Categories: Market Research

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

The Underwater Connectors 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 Connectors Global Market Report 2024, The underwater connectors market size has grown strongly in recent years. It will grow from $1.62 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to growth in subsea exploration and production, increasing offshore renewable energy projects, expansion of underwater communication networks, underwater research and surveillance applications, demand in defense and military applications.

The underwater connectors market size is expected to see strong growth in the next few years. It will grow to $2.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rise in offshore wind farms and submarine cables, technological advancements in deep-sea exploration, increased investment in subsea infrastructure, expansion of oceanographic research activities, growing demand for unmanned underwater vehicles (uuvs). Major trends in the forecast period include underwater data centers, deep-sea mining operations, military and defense applications, smart ocean technologies, global expansion in blue economy initiatives.

Increasing oil and gas exploration activities are expected to propel the growth of the underwater connectors market going forward. Oil and gas exploration is the process of searching for areas with significant oil and natural gas resources that might be used for drilling and extraction sites, as well as reserves of oil and gas. As oil and gas exploration efforts expand, more underwater connectors will be required to establish and maintain efficient and reliable connections between underwater wells, pipelines, and processing facilities. For instance, in April 2023, according to a report published by the US Energy Information Administration (EIA), a US-based federal statistical agency, the deployment of active well service rigs in the United States increased from 738 in 2020 to nearly 949 in 2021, representing a growth of 22.23% due to rising oil and gas exploration and drilling operations. Furthermore, in December 2022, according to the reports shared by the Energy Information Administration (EIA), a US-based government agency, US Oil production increased from 11.2 million barrels per day (b/d) in 2020 to 11.6 million barrels per day (b/d) by 2021, and natural gas production increased from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day by 2021. Therefore, an increase in oil and gas exploration activities is driving the growth of the underwater connectors market.

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The underwater connectors market covered in this report is segmented –

1) By Type: Fluid Filled Underwater Mateable Connector, Inductive Coupling, Rigid Shell Or Bulkhead, Rubber Molded

2) By Connection: Alternating Current Connectors, Direct Current Connectors, Wireless Power Connectors

3) By End User: IT And Telecom, Marine, Military And Defense, Oil And Gas, Other End-users

Product innovations are a key trend gaining popularity in the underwater connector market. Major companies operating in the underwater connector market are developing new products to sustain their position in the market. For instance, in March 2021, Connector Subsea Solutions Corp. (CSS), a Norway-based producer of offshore connectors for the energy industry, introduced MORGRIP MORSMART. NEW The Mechanical Connector product line is small and light, so it requires less handling capacity during offshore installation. The MORGRIP MORSMART is a permanent repair solution for subsea pipeline repair and tie-in that is rapid and simple to deploy. The product is designed, manufactured, and tested to meet high-quality standards and industry requirements. These units feature a compressed elastomeric seal system and a collet gripping mechanism to allow the proper application to a broad range of new or existing pipeline widths, wall thicknesses, and pressures.

The underwater connectors market report table of contents includes: