Global Underwater Connector Market Size By Type (Rubber-Molded, Inductive Coupling, Rigid-Shell/Bulk-Headed), By Application (Telecommunications, Oceanography, Oil And Gas), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Underwater Connector Market size was valued at USD 1096.01 Million in 2024 and is projected to reach USD 1733.73 Million by 2031, growing at a CAGR of 5.90% from 2024 to 2031.
Increased number of production units with high-end technologies, organized distribution network, and increased investments in industries such as oil and gas, fish farming and commercial purposes, high performance even in extreme weather conditions, and increased energy demand worldwide, which led to increased oil and gas exploration activities drives the demand of the Underwater Connector Market. The Global Underwater Connector Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Underwater Connector Market Definition
Underwater connectors aid in installing and interconnecting electrical or optical circuits underwater. These connectors aid in terminating oil-filled hoses or cables that contain optical fibers or electrical conductors. Underwater connectors have been manufactured since the 1950s to enable SONAR networks over power cables. As technology advances over the years, they have become a thriving market, and so has the acquisition of patents. Underwater connectors are considered to be one of the bridges for advancement in industries like the military, defense, oil and gas, oceanographic, and other industries as they facilitate onshore and offshore testing and manage cable assemblies.
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Global Underwater Connector Market Overview
The increasing penetration of underwater mining activities around the world drives the growth of the Underwater Connector Market for underwater connector manufacturers. Several nations are increasing their deep-sea mining activities and exploration projects to remove various endangered metals and minerals from mountain ranges, sediments, and oceanography projects over the next five years. Furthermore, Government initiatives and funding activities also drive the expansion of the market.
Underwater connectors, also known as marine connectors and submarine connectors, are used to connect electrical circuits underwater. Underwater connectors are designed to withstand extreme environmental conditions such as high pressure, shock, and corrosive seawater resulting in increased adoption of underwater connectors in submarines, unmanned underwater vehicles, cable networks, and mining projects. However, high maintenance and installation costs, the customized requirement of clients, and Limited market players engaging in long-term contracts restrict the market growth.
Global Underwater Connector MarketSegmentation Analysis
The Global Underwater Connector Market is Segmented on the basis of Type, Application, and Geography.
Underwater Connector Market, By Type
Rubber-Molded
Inductive Coupling
Rigid-shell/Bulk-Headed
Based on Type, the market is segmented into Rubber-molded, Inductive Coupling, and Rigid-shell/Bulk-headed. The rubber-molded market segment dominates the market for investment in various industries. Investments increase as rubber molded connectors are applicable to underwater ROV systems, diver communications, lights and cameras, and towing systems. Due to the increased number of innovations and product launches, this market segment is growing excessively.
Underwater Connector Market, By Application
Telecommunications
Oceanography
Oil and Gas
So, when we look at how submarine cables are used, we see the market broken down into areas like Telecommunications, Oceanography, and Oil and Gas. Right now, telecommunications is the biggest piece of the pie, and it's expected to keep growing quickly. A lot of this growth is thanks to governments and telecom companies putting money into expanding those underwater cable networks. Plus, with 5G becoming more and more common, that's just going to push the need for better cables even further, which means more money coming into the industry. You've even got different telecom operators teaming up and investing together in these submarine cable projects to speed up their 5G rollouts and deliver super-fast internet around the globe.
Underwater Connector Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
Okay, so when we look at the Global Underwater Connector Market, it really breaks down geographically. We're talking about North America, Europe, Asia Pacific, and then basically, the rest of the globe. Right now, North America is where it's at in terms of demand. What's driving that? Well, mostly the USA. They've got a lot going on with oil and gas, plus tons of projects in the pipeline, so naturally, they need a lot of connectors! But don't count out Asia Pacific. They're pulling in a significant chunk of sales, and they're expected to grow fast! It's all about the rise of AUVs and UUVs – you know, those cool underwater drones – that are being used more and more in mining and even defense applications. You can learn more here.
Key Players
The “Global Underwater Connector Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Eaton Corporation (NYSEETN), Birns Aquamate LLC, Teledyne Marine, Fischer Connectors SA, Souriau SAS, Lemo S.A, GISMA Steckverbinder GmbH, Hydro Group PLC, Amphenol Corporation, and TE Connectivity.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
Partnerships, Collaborations, and Agreements
In February 2020, Northrop Grumman has entered into a non-exclusive collaboration with iCONN Systems to develop a niobium-based connector for underwater electrical connectivity. NiobiCon is intended to alleviate potential recharge gaps for autonomous underwater vehicles by permitting data and power transmission capacity without the use of moving parts or seals.
Mergers and Acquisitions
In April 2019, OTAQ Group, a UK-based maritime technology company that operates in the aquaculture and offshore energy industries around the world, announces the completion of its acquisition of Link Subsea Ltd. Link Subsea, based in Ulverston, is a prominent UK maker of underwater connectors, penetrators, and bespoke molding solutions for the offshore energy, aquaculture, defense, and nuclear industries. They have a long-standing client base that they have served since its inception in 1997. Link Subsea will now be branded as OTAQ Connectors, and Joyce Newton will continue to serve as the Connectors division’s operations director.
Product Launches and Product Expansions
Kongsberg Maritime developed superior HUGIN Autonomous Underwater Vehicles in February 2021. (AUVs). The new AUV has an operational lifespan of about 15 days, allowing for longer survey and inspection operations far from shore.
In February 2021, Blue Logic, a Norwegian subsea technology business, has established a new company, Subsea USB AS, to supply its underwater inductive connectors to the global subsea industry. Subsea USB connectors’ product rights, technology, and patents were previously shared with Kristiansand-based Wireless Power and Communication (WPC AS).
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