Underwater Connector Market to Garner US$ 2353.43 Million, Globally, by 2028 at 5.9% CAGR: The Insight Partners

Europe dominated the underwater connector market in 2022 with more than 30% share it would continue to dominate the market during the forecast period.

NEW YORK, UNITED STATES, March 2, 2023 /EINPresswire.com/ -- A new research report titled “Underwater Connector Market Forecast to 2028 – COVID-19 Impact and Global Analysis” published by The Insight Partners, states that the market is expected to reach US$ 2,353.43 million by 2028. The study says the market will have a CAGR of 5.9% from 2022 to 2028, due to a surge in oil & gas usage across the globe. Advanced Subsea System for Commercial and Military Applications is also said to be a contributing factor.

Underwater Connector Market - Strategic Insights

Report Coverage Details

Market Size Value in US$ 1665.93 Million in 2022
Market Size Value by US$ 2353.43 Million by 2028
Growth rate CAGR of 5.9% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 172
No. of Tables 83
No. of Charts & Figures 86
Historical data available Yes
Segments Covered Type, Connection, and Application
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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An increase in submarine communication cable deployment, constant government efforts to speed up deep-sea exploration and mining, and a rise in defense budget allocations to naval forces are the prominent factors propelling the demand for underwater connectors. There are various types of underwater connectors, including rubber-molded, inductive coupling, fluid-filled underwater mateable connectors, and rigid-shell/bulk-headed in the underwater connector market.

An increase in submarine communication cable deployment, constant government efforts to speed up deep-sea exploration and mining, and a rise in defense budget allocations to naval forces are the prominent factors propelling the demand for underwater connectors. In 2022, the oil & gas sector exhibited a significant increase in offshore oil and gas exploration activities, which led to a major transition in the way companies manage their operations. Further, many companies are adopting AI and IoT to increase the production of oil & gas. Such oil and gas exploration progress is fueling the underwater connector market growth. 

The major end-users of the underwater connector market include military and defense, oil and gas, telecommunications, oceanography, and ROVs/AUVs. These companies procure the underwater component for connecting the terminal wired and PCB application. These companies incorporate long-term contracts and supply agreements with underwater manufacturing companies. The end users are the key stakeholders of the underwater connector market as it further creates the demand for the product, leveraging the market growth

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Environmental impacts of the underwater connector may occur during their laying, operation, and removal, as well as in the case of accidents. The nature, extent, and significance of these impacts should be determined on a site-specific basis as part of an assessment of environmental impacts. The laying of connectors leads to seabed disturbance and associated impacts (damage, displacement, or disturbance) on flora and fauna, increased turbidity, remobilization of contaminants from sediments, and alteration of sediments. The effects of noise and visual disturbance are mainly restricted to the installation, repair, and removal phases and are generally temporary.

The underwater connector market analysis is segmented on the basis of type, connection, application, and geography. Based on type, the underwater connector market is segmented into rubber-molded, inductive coupling fluid-filled underwater mateable connectors, and rigid-shell/bulkheaded. Based on connection, the underwater connector market is segmented into an electrical, optical fiber, and hybrid. Based on application, the underwater connector market is segmented into military & defense, oil & gas, telecommunications, oceanography, ROVs/AUVs, and others. On the basis of geography, the underwater connector market size is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

Key Findings of Study:

The underwater connector market size is segmented into five major regions, including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2021, Europe led the market with a substantial revenue share, followed by Asia Pacific. Further, Asia Pacific is expected to register the fastest CAGR during 2022–2028.

The Europe underwater connector market analysis is segmented into Germany, France, the UK, Italy, and Russia. Being a technologically advanced region, the increasing adoption of IoT, artificial intelligence, and machine learning-based products is fueling the demand for strong network connections. Further, European countries' initiatives such as the Net-zero target to limit carbon footprints are increasing the deployment of energy-efficient products and services. In addition, the deployment of 5G with the rising penetration of smartphones and increasing adoption of industry 4.0 in manufacturing industries has forced the telecommunication industry to enhance network services. 

Underwater Connector Market: Competitive Landscape and Key Developments

Brins Automates LLC, Brins Inc., Glenair, AK Industries, Fishcher Connectors SA, Gisma Steckverbinder GmbH, Hydro Group Plc., Marshall Underwater Industries, Inc., TE Connectivity, and Teledyne Marine 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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