According to our latest market study on “Underwater Connector Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Connection and Application,” the underwater connection market is expected to grow from US$ 1,665.93 million in 2022 to US$ 2,353.43 million by 2028; it is estimated to grow at a CAGR of 5.9% from 2022 to 2028.
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. These systems are used in oil and gas reservoirs to monitor critical changes and better quality data on oil & gas industry operations. In addition, these systems help in taking the production capacity decisions and life of the reservoir. Thus, in the oil & gas industry, the use of PRM systems is increasing at an exponential rate.
The underwater connector market has many small players engaged in the business, holding a significant portion of the global market. The small players are also involved in R&D activities to develop the connection technologies, further strengthening the underwater connector market size. In May 2019, Hydro Group plc introduced a new five-variant range of rubber-molded subsea connectors suitable for various seawater and freshwater applications. Due to such strategic moves, other stakeholders follow suit and invest in product innovation. Thus, such developments from the underwater connector manufacturers and government initiatives are driving the market outlook.
With growing government and private investment in research & development activities, underwater connectors are used in offshore, geophysical, oil and gas, oceanographic, and marine defense applications operated by research, commercial, and defense organizations. Industries are integrating new technologies and using different raw materials to produce new underwater connectors with improved performance and durability under underwater conditions. Various carriers and network firms require high-speed data transmission systems, which demand the use of a modern undersea cable connector. Integrating new technologies increases the demand for underwater cable connectors as undersea mining and oil exploration become more common. As a result, the underwater connector market has an opportunity to rise rapidly over the forecast period.
Impact of COVID-19 Pandemic on Underwater Connector Market
The COVID-19 pandemic negatively influenced the global underwater connector market due to considerable disruption in the supply chain activities and several countries sealing off their international trade. Due to the pandemic, end users across industries faced revenue loss in 2020. The only end user that supported the underwater connector market growth during the pandemic was the military & defense. The decline of various industries, including oil & gas and telecommunications, negatively impacted the demand for underwater connectors, which, in turn, created a negative impact on the growth of the underwater connector market.
The manufacturing sector experienced noticeable losses due to temporary factory shutdowns and low production volumes, which hindered the growth of the underwater connector market. Moreover, the social or physical distancing measures had put limitations on the operations of logistics and other service providers. Component shortages, quarantine mandates, and travel restrictions acted as key restraints in the market growth.
The US is the world's largest producer of maritime products and the largest consumer of underwater connectors. However, the country experienced strict government regulations in the mid of 2020 due to COVID-19 safety measures, which resulted in considerable disruption in underwater connectors' manufacturing and supply chain. Due to this, underwater connector manufacturing companies faced revenue losses and slow growth. Such developments by the companies will generate demand for underwater connectors in the region and drive the underwater connector market growth.
The underwater connector market is segmented on the basis of type, connection, application, and geography. Based on type, the market is segmented into rubber-molded, inductive coupling fluid-filled underwater mateable connector, and rigid-shell/bulk headed. Based on connection, the market is segmented into electrical, optical fiber, and hybrid. Based on application, the 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.
TE Connectivity Corporation; Glenair, Inc.; Marshall Underwater Industries, Inc.; Hydro Group; and Fischer Connectors SA are a few market players operating in the underwater connector market. In addition, several other important market players were studied and analyzed during the course of this study to get a holistic view of the global underwater connector market growth and its ecosystem.
Underwater Connector Market Share – by Region, 2021
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)
Underwater Connector Market Size, Type & Analysis by 2028
Download Free Sample
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com