PUBLISHER: The Business Research Company | PRODUCT CODE: 1425891
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425891
Underwater Connector Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on underwater connector market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for underwater connector? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The underwater connector market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Underwater connectors, also known as marine or subsea connectors, are specialized engineering devices designed to withstand harsh conditions prevalent in deep-sea environments, including extreme pressure, vibrations, shocks, and the corrosive nature of seawater.
These connectors are primarily categorized into several types such as rigid shell, inductive coupling, rubber-molded, and electrically mateable. A rigid shell connector comprises a sturdy exterior engineered to resist shocks, providing enhanced stability, strength, and lockability due to its hardened structure. These connectors facilitate various types of connections, including electrical, optical fiber, and hybrid technologies, catering to applications across industries such as oil and gas, military and defense, telecommunications, remotely operated vehicles (ROVs) / autonomous underwater vehicles (AUVs), oceanography, and other related fields.
The underwater connector market research report is one of a series of new reports from The Business Research Company that provides underwater connector market statistics, including underwater connectors industry global market size, regional shares, competitors with an underwater connector market share, detailed underwater connector market segments, market trends and opportunities, and any further data you may need to thrive in the underwater connector industry. The underwater connector market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The underwater connector market size has grown strongly in recent years. It will grow from $3.34 billion in 2023 to $3.60 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed during the historical period in the underwater connector industry can be attributed to several key factors. These include the rise in offshore oil and gas exploration activities, the expansion of telecommunication subsea cable networks, advancements in underwater research and surveillance initiatives, the proliferation of submarine fiber optic systems for enhanced connectivity, the increase in subsea mining activities, and the overall expansion of renewable energy sources utilizing subsea infrastructure.
The underwater connector market size is expected to see strong growth in the next few years. It will grow to $4.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The projected growth in the forecast period within the underwater connector industry is expected to stem from various driving forces. These include the heightened demand for high-bandwidth connectivity solutions, the emphasis on climate monitoring and research necessitating underwater connectors, increased exploration activities in deep-sea environments, a focus on developing lightweight and compact connector designs, and the rising demand for unmanned underwater vehicles (UUVs) requiring such connectors. Key trends anticipated in the forecast period encompass advancements in underwater robotics and autonomous underwater vehicle (AUV) technology, the expansion of submarine cable systems specifically for telecommunications, growth in underwater surveillance and monitoring applications, advancements in miniaturization and high-density connector technologies, a focus on enabling high-speed data transmission capabilities, and ongoing developments in materials and coating technologies to enhance connector performance in challenging underwater conditions.
The anticipated increase in oil and gas exploration is poised to drive the growth of the underwater connector market in the foreseeable future. Oil and gas exploration involve the processes and techniques employed to identify potential locations for drilling and extracting oil and gas resources. Underwater connectors play a critical role in these operations, as they are designed to withstand challenging conditions such as high pressure, corrosive seawater, and shocks during exploration activities. A case in point is the Indian government's investment of $2.86 billion in 2022, as reported by the India Brand Equity Foundation, aimed at doubling the production of oil and gas through the drilling of more than 120 exploration wells. Consequently, the surge in oil and gas exploration activities is a key driver fueling the growth of the underwater connector market.
The increasing demand for telecommunications expansion is expected to be a significant catalyst for the growth of the underwater connectors market. Telecommunications expansion encompasses the growth and enhancement of telecommunication networks, infrastructure, and services. Underwater connectors play a crucial role in telecommunications by facilitating the connection and transmission of signals across underwater environments, contributing to global connectivity and high-speed communication. Reports from Punch Nigeria Limited, a Nigeria-based newspaper company, indicate that global expenditure on pay television and telecommunications services reached $1.48 trillion in 2022 and is projected to increase by 2% by 2024, reaching a total of $1.54 trillion. This rising demand for telecommunications expansion is a key factor driving the growth of the underwater connectors market.
A notable trend in the underwater connector market is the emphasis on product innovation by major industry players. Companies operating in this market are actively developing new products with advanced features to solidify their positions. For instance, in March 2022, TE Connectivity, a Switzerland-based company specializing in underwater connectors, introduced the Generation Y 68P Sealed Hybrid Inline Connector. This cutting-edge connector simplifies the manufacturing process for Original Equipment Manufacturers (OEMs), reduces the number of connections, streamlines the supply base, lowers costs, and consolidates signal, power, and data connectivity into a single connector. This trend highlights the commitment of major players to innovation and technological advancement in the underwater connector market.
Major players in the underwater connectors market are actively pursuing innovation through the introduction of advanced products, exemplified by offerings such as the Fischer UltiMate 80 and NATO STANAG 4695-compatible quick-release connectors. These products aim to provide enhanced performance, versatility, and reliability across a broad spectrum of applications. The Fischer UltiMate 80, developed by Fischer Connectors, a Switzerland-based manufacturing facility company, is a field-ready, NATO STANAG 4695-compatible quick-release connector specifically designed for demanding military and aerospace applications. Launched in April 2021, this connector stands out for its robust design and high-performance features, making it well-suited for connecting critical systems in harsh environments. It boasts an IP68/IP69 sealing, a wide working temperature range, strong shock and vibration resistance, and a positive locking mechanism, contributing to its durability and suitability for severe conditions.
In a strategic move in July 2022, Deepsea Technologies, a UK-based manufacturer specializing in goods and machinery for subsea oil and gas field development projects, acquired AFGlobal for an undisclosed amount. This acquisition positions Deepsea Technologies to expand its business presence, particularly in North and South America, the UK, Europe, Africa, Asia, and Australia. AFGlobal, also based in the UK, operates in the underwater connector market. This acquisition reflects the ongoing efforts of major industry players to strengthen their market positions through strategic acquisitions and business expansions, thereby contributing to the overall growth and competitiveness of the underwater connectors market.
Major companies operating in the underwater connector market report are Amphenol Corporation, Birns Inc., C.R. Encapsulation Ltd., Fischer Connectors Holding SA, Eaton Corporation, Teledyne Marine, Hydro Group, Glenair Inc., MacArtney, 3M Company, Baker Hughes Company, TE Connectivity Corp., Lemo S.A., ODU-USA, SubConn Inc., Sea & Land Technologies Pty. Ltd., Impulse Embedded Limited, Marshall Underwater Industries, Blue Logic, Souriau-Sunbank by Eaton, Blue Robotics, Seacon Phoenix LLC, LEMO Connectors, HARTING Technology Group, Impulse Embedded Limited, Hirose Electric Co.Ltd., Odu-Usa Inc., Smiths Interconnect, Winchester Electronics, Weald Electronics Ltd.
North America was the largest region in the underwater connector market in 2023. Asia-Pacific is expected to be the fastest-growing region in the underwater connector market report during the forecast period. The regions covered in the underwater connector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the underwater connector market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The underwater connector consists of a dry-mate connector, a wet-mate connector, and a fluid-filled underwater mateable connector. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.