The demand graph of the global electric submersible cables market is expected to touch the next apex in the years follow. Developments in the marine industry have necessitated adequate modifications and changes across several other industries and sectors. Subsea operations and underwater constructions hold significance for a variety of reasons. Exploration activities have become more complex, and marine scientists use electric equipment and devices during subsea operations. Furthermore, several industries currently rely on exploration and excavation activities performed near the sea bed.
There is a vast playfield of opportunities available to the vendors operating in the global electric submersible cables market. The need to ensure resilience and safety in marine operations has magnified the use of submersible cables. Furthermore, equipment installed under the sea needs to be complemented with a resistant electric net. Hence, the relevance of electric submersible cables cannot be undermined. Use of automated machinery in the marine industry has also gathered swing in recent times.
The use of electric submersible cables for underwater construction of passages, marine houses, and other sites has become a resilient trend across the world. This factor is projected to give a launch pad for growth to the vendors in the electric submersible cables market.
Transparency Market Research (TMR) predicts that the global electric submersible cables market would expand at a steady CAGR of 5% over the period 2018 and 2026. The total value of the global electric submersible cables market was 4.36 Bn in 2017, and this value is slated to grow during the forecast period. The growth of several markets related to the marine industry can be attributed to advent of complex subsea operations.
Use of Subsea Torches and Cameras
Specialised electric torches and cameras for subsea operations are fitted with water-resistant and submersible cables. Furthermore, electric cables laid across oil wells are required to withstand high fluidic pressure. These factors have come to aid the growth of the global electric submersible cables market in recent times. The need for flexible and round electric cables for subsea operations has also generated huge-scale market demand.
Swing in Mining Activities
Discovery of potential mining sites is followed by extensive physical inspection and testing. This also necessitates fitting of devices and equipment that can assist in gauging the viability of the site. This factor has also played a pivotal role in the growth of the global electric submersible cables market in recent times. The agriculture industry is also undergoing dynamic changes, and has come to induct submerged irrigation systems.
Middle Eastern Regions to Foray into Subsea Developments
On the basis of geography, the global electric submersible cables market has been segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. The electric submersible cables market in Middle East is growing at the back of ground-breaking developments in the regional oil and gas sector. Furthermore, construction of subsea structures across regional ports has also gathered swing.
Strategies of Market Players
The market players in the global electric submersible cables market are focusing on improving the quality of raw cables. This strategy could help the vendors in earning the trust of stakeholders in multiple industries including oil and gas, mining, construction, and agriculture. The manufacturing of ESP flat power cables over ESP round power cables has become a priority for vendors.