Market Research Report
Global Underwater Connectors Market - 2019-2026
|Published by||DataM Intelligence||Product code||908324|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Underwater Connectors Market - 2019-2026|
|Published: August 1, 2019||Content info: 130-180 Pages||
The global Underwater Connectors Market expected to reach $XX billion by 2026, at a CAGR of over 7% during the forecast period. Due to its high usage in marine equipment for remotely operating vehicles and other equipment & instrumentation solutions, is expected to propel growth in global underwater connectors market.
The report covers all the major trends and drivers playing a vital role in the growth of the global market. The market has been segmented on the basis of region, application, type, and connection.
Underwater power connectors are designed to connect power in applications that include equipment placed on the ocean floor. Market players are forced to distinguish their products and services through clear and unique value propositions to survive and succeed in this competitive environment. For instance, TE Connectivity's SEACON series offer a wide range of over 2500 underwater electrical and fiber optic connectors. Products include electrical dry-mate, optical hybrid dry-mate, electrical underwater mateable, and others.
The global underwater connectors market growth is driven by the growing demand for Autonomous Underwater Vehicles (AUVs). AUVs are being deployed for underwater survey missions required in defense, commercial, and scientific research sectors. These vehicles require connectors, which are water and corrosion resistant as they are majorly exposed to seawater. The implementation of underwater connectors in AUVs provides wireless power transfer, increasing its adoption in these vehicles.
Underwater application areas that require underwater power connectors are offshore oil and gas, defense systems and equipment, and others. Moreover, According to the Stockholm International Peace Research Institute (SIPRI), total world military expenditure rose to $1,822 billion in 2018, representing an increase of 2.6 per cent from 2017. The five biggest spenders in 2018 were the United States, China, Saudi Arabia, India and France, which together accounted for 60% of global military spending.
Besides, oil & gas sector offers promising growth for underwater connectors in the coming future. In 2018, according to the International Energy Administration, China had record oil and gas imports and remains the number one crude oil importer in the world after surpassing the United States in 2017 and is the number two natural gas importer, behind Japan.
Steady rise in oil and gas industry coupled with significant increase in military and defense spending is expected to fuel growth in global underwater connectors market.
By Type, the global underwater connectors market is segmented into Rubber-molded, Inductive Coupling, Fluid-filled Underwater Mateable Connector, and Rigid-shell/Bulk-headed. In 2018, rubber-molded segment accounted for the majority share in the market. Rubber molded underwater are cost effective, therefore used in wide range of industry verticals. Suitable for underwater lights and cameras, ROV systems, diver communication, and towed-array cable systems, rubber molded connectors have also witnessed relatively high innovations and investments. For instance, in 2018, SEACON announced that all TE Connectivity MOG (Marine, Oil & Gas) Rubber Molded Series will be manufactured complying with RoHS guidelines and requirements.
By Application, the global underwater connectors market is segmented into Oil and Gas, Military and Defense, Telecommunication, and others. Underwater connectors have enabled significant progress in the modularization of multiple systems in oil & gas, defense, and oceanographic industries. In the oil & gas industry, the demand for advanced technology is being witnessed. These connectors are being highly used during the extraction process of oil & gas from ocean floors. They provide smooth performance and optical connection in extreme environmental conditions. Several underwater connectors market players are focusing on providing innovative products to improve the efficiency of the underwater equipment.
By geography, the global Underwater Connectors Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, North America and Asia-Pacific together accounted for more than 60% market share in the global market. Demand for underwater power connectors in the region is likely to increase in the next few years, owing to the rise of new production centers. Moreover, the rising development of the oil & gas sector will further boost deamand for underwater connectors.
The increasing demand for high data transfer rates with a higher signal to noise ratio is accelerating its application in subsea cable systems, especially in developing economies like India, Brazil, China, and Indonesia. Fiber optic underwater connectors simplify installation, maintenance, and handling operations, providing quick, reliable, and high-performance connection. Several manufacturers are offering these devices by implementing advanced technologies to provide high accuracy and stabilization.
Global Underwater Connectors Market is fragmented with the presence of global and regional players in the market. Market players are focusing on partnerships & collaborations to increase and improve their product lines. Intense rivalry among top players in the market has started fierce competition at various levels. In addition, Manufacturing companies can focus on improving the quality of Underwater Connectors products by improving the infrastructure thus creating potential opportunities in Underwater Connectors market.
Some major players in the market are Eaton Corporation, Fischer Connectors SA, Birns Aquamate LLC, Marshall Underwater Industries, Inc., and Hydro Group PLC. Other key players in the market are Glenair Inc, Birns Aquamate LLC, Teledyne Marine, GISMA Steckverbinder GmbH, and Amphenol Corporation.