanding subsea monitoring and sensing, emergence of subsea electrification projects. Major trends in the forecast period include growing investments in renewable energy infrastructure, demand for high voltage and high-capacity cables, enhanced cable monitoring and maintenance technologies, focus on sustainable and eco-friendly materials, submarine interconnections for power grids.

The increasing oil and gas exploration activities are projected to drive the growth of the electric submersible cables market in the coming years. Oil and gas exploration involves the search for and assessment of potential oil and natural gas reserves in less-explored regions. Electric submersible cables are essential in oil and gas exploration, as they can endure the harsh conditions of the downhole environment, which includes high temperatures, corrosive fluids, and abrasive materials. These cables also transmit high currents over long distances, which is crucial for powering electric submersible pumps (ESPs). For example, in June 2023, data from the Energy Information Administration, a U.S.-based federal statistical and analytical agency, indicated that global oil demand is expected to increase by 6% between 2022 and 2028, reaching 105.7 million barrels per day. Additionally, global upstream investments in oil and gas exploration, extraction, and production are projected to rise by 11% year-on-year to a record USD 528 billion in 2023. Therefore, the growth in oil and gas exploration activities is driving the expansion of the electric submersible cables market.

The advancement of renewable energy sources is poised to be a significant driver for the electric submersible cables market. Renewable energy, derived from naturally replenishing resources, is witnessing increased deployment in projects such as offshore wind farms and marine energy installations. Electric submersible cables play a crucial role in transmitting generated electricity from submerged sources to onshore facilities. According to the U.S. Energy Information Administration (EIA) in March 2023, renewable energy sources surpassed coal and nuclear in the U.S. electric power sector in 2022, with Texas leading in wind generation. The development of large-scale wind farms, such as one in Oklahoma with a nearly 1,000-megawatt capacity, underscores the growing importance of electric submersible cables in the renewable energy sector.

Strategic partnerships are increasingly becoming a significant trend in the electric submersible cables market. Major players in the industry are actively establishing collaborations to leverage complementary expertise and resources, thereby enhancing their capabilities in the design, manufacturing, distribution, or deployment of electric submersible cables. A notable example is the partnership formed between Dubai Cable Company and Baker Hughes in June 2023. This collaboration aims to expedite the development and manufacturing of power cables for Electric Submersible Pumps (ESPs), offering a flexible solution for clients in the oil and gas sector, including ADNOC. Furthermore, the alliance between Power Flex Cables, an Australia-based Electrical Wires & Cables company, and Top Cable, a Spain-based electric cable manufacturer, in September 2024, aims to provide high-quality, specialized cable solutions - including submersible options - to Australia, supporting various industries with advanced, custom-built cables. This exemplifies the trend of strategic partnerships that are driving growth in the electric submersible cables market.

Prominent players in the electric submersible cable market are emphasizing product innovation, with a focus on advancements such as submarine cables tailored for long-distance power transmission. Submarine cables, specifically designed for underwater installation and often laid on the seabed, serve the purpose of transmitting telecommunication signals, internet data, or electrical power between continents or islands. Illustratively, in September 2022, Sumitomo Electric Industries, Ltd., a Japan-based manufacturer specializing in electric wire and optical fiber cables, introduced a groundbreaking 525 kV Cross-Linked Polyethylene (XLPE) Submarine Cable. Engineered to operate at 90 °C, this cable holds the distinction of providing the highest industrial voltage for XLPE cables, with a transmission capacity exceeding 2 GW. This innovative solution addresses the escalating demand for long-distance, high-capacity transmission within the electric submersible cable market, particularly in the context of the expanding capacities of renewable energy sources. Sumitomo Electric's commitment to advancing High Voltage Direct Current (HVDC) cable technology is evident in this development, reinforcing its global market position.

In April 2023, Nexans S.A., a cable manufacturing company based in France, undertook the acquisition of Reka Cables Ltd., for an undisclosed amount. This acquisition represents Nexans S.A.'s strategic intent to fortify its presence in the Nordics, gain access to innovative technologies, diversify its product portfolio, and enhance its global market reach. Reka Cables Ltd., based in Finland, specializes in manufacturing electric submersible and high-voltage cables, making it a valuable addition to Nexans S.A.'s growth strategy. This acquisition aligns with Nexans S.A.'s commitment to expanding its capabilities and solidifying its position as a key player in the electric submersible cable market.

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 & System, General Cable, Prysmian Group, Elsewedy Electric, Havells India Limited, 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.

Asia-Pacific was the largest region in the electric submersible cables market in 2024. The regions covered in the electric submersible cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric submersible cables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Electric submersible cables are specialized electrical cables designed with multiple insulated wires wound around a central metal core and coated with plastic or rubber insulation. These cables are specifically used to transmit electrical power from the surface to submerged or subsea equipment, notably submersible pumps, in underwater or submerged environments.

The primary types of cables in electric submersible applications include ESP flat power cables and ESP round power cables. ESP flat power cables are tailored for electric submersible pump (ESP) use within the oil and gas sector. These cables typically feature insulation materials such as polypropylene and ethylene propylene diene monomer (EPDM), capable of handling low voltage, medium voltage, and high voltage requirements. They find utility across a spectrum of industries including mining, oil and gas, agriculture, construction, and other sectors.

The electric submersible cables market research report is one of a series of new reports that provides electric submersible cables market statistics, including electric submersible cables industry global market size, regional shares, competitors with an electric submersible cables market share, detailed electric submersible cables market segments, market trends and opportunities, and any further data you may need to thrive in the electric submersible cables industry. These electric submersible cables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric submersible cables market consists of sales of power cables, control cables, flat cables, armored cables, high-temperature cables, triplex submersible cables, and chemically resistant submersible cables. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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