In 2023, the global demand for submersible pump cables will reach us $4.4 billion. Submersible pump cable is a special cable used for submersible pump unit. It was put in an oil well. The lower end of the cable is connected with the lead cable, and the upper end is connected with the ground control cabinet. The global market reached $3 billion in 2014, according to a research report released by TMR. That figure is expected to rise to $4.4 billion by 2023, a compound annual growth rate of 4.7 percent.
According to the report, demand for submersible pump cables continues to grow as well depths increase. In addition, the increase in demand for submersible pumps will also drive the development of the market in the coming years. However, the recent collapse in oil prices has led to lower spending on offshore exploration and oil production, which will have a dampening effect on demand growth in global markets. The rise of the shale gas industry, meanwhile, will also challenge the market by reducing the need for submersible pumps.
According to the application environment, the market also becomes Marine and terrestrial. Because of the different oilfield environment, the composition of submarine pump cable and surface cable is different. Often, the cost of going to sea is much higher. In addition, for offshore oil fields, installation requires additional protection components rather than an onshore oil field environment, so the installation of the land-based submersible pump cable is simpler and cheaper. In 2014, land submersible pump cables accounted for 69.88% of the total market.
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