Global Oil Gas Armored Cable Market Overview
The Oil Gas Armored Cable Market Size was estimated at 13.96 (USD Billion) in 2022. The Oil Gas Armored Cable Industry is expected to grow from 14.65 (USD Billion) in 2023 to 22.5 (USD Billion) by 2032. The Oil Gas Armored Cable Market CAGR (growth rate) is expected to be around 4.89% during the forecast period (2024 - 2032).
Key Oil Gas Armored Cable Market Trends Highlighted
The growth of the Oil Gas Armored Cable Market is attributed to the upsurge in energy usage and the ever-growing need to secure assets from physical attacks. Additionally, the rise in exploration and production activities, especially in extreme and hostile environments, is further fueling the growth of this market. Other participants in the oil and gas industry with electricity generation backgrounds also drive the use of armored cables due to reliability and safety requirements.
Emerging trends include incorporating new materials, high-strength steel and composite reinforcements to improve cable quality, performance and reliability. The trend towards installation of sensors and monitoring systems within armored cables is becoming popular, thus permitting the conduct of health status surveillance and predictive maintenance on the cables. Moreover, the increased use of renewable energy resources, such as offshore wind power, opens new markets for armored cables as inter-array and export cable systems.
Also, new technologies that are currently growing have been witnessed in the market, such as fiber optic armored cables, which, in principle, integrate armored cable and high-speed data transmission. These new technologies respond to the increasing demand for secure communication networks in oil and gas operations. All in all, it can be concluded that the Oil Gas Armored Cable Market will expand significantly over the next few years due to these major market trends and the increase in energy and safety demand.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Oil Gas Armored Cable Market Drivers
Rising Demand for Oil and Gas
The increasing demand for oil and gas is a primary driver of the growth of the Oil Gas Armored Cable Market Industry. The rising population and industrialization, particularly in developing economies, are leading to a surge in energy consumption, driving the need for reliable and efficient transmission of oil and gas. Armored cables play a crucial role in ensuring the safe and secure transportation of these resources over long distances, making them indispensable for meeting the growing energy demands.
Stringent Safety Regulations
Governments worldwide are implementing increasingly stringent safety regulations to prevent accidents and protect the environment. These regulations mandate the use of high-quality armored cables to ensure the safe and reliable operation of oil and gas pipelines. Armored cables provide superior protection against mechanical damage, corrosion, and other environmental hazards, making them essential for meeting regulatory compliance and minimizing operational risks.
Technological Advancements
Ongoing technological advancements are driving the development of innovative armored cables with enhanced performance and durability. Manufacturers are incorporating new materials and designs to improve the flexibility, resistance to extreme temperatures, and overall lifespan of armored cables. These technological advancements are enabling the deployment of armored cables in challenging environments, such as deep-sea installations and remote locations, expanding the market opportunities for the Oil Gas Armored Cable Industry.
Oil Gas Armored Cable Market Segment Insights:
Oil Gas Armored Cable Market Product Type Insights
The Oil Gas Armored Cable Market is segmented on the Product Type into Metal Armored Cables, Mineral Insulated Cables, Interlocked Armored Cables, and Flexible Armored Cables. Among these, the Metal Armored Cables segment held the largest market share in 2023 and is projected to continue its dominance during the forecast period. Metal Armored Cables are extensively used in the oil and gas industry due to their robust construction and ability to withstand harsh environmental conditions. They are designed to protect electrical cables from mechanical damage, moisture, and corrosion, making them ideal for underground and underwater applications in the oil and gas sector.
The Mineral Insulated Cables segment is expected to witness significant growth over the forecast period. These cables offer exceptional fire resistance, low smoke emission, and high-temperature tolerance, making them suitable for use in hazardous areas within oil and gas facilities. Their ability to maintain signal integrity even in extreme conditions has led to their growing adoption in critical applications. Interlocked Armored Cables are gaining popularity due to their flexibility and ease of installation. They are constructed with interlocking metal strips that provide mechanical protection while allowing for bending and movement. This makes them suitable for applications where space is constrained or where frequent cable adjustments are required.
