PUBLISHER: The Business Research Company | PRODUCT CODE: 1921630
PUBLISHER: The Business Research Company | PRODUCT CODE: 1921630
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.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs have affected the electric submersible cable market by increasing costs for imported metals, polymer insulation materials, and specialized subsea manufacturing components. Oil and gas, mining, and agricultural sectors in North America, Asia-Pacific, and the Middle East face higher procurement costs and extended lead times due to global supply dependencies. However, tariffs are accelerating local production of insulation compounds, encouraging regional cable assembly, and fostering innovation in more durable, cost-efficient submersible cable designs that enhance long-term supply stability.
The electric submersible cables market research report is one of a series of new reports from The Business Research Company 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 size has grown steadily in recent years. It will grow from $5 billion in 2025 to $5.19 billion in 2026 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to growth in offshore oil extraction, increasing deployment of submersible pump systems, reliance on traditional pvc-insulated cables, expansion of agricultural irrigation systems, adoption in mining operations.
The electric submersible cables market size is expected to see steady growth in the next few years. It will grow to $6.21 billion in 2030 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to rising offshore renewable projects, development of high-voltage subsea infrastructures, increasing automation in underwater operations, demand for durable insulation materials, growth in deepwater exploration. Major trends in the forecast period include adoption of eco-efficient submersible cable designs, implementation of automated cable manufacturing systems, expansion of IoT-enabled subsea monitoring, development of advanced robotics for submersible cable deployment, integration of electrification-focused power transmission solutions.
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.
Major companies operating in the electric submersible cable market are focusing on investments in electrification and renewable energy infrastructure to improve energy efficiency, reliability, and support sustainable power transmission. Investments in electrification and renewable energy infrastructure aim to expand clean power generation, modernize grids, and enable sustainable transportation, thereby accelerating the global energy transition. For instance, in 2024, Hellenic Cables, the cable segment of Cenergy Holdings, allocated USD 251.12 million (EUR 217.5 million) for strategic investments. This included USD 139.12 million (EUR 121 million) to expand its Corinth submarine cable plant, doubling production capacity and upgrading testing facilities and storage. These investments are intended to strengthen Hellenic Cables' position in the global submarine cable market and support rising demand for high-capacity, reliable power transmission solutions. Additionally, the upgraded facilities are expected to enhance production efficiency, quality control, and enable the company to meet stricter international standards for submarine cable projects.
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 are Siemens AG, Sumitomo Electric Industries, Ltd., ABB Ltd., Nexans SA, Hitachi Metals, Ltd., Superstar Cable Industries, Furukawa Electric Co., Ltd., Southwire Company, LLC, Leoni AG, LS Cable & System Ltd., General Cable Technologies Corporation, Prysmian Group, Elsewedy Electric Co., Havells India Limited, KEI Industries Ltd., New England Wire Technologies Corp., NKT A/S, Jainson Cables India Pvt. Ltd., ABA Industries, Inc., Kerite Company, Finolex Cables Ltd.
Asia-Pacific was the largest region in the electric submersible cables market in 2025. The regions covered in the electric submersible cables market report are Asia-Pacific, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
Electric Submersible Cables Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses electric submersible cables market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric submersible cables ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The electric submersible cables market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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