Report : Underwater Connector Market to 2027 - Global Analysis and Forecasts By Type (Rubber-molded, Inductive Coupling, Fluid-filled Underwater Mateable Connector, and Rigid-shell/ Bulk-headed); Connection (Electrical, Optical Fiber, Hybrid); Application (Military and Defense, Oil and Gas, Telecommunications, Oceanography, ROVs/AUVs, and Others)
The global underwater connector market is estimated to account US$ 1.52 Bn in 2018 and is expected to grow at a CAGR of 5.7% during the forecast period 2019 – 2027, to account for US$ 2.49 Bn by 2027.
Underwater connector market operates in a highly-competitive marketplace. As leading companies in this market continues to broaden its addressable market, by expanding its current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players faces an increasing level of competition, both from regional as well the leading global technology and industrial companies in the world. Market is consolidated at higher level with major eight to ten players comprising 60% of the market share, whereas at the regional level it is highly fragmented with several local players. Technology is witnessing a high growth owing to its increasing applications in several booming industries such as telecommunication, renewable (offshore) energy, ROV/AUV and others.
Manufacturers from several industries are now a days highly focused on achieving new growth mark. Oil & gas industry is major revenue contributor to this market with large number of applications across including power, communication and ROV. The oil & gas industry has been an integral part of the global economic landscape for many centuries. Military, telecommunication and renewable energy are other major industries contributing significant revenue to this market.
A significant increase in bandwidth is seen across the globe that has led deployment of subsea optic fibers for data transfer. This as a result is expected to drive the market for underwater connectors. Also, maritime conflicts to accentuate the demand for unmanned underwater vehicles (UUV) which in turn is influencing the market for underwater connectors market. Whereas, lack of global standard and void in tailor made connectors for various specific applications are factors restraining the market growth. Further, surging demand for technologically enhanced undersea vehicles among defense forces are creating new opportunities for the market during the forecasted period. A major trend which will push the market growth in coming years is continual advancements in unmanned sub-sea technology.
Some of the key players operating in global underwater connector market are Birns Aquamate LLC, Birns, INC., Eaton Corporation, Fischer Connectors SA, Hydro Group PLC, LEMO S.A., Marshall Underwater Industries, Inc., SEACON Group, Souriau SAS, Teledyne Marine, Gisma Steckverbinder GmbH, C.R.Encapsulation Limited, Glenair, DWTEK Co. Ltd., Scorpion Oceanics Ltd. and among others
Underwater Connector Market - Geographic Breakdown, 2018