The global underwater connector market size is expected to grow from $1.66 billion in 2022 to $2.35 billion by 2028; it is estimated to grow at a CAGR of 5.9% from 2022 to 2028.
New York, June 21, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Underwater Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Rubber-molded, Inductive Coupling Fluid-Filled Underwater Mateable Connector, and Rigid-Shell/Bulk Headed), Connection (Electrical, Optical Fiber, and Hybrid), and Application (Military & Defense, Oil & Gas, Telecommunications, Oceanography, ROVs/AUVs, and Others)”, the global underwater connector market growth driven by the surge in oil & gas usage across the globe advanced subsea system for commercial and military applications, surge in demand for bandwidth due to emergence of 5G. The incremental growth of the market during the forecast period is US$ 687.50 million.
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Underwater Connector Market Strategic Insights:
No. of Charts & Figures
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Underwater Connector Market: Competitive Landscape and Key Developments TE Connectivity Corporation; Glenair, Inc.; Marshall Underwater Industries, Inc.; Hydro Group; and Fischer Connectors SA are a few key underwater connector market players. In addition, several other important underwater connector market players were studied and analyzed during the course of this study to get a holistic view of the global underwater connector market size and its ecosystem.
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In 2022, the Fischer family announced the launch of Conextivity® Group. This group will offer products, solutions, and services that will cover the entire connectivity value chain.
In 2022, Fischer Connectors extended its MiniMax product line by including three connectors and cables with the new options in body size, data speed, and pin layout.
Underwater connectors, also known as marine or subsea connectors, are built to withstand harsh conditions such as corrosive seawater, high pressure, vibration, and shock. The marine market and the oil & gas industry are continually evolving. Testing and demonstrating surveillance systems such as permanent reservoir monitoring (PRM) systems are becoming more popular in these industries. Further, oil exploration necessitates much power and data transmission from beneath the surface to the shore. They assist in transmitting data and power over fiber optic or electric cables. Moreover, underwater connectors provide a high level of connectivity for oil and gas exploration to achieve high performance in the underwater connector market. They are also used in inspection and surveying systems to achieve superior performance at a great depth in the sea. They can withstand high pressures, seismic risks, and harsh environments, which are necessary for oil and gas exploration. The underwater connectors' advantages further support the underwater connector market growth.
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Underwater Connector Market: COVID Impact During the COVID-19 pandemic, various economies in Asia Pacific witnessed a sharp decline in their gross domestic product (GDP) in 2020 due to the sudden closedown of most economic activities across the region. The region comprises countries in the oil & gas, maritime, and telecommunications industries. According to the Organization for Economic Co-operation and Development (OECD), the pandemic severely affected several countries such as India, Australia, China, and Japan. India was the worst-hit country by the COVID-19 pandemic in the Asia Pacific region. Limitations imposed by governments to control the spread of COVID-19 during the initial time frame of the outbreak in these countries affected the production process due to the limited workforce in the underwater connector market.
Further, countries such as China imposed strict lockdown and social isolation, which stopped exploration activities and shrank the country's demand for underwater connectors in the underwater connector market. The overall decline in the end-user industries hampered the demand for underwater connectors across Asia Pacific uring the first two quarters of 2020. However, military and defense sectors demanded underwater connectors even during the pandemic in the underwater connector market.
Moreover, as the economies reopened and industries began their operations, the requirement for underwater connectors from various end users started rising gradually. Also, with ease in earlier restrictions, companies started to work with high workforce capacity.
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Underwater Connector Market: Application Overview Based on the application, the underwater connector market is segmented into military & defense, oil & gas, telecommunications, oceanography, ROVS/AUVS, and others. The telecommunications led the application segment in the underwater connector market in 2021 and is expected to grow at the fastest CAGR during the forecast period in underwater connector market share due to the continuous growth of network connectivity and increasing telecom companies. The increasing funding and initiatives by the regional governments and telecom operators are driving the growth of underwater connectors in telecommunication applications in the underwater connector market size.
Fiber optics in submarine cable systems have seen higher usage over the past few years. In conveying information and power from control locations to submarine systems, it is usually convenient to have a medium of disconnecting and connecting cables from equipment. Moreover, the rising development of 5G technology will influence the development of underwater cable networks and subsequently increase the demand for underwater connectors in the telecommunications segment. Such developments by the companies generate demand for underwater connectors in the region and drive the underwater connector market growth.
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