Categories: Oil & Gas

Underwater Connector Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Underwater Connector Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Underwater Connector Global Market Report 2024, The underwater connector market size has grown strongly in recent years. It will grow from $3.34 billion in 2023 to $3.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increasing offshore oil and gas exploration, telecommunication subsea cable networks, underwater research and surveillance, growth in submarine fiber optic systems, increase in subsea mining activities, renewable energy expansion..

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 growth in the forecast period can be attributed to demand for high-bandwidth connectivity, climate monitoring and research, deep-sea exploration, focus on lightweight and compact connectors, increased demand for unmanned underwater vehicles (uuvs).. Major trends in the forecast period include advancements in underwater robotics and auv technology, submarine cable systems for telecommunications, growth in underwater surveillance and monitoring, miniaturization and high-density connectors, focus on high-speed data transmission, advancements in materials and coating technologies..

An increase in oil and gas exploration is expected to propel the growth of the underwater connector market going forward. Oil and gas exploration includes the procedures and techniques for identifying potential locations for drilling and extracting oil and gas. Underwater connectors are utilized to withstand harsh conditions such as pressure, corrosive seawater, and shock during exploration of oil and gas. For instance, in 2022, according to the India Brand Equity Foundation, an India-based export promotion agency, the Indian government invested $2.86 billion to double the production of oil and gas by drilling more than 120 exploration wells. Therefore, an increase in oil and gas exploration is driving the growth of the underwater connector market.

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The underwater connector market covered in this report is segmented –

1) By Type: Rigid Shell, Inductive Coupling, Rubber Molded, Electrical Mateable

2) By Connection: Electrical, Optical Fiber, Hybrid

3) By Application: Oil And gas, Military And Defence, Telecommunication, ROVs or AUVs, Oceanography, Other Applications

Product innovation is a key trend in the underwater connector market. Major companies operating in the underwater connectors market are developing new products with advancements to strengthen their position in the underwater connectors market. For instance, in March 2022, TE Connectivity, a Switzerland-based company specializing in underwater connectors, released a cutting-edge Generation Y 68P Sealed Hybrid Inline Connector that makes it easier for OEMs to manufacture products, decreases the number of connections, makes the supply base less complex, lowers costs, and unifies signal, power, and data connectivity into a single connector.

The underwater connector market report table of contents includes: