The underwater connector market is expected to grow from US$ 1665.93 million in 2022 to US$ 2353.43 million by 2028; it is estimated to grow at a CAGR of 5.9% from 2022 to 2028.
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. For instance, NiobiCon is a novel type of underwater electrical connection that allows for power and data transfer without seals, oil, or moving parts. This technology was created to solve the inefficiency of the underwater recharging of autonomous vehicles. The niobium connector develops its thin isolating layer when it comes into contact with water, which is scraped off when the connection is completed. The layer regenerates immediately after being unplugged. Northrop Grumman engineers developed the technique to establish a safe, dependable, and economical means to link electric currents in a wet or corrosive environment while keeping the power flowing. Moreover, the investment in new technology by government and private institutes increased.
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Underwater Connector Market: Strategic Insights
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
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Underwater Connector Market: Strategic Insights
| 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 |
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Impact of COVID-19 Pandemic on 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 size. 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 were key restraints in producing underwater connectors.
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.
However, during the Q3 of 2020, the industries started to open, and the supply chain again resumed its operations. The underwater connector market witnessed a positive impact as the demand for underwater connectors started rising in the US, Canada, and Mexico as the industries started their operations in Q3 of 2020.
Lucrative Regions for Underwater Connector Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights – Underwater Connector Market
Europe led the underwater connector market with a substantial revenue share in 2021. 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 the carbon footprints are increasing the deployment of energy-efficient products and services. In addition, the deployment of 5G with rising penetration of smartphones and increasing adoption of industry 4.0 in manufacturing industries forced the telecommunication industry to enhance network services. Therefore, an increase in deployments of submarine communications cables for strong and continuous network connections is boosting the demand for underwater connectors in Europe. The increasing oil and gas production in some countries in Europe is positively impacting the underwater connector market growth. Russia is the largest supplier of natural gas and petroleum to the European Union; however, the Russia and Ukraine war is negatively impacting the oil & gas industry, which may slow down the growth of the underwater connector market. Further, a shift in business models, such as working from home, is providing an opportunity for the underwater connector market players.
Additionally, According to the America First Energy Plan, the Trump administration embraced the gas and shale oil revolution to bring prosperity and jobs to the majority of Americans. The US is witnessing a drastic boom in the energy & oil sector and has increased the production of oil & gas in North America. The world's most advanced and efficient refineries are maximizing the benefits of rising crude oil and natural gas output in the United States. The development of telecommunications in the United States is roughly equivalent to the average of the European Union. Under the country code +1, there were a total of 453.00 million connections in 2020. Among them were 351.48 million mobile phones, which corresponds to an average of 1.1 per person. For instance, Teledyne Technologies Incorporated announced that the US Naval Undersea Warfare Center has awarded its subsidiary, Teledyne Instruments, Inc., an indefinite-delivery/indefinite-quantity (IDIQ) contract to supply autonomous underwater vehicles (AUVs) and related monitoring and communications acoustic systems. The contract's initial worth in 2019 is around US$ 5.4 million. If all contract options are exercised, the award has a maximum value of US$ 22.2 million until December 2024. Further, the US$ 65 billion for continuing broadband adoption and deployment is included in the US$ 1 trillion Infrastructure Investment and Jobs Act (IIJA) approved in November 2021. While government programs dedicated to expanding and improving telecommunication infrastructure and services have traditionally been managed at the federal level, it appears the bulk of the bill’s federally allocated broadband dollars will flow through more decentralized state-based models. Such factors are aiding the underwater connector market growth in the US.
Type-Based Insights
Based on type, the underwater connector market share is segmented into rubber-molded, inductive coupling, fluid-filled underwater mateable connector, and rigid-shell/bulk headed. The rubber-molded segment led the underwater connector market due to the increase in the use of these connectors in various applications such as ROVs and oil and gas; however, the fluid-filled underwater mateable connector type is expected to grow at the fastest CAGR in the forecast period in the underwater connector market.
The underwater connector market size is segmented into type, connection, application, and geography. Based on type, the underwater connector 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, optic fiber, and hybrid. Based on application, the market is segmented into military & defense, oil & gas, telecommunications, oceanography, ROVS/AUVS, and others. Based on geography, the underwater connector market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
TE Connectivity, Glenair, Marshall Underwater Industries Inc, Hydro Group, and Fishcher Connector Inc are the key underwater connector market players.
Players operating in the underwater connector market are mainly focused on the development of advanced and efficient products.
- In 2022, The Fischer Connectors Inc. announced the launch of Conextivity® Group. This group will offer products, solutions, and services that will cover the entire connectivity value chain.
- In 2021, Fischer Connectors Inc. extended its MiniMax product line by including three connectors and cables with new body size, data speed, and pin layout option.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Connection, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The estimated global market size for the underwater connector market is US$ 1665.93 million in 2022.
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 major companies in the underwater connector market include TE Connectivity Corporation; Glenair, Inc.; Marshall Underwater Industries, Inc.; Hydro Group; and Fischer Connectors SA.
Europe dominated the underwater connector market in 2022 with more than 30% share it would continue to dominate the market during the forecast period.
The United States, United Kingdom, India, South Africa, and Brazil are the countries registering a high growth rate during the forecast period.
The rubber molded component segment led the underwater connector market with more than 35% share in 2021. It is further expected to dominate the market over the forecast period.
The estimated global market size for the underwater connector market is US$ 2353.43 million in 2028.
The incremental growth of the underwater connector market during the forecast period is US$ 687.50 million
The List of Companies - Underwater Connector Market
- Brins Automates LLC
- Brins Inc.
- Glenair
- AK Industries
- Fishcher Connectors SA
- Gisma Steckverbinder GmbH
- Hydro Group Plc.
- Marshall Underwater Industries, Inc.
- TE Connectivity
- Teledyne Marine
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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