Cables for Electrical Submersible Pumps

Cables for Electrical Submersible Pumps

Global Electrical Submersible Pump Cables Market to Reach $7 Billion by 2027

In the changed post COVID-19 business landscape, the global market for Electrical Submersible Pump Cables estimated at US$5.2 Billion in the year 2020, is projected to reach a revised size of US$7 Billion by 2027, growing at a CAGR of 4.1% over the analysis period 2020-2027. Oil & Gas, one of the segments analyzed in the report, is projected to record a 4.5% CAGR and reach US$3 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Construction segment is readjusted to a revised 5% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.4 Billion, While China is Forecast to Grow at 7% CAGR

The Electrical Submersible Pump Cables market in the U.S. is estimated at US$1.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2027 trailing a CAGR of 7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.2% and 3.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$896.1 Million by the year 2027.

Agriculture Segment to Record 3.3% CAGR

In the global Agriculture segment, USA, Canada, Japan, China and Europe will drive the 3.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$517.8 Million in the year 2020 will reach a projected size of US$642.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 3.6% CAGR through the analysis period.

Select Competitors (Total 53 Featured) -

• Borets Company LLC
• GE Oil & Gas
• General Cable Corporation
• Halliburton
• Hitachi Metals Ltd.
• Marmon Utility LLC
• Prysmian Group
• Schlumberger Ltd.
• Weatherford International Ltd.

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