CRIFAX added a report on ‘Global Electrical Submersible Pump Cables Market, 2020-2028’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
The global Electrical Submersible Pump Cables market is estimated to observe significant growth, owing to several factors affecting the demand for energy from various sectors that include residential, commercial and public services and transport sector, apart from growing population, rapid growth in industrial and residential sectors, increase in demand for heating and cooling from among the global population, due to changes in climate conditions that is driving the growth of the market over the forecast period (2020-2028). International Energy Agency (IEA) has mentioned in its report that global demand for energy has risen by 4% (900 TWh).
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With the rapid growth of industrial and residential sector and increase in demand for heating and cooling from among the global population due to climate change, heavy demand for electricity has arisen from across almost every region in the world which is estimated to increase the demand for energy and contribute to the growth of the market over the forecast period (2019-2028). International Energy Agency (IEA) had stated in its report that the average growth rate of energy consumed globally grew by 2.3% in 2018 and had almost doubled since 2010. It also states that the worldwide energy demand grew by 4% (900 TWh) in 2018. Industrial segment consumed highest amount of energy of about 8945 TWh in 2017 as compared to 8699 TWh in 2016. Additionally, residential sector consumed about 5775 TWh in 2017 as compared to 5680 TWh of energy in the year 2016. Moreover, CO2 emissions arising from production of energy had registered an increase of 1.7% with emission levels of CO2 reaching 33 Gigatonnes.
Several sectors have witnessed high levels of energy consumption globally, with the industrial segment consuming the highest of about 8945 TWh in the year 2017 as compared to 8699 TWh of energy consumed in 2016.). Moreover, International Energy Agency (IEA) had also mentioned in its report that in 2018, the average growth rate of energy consumption had almost doubled since 2010 and grew by 2.3% in 2018. Additionally, CO2 emission levels arising from production of energy had recorded an increase of 1.7% reaching about 33 Gigatonnes. Many governments across the world have introduced stringent policies and regulations for reducing carbon emissions that is destroying the environment.
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Around 70% of the total energy demand had arisen from countries such as China, India and United States, with the United States observing the highest demand for oil and gas in 2018 across the world. Power consumption in China was the highest with 5537 TWh of power consumed by China in 2017 as compared to United States which consumed about 3738 TWh of power. Similarly, the non-OECD countries comprising of China, India, Russia and Brazil had made electricity contribution of 37.2%, with highest share of power consumed by China at 46.7%. Additionally, increasing levels of awareness on climate change is encouraging many manufacturers to implement sustainable energy strategies to prevent further environment degradation which is predicted to drive the growth of the global Electrical Submersible Pump Cables over the forecast period.
Key players operating in the Global Electrical Submersible Pump Cables Market are:
- Prysmian Group
- Schlumberger Limited
- GE Oil & Gas
- Halliburton Company
To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Electrical Submersible Pump Cables market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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