Flexible Armored Cables offer superior flexibility and are designed to withstand repeated bending and flexing without compromising performance. They are commonly used in portable equipment and applications where space is limited, such as in downhole drilling operations and offshore platforms. The Oil Gas Armored Cable Market is driven by the growing demand for reliable and durable cables in the oil and gas industry. Increasing exploration and production activities, particularly in remote and challenging environments, are fueling the need for armored cables that can withstand harsh conditions and ensure uninterrupted operations.The market is also influenced by advancements in cable technologies, such as the development of lightweight and corrosion-resistant materials, which are improving cable performance and extending their lifespan.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Oil Gas Armored Cable Market Application Insights
In terms of application, the oil and gas armored cable market is segmented into power distribution, control and instrumentation, and fire resistance. Among these, the power distribution segment is expected to account for the largest share of the market in 2023, owing to the increasing demand for reliable and efficient power distribution systems in the oil and gas industry. The control and instrumentation segment is also expected to witness significant growth over the forecast period due to the rising need for advanced control and monitoring systems in oil and gas operations. Additionally, the fire-resistant segment is projected to experience steady growth as regulations and safety concerns drive demand for cables that can withstand extreme temperatures and fire hazards in hazardous oil and gas environments.
Oil Gas Armored Cable Market Conductor Material Insights
The Conductor Material segment of the Oil Gas Armored Cable Market is bifurcated into Copper and Aluminum. Copper is the dominant material used in armored cables due to its superior electrical conductivity, mechanical strength, and corrosion resistance. In 2023, the Copper segment accounted for a significant share of the Oil Gas Armored Cable Market revenue of around 65%. However, Aluminum is gaining popularity as a cost-effective alternative to Copper due to its lightweight and high strength-to-weight ratio. The Aluminum segment is projected to witness significant growth in the coming years, driven by increasing demand for lightweight and flexible cables in various oil and gas applications. The growth of the market is attributed to increasing oil and gas exploration and production activities, coupled with rising demand for reliable and durable cables in harsh environments.
Oil Gas Armored Cable Market Voltage Rating Insights
The Oil Gas Armored Cable market is segmented by voltage rating into low voltage, medium voltage, and high voltage. Among these, the low voltage segment is expected to hold the largest market share in 2023 and is projected to register a CAGR of 4.7% during the forecast period. The growth of this segment can be attributed to the increasing demand for low-voltage armored cables in onshore oil and gas applications, such as power distribution, instrumentation, and control systems. Medium voltage armored cables are also expected to witness significant growth, owing to their use in offshore oil and gas applications, such as power transmission and distribution. The high voltage segment is expected to have a relatively lower market share but is projected to grow at a steady pace due to its use in high-power applications, such as power generation and transmission.
Oil Gas Armored Cable Market Regional Insights
The Oil Gas Armored Cable Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America held the largest market share in 2023, owing to the increasing demand for oil and gas in the region. Europe is expected to be the second largest market, followed by APAC. The APAC region is expected to witness the fastest growth in the coming years due to the increasing investments in oil and gas exploration and production activities in the region. South America and MEA are expected to have a relatively smaller market share, but they are expected to grow at a steady pace in the coming years. The increasing demand for oil and gas, coupled with the growing need for reliable and secure power transmission, is expected to drive the growth of the Oil Gas Armored Cable Market in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Oil Gas Armored Cable Market Key Players And Competitive Insights:
Major players in the Oil Gas Armored Cable Market industry are constantly engaged in research and development activities to improve their product offerings and gain a competitive edge. They are also focusing on strategic partnerships and acquisitions to expand their market reach and strengthen their position in the market. Leading Oil Gas Armored Cable Market players are also investing in new technologies and innovative solutions to meet the evolving needs of the market. The Oil Gas Armored Cable Market development is driven by increasing demand for oil and gas, stringent regulations regarding safety and reliability, and technological advancements.
The Oil Gas Armored Cable Market Competitive Landscape is characterized by the presence of a few players and several regional players. Prysmian Group, a leading player in the Oil Gas Armored Cable Market, offers a wide range of armored cables designed to meet the specific needs of the oil and gas industry. The company's cables are known for their high performance, reliability, and durability. Prysmian Group has a presence and is committed to providing its customers with the highest quality products and services.
