By technology, the global electrical submersible pump (ESP) cables market is segmented into polypropylene, ethylene propylene diene monomer (EPDM), and others.
The EPDM cables segment held a 57.27% share in the global electrical submersible pump cables market in 2014.Region-wise, the global electrical submersible pump (ESP) cables market is classified into North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America.
Europe led the global electrical submersible pump cables market with a 60% share in 2014. Europe is projected to continue its dominance during the forecasting horizon due to the growing number of mature fields in the U.K., Kazakhstan, Norway, and Russia.
The second largest share in the global electrical submersible pump cables market was held by North America in 2014. The North America electrical submersible pump cables market is driven by the rapidly rising shale oil production in the U.S. along with the increasing production from oil sands in Canada.
The Asia Pacific segment of the global electrical submersible pump (ESP) cables market is driven by the elevated number of offshore wells in the South China Sea, Australia, and Malaysia. In the near future, the demand for ESP cables is projected to gradually rise due to new oilfield discoveries in offshore regions of Africa and South America.
Players in the global electrical submersible pump (ESP) cables market will benefit from the increasing production from oil sands globally in the foreseeable future. Some of the key players operating in the global electrical submersible pump cables market are Kerite, Hitachi Metals, Borets Company, GE Oil & Gas, Prysmian Group, and Weatherford International.
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