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Oil and gas are considered to be among the key sources of energy owing to its high efficiency and lower cost as compared to other energy sources. Oil and natural gas industry are divided into three sectors wherein activities from exploration to the production of usable fuels, and other petrochemicals are carried out. The oil and gas cables have different applications in the upstream, midstream, and downstream sectors for drilling, refining, well servicing, welding, and control of physical parameters among other applications.
Oil and gas cables provide features such as oil resistance, sunlight resistance, mechanical protection, and continuous flex among others. The oil and gas cables are protected with a covering using a sheathing layer. The materials that form the cover include polyethylene, polyvinyl chloride, chlorinated polyethylene, and thermoplastic elastomers among others.
By type, the oil and gas cables market is bifurcated as variable frequency drive, fiber optics, copper, type P, type E, and electrical submersible pump cable among others. The variable frequency drive cables are used in order to give precision in the speed control of motor systems used in refining oil and gas.
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The fiber optic and copper cables are used to transfer data to various networks and the type P and type E cables are used in the process control, power transmission and process instrumentation among other applications. By sheath material, the oil and gas cable market is bifurcated on the basis of the jacket materials used such as polyethylene, polyvinyl chloride, thermoplastic elastomer, fluorinated ethylene propylene, and chlorinated polyethylene among others.
The polyethylene type of sheathing is expected to dominate the oil and gas cable market by sheathing type owing to the high demand for polyethylene jackets for cables in the offshore as well as onshore applications. By application, the oil and gas cable market is categorized based on the use of oil and gas cables in refineries, process control, drilling, pump equipment, pipeline management, and data communication among others.
Industrial automation is gaining traction across various industries. Manufacturers and producers in different regions are focused on improving their efficiencies with the help of automated systems. The players involved in the oil and natural gas industry are also focused on adopting the new automation systems in order to gain a competitive advantage over the other players in the market.
An increase in the inclination of the oil and gas producers towards automation is expected to have a positive impact on the oil and gas cables market over the forecast period. Additionally, the growth of the petroleum refineries owing to the increasing crude oil demand from the developing countries is expected to boost the sales of the oil and gas cables market in the coming years.
The instrumentation cables such as lead sheathed cables have higher costs and are likely to cause damage to the environment. Additionally, the usage of lead is banned for underground systems in some countries of Europe. Owing to this, the oil and gas cables market is expected to have a negative impact on its growth rate.
Some of the major companies that are present in the global oil & gas cables market are Tratos, Prysmian Group, Vantrunk Ltd, Belden Inc., Galaxy Wire & Cable, TPC Wire & Cable, SAMP S.p.A, Lapp Tannehill, Texcan, Cypress Industries, Cable Solutions Worldwide Ltd, Winchester Interconnect, DeRegt Cables, W.L.Gore & Associates, JDR Cable Systems, AFL, Optical Cable Corporation, and LEONI among others.
By Cable Type
By Sheath Material
The global oil & gas cables market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Middle East and Africa region hold a prominent share in the global oil and gas industry. Increasing production of oil and gas in the GCC countries is the key driver for the growth of the oil and natural gas industry in the Middle East and Africa region. Owing to this, the oil and gas cable market is expected to grow at a significant rate in the region. The North America region is focused on increasing its crude oil capacities by boosting the exploration activities in the region.
Owing to this, the oil and natural gas industry in North America is likely to grow at a decent pace in the coming years. The growth of the oil and natural gas industry in the region is thus expected to boost the sales of the oil and gas cables during the forecast period. Latina America region has witnessed moderate growth in the oil and natural gas industry. The proven oil reserves in Venezuela and oil production in Brazil are expected to drive the oil and gas market in the region.
Owing to this, the oil and gas cable market in Latin America is expected to grow at a decent pace in the near future. Oil and natural gas industry in the Europe region is driven by the well-established oil and natural gas industry in Russia who accounted for around 13% of the global oil produced in 2017 as reported by British Petroleum.
The growth of the oil and natural gas industry in Europe is expected to create a platform for the sales of oil and gas cables in the coming years. Asia Pacific region is a high potential market for the growth of the petroleum refining industry owing to the enormous demand for the end products of refineries. Countries such as China and India are focused on increasing the output of refineries and the exploration of new crude oil reserves. Owing to this, the oil and gas cables market in the Asia Pacific is expected to gain traction over the forecast period.
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