A competitor in the Oil Gas Armored Cable Market, Nexans, also offers a comprehensive range of armored cables for the oil and gas industry. The company's cables are engineered to withstand harsh environmental conditions and meet the most demanding requirements. Nexans has a strong presence and is focused on providing its customers with innovative solutions and excellent service.
Key Companies in the Oil Gas Armored Cable Market Include:
-
General Cable
-
Finolex Cables
-
Nexans
-
Schlumberger
-
Weatherford International
-
Southwire Company
-
Oceaneering International
-
LS Cable System
-
CGG
-
KEI Industries
-
Prysmian Group
-
Halliburton
-
NKT
-
Sumitomo Electric Industries
-
Baker Hughes
Oil Gas Armored Cable Market Industry Developments
The Oil Gas Armored Cable Market is projected to grow from USD 14.65 billion in 2023 to USD 22.5 billion by 2032, at a CAGR of 4.89%. Increasing demand for electricity in remote areas and growing investments in oil and gas exploration and production activities are major factors driving the growth of the market. Additionally, the rising adoption of armored cables for safety and reliability in hazardous environments is expected to fuel market growth over the forecast period. Key players operating in the market include Prysmian Group, Nexans, LS Cable System, and NKT. Recent developments include Prysmian Group's launch of a new range of armored cables designed specifically for offshore wind farms and Nexans' acquisition of a leading provider of submarine and land high-voltage cables to strengthen its position in the oil and gas market.
Oil Gas Armored Cable Market Segmentation Insights
Oil Gas Armored Cable Market Product Type Outlook
Oil Gas Armored Cable Market Application Outlook
Oil Gas Armored Cable Market Conductor Material Outlook
Oil Gas Armored Cable Market Voltage Rating Outlook
-
Low Voltage
-
Medium Voltage
-
High Voltage
Oil Gas Armored Cable Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia-Pacific
-
Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.96 (USD Billion) |
| Market Size 2023 |
14.65 (USD Billion) |
| Market Size 2032 |
22.5 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.89% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
General Cable, Finolex Cables, Nexans, Schlumberger, Weatherford International, Southwire Company, Oceaneering International, LS Cable System, CGG, KEI Industries, Prysmian Group, Halliburton, NKT, Sumitomo Electric Industries, Baker Hughes |
| Segments Covered |
Product Type, Application, Conductor Material, Voltage Rating, Regional |
| Key Market Opportunities |
Increased oil and gas exploration Growing demand for offshore cables Technological advancements Stringent safety regulations Expansion of renewable energy |
| Key Market Dynamics |
Increasing demand for Subsea cables Growth of Offshore Oil and Gas Government initiatives to promote renewable energy Advancements in Cable Technology Rising awareness of safety and reliability |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Oil Gas Armored Cable Market is valued at USD 14.65 billion in 2023 and is projected to reach USD 22.5 billion by 2032, exhibiting a CAGR of 4.89% during the forecast period.
North America is expected to dominate the Oil Gas Armored Cable Market, accounting for a major share of the market in 2023 and is projected to maintain its dominance throughout the forecast period.
Growing demand for armored cables in offshore and onshore oil and gas exploration and production activities, increasing focus on safety and reliability, and rising investments in renewable energy projects are the major growth drivers of the Oil Gas Armored Cable Market.
Prysmian Group, Nexans, NKT, LS Cable System, and Sumitomo Electric Industries are some of the key competitors in the Oil Gas Armored Cable Market.
The Oil Gas Armored Cable Market is expected to grow at a CAGR of 4.89% from 2024 to 2032.
Oil Gas Armored Cables are primarily used in power distribution, control, and instrumentation applications within the oil and gas industry.
Oil Gas Armored Cables come in various types, including single-core, multi-core, and instrumentation cables, each designed for specific applications in the oil and gas industry.
Growing investments in oil and gas exploration and production, increasing electrification of offshore platforms, and stringent safety regulations are key factors driving the demand for Oil Gas Armored Cables.
Fluctuating raw material prices, intense competition, and technological advancements pose challenges to the growth of the Oil Gas Armored Cable Market.
Expansion into emerging markets, development of innovative products, and strategic partnerships present opportunities for growth in the Oil Gas Armored Cable Market.
