Overview and Scope
Underwater connectors, also called marine connectors and subsea connectors, are deep-sea engineering equipment made to endure harsh conditions such as pressure, vibration, shock, and corrosive seawater.
Sizing and Forecast
The underwater connector market size has grown strongly in recent years. It will grow from $3.34 billion in 2023 to $3.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increasing offshore oil and gas exploration, telecommunication subsea cable networks, underwater research and surveillance, growth in submarine fiber optic systems, increase in subsea mining activities, renewable energy expansion.
The underwater connector market size is expected to see strong growth in the next few years. It will grow to $4.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to demand for high-bandwidth connectivity, climate monitoring and research, deep-sea exploration, focus on lightweight and compact connectors, increased demand for unmanned underwater vehicles (uuvs).. Major trends in the forecast period include advancements in underwater robotics and auv technology, submarine cable systems for telecommunications, growth in underwater surveillance and monitoring, miniaturization and high-density connectors, focus on high-speed data transmission, advancements in materials and coating technologies.
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Segmentation & Regional Insights
The underwater connector market covered in this report is segmented –
1) By Type: Rigid Shell, Inductive Coupling, Rubber Molded, Electrical Mateable
2) By Connection: Electrical, Optical Fiber, Hybrid
3) By Application: Oil And gas, Military And Defence, Telecommunication, ROVs or AUVs, Oceanography, Other Applications
North America was the largest region in the underwater connector market in 2023. Asia-Pacific is expected to be the fastest-growing region in the underwater connector market report during the forecast period. The regions covered in the underwater connector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in oil and gas exploration is expected to propel the growth of the underwater connector market going forward. Oil and gas exploration includes the procedures and techniques for identifying potential locations for drilling and extracting oil and gas. Underwater connectors are utilized to withstand harsh conditions such as pressure, corrosive seawater, and shock during exploration of oil and gas. For instance, in 2022, according to the India Brand Equity Foundation, an India-based export promotion agency, the Indian government invested $2.86 billion to double the production of oil and gas by drilling more than 120 exploration wells. Therefore, an increase in oil and gas exploration is driving the growth of the underwater connector market.
Key Industry Players
Major companies operating in the underwater connector market report are Amphenol Corporation, Birns Inc., C.R. Encapsulation Ltd., Fischer Connectors Holding SA, Eaton Corporation, Teledyne Marine, Hydro Group, Glenair Inc., MacArtney, 3M Company, Baker Hughes Company, TE Connectivity Corp., Lemo S.A., ODU-USA, SubConn Inc., Sea & Land Technologies Pty. Ltd., Impulse Embedded Limited, Marshall Underwater Industries, Blue Logic, Souriau-Sunbank by Eaton, Blue Robotics, Seacon Phoenix LLC, LEMO Connectors, HARTING Technology Group, Impulse Embedded Limited, Hirose Electric Co.Ltd., Odu-Usa Inc., Smiths Interconnect, Winchester Electronics, Weald Electronics Ltd.
The underwater connector market report table of contents includes:
1. Executive Summary
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