According to Global Market Insights, Inc., global underwater connectors market is likely to exceed the $1.5 Billion mark by 2027, in terms of revenue. Increasing number of government initiatives towards deep sea mining and exploration activities could boost underwater connectors industry outlook. Countries such as the U.S., India, China, and Australia are speeding up exploration projects and deep sea mining activities to obtain fossil fuel reservoirs and minerals that are situated in underwater sediments and ridges.
Robust deployment of submarine cable networks by telecom service providers is expected to drive the adoption of underwater connectors. Submarine communication cables are installed extensively for data transmission over long distances. The need for high-bandwidth connectivity and growing internet traffic in developing nations is likely to support the demand for underwater connectors and subsea cables.
In Europe, the underwater connectors market is anticipated to register 5.5% CAGR between 2021 to 2027. Government policies favoring support to offshore renewable energy projects may favor industry expansion. In November 2020, the European Commission introduced the offshore renewable energy approach, which will emphasize on creating floating & fixed offshore wind energy projects. This new strategy aims on increasing the region’s offshore wind capacity to 60 GW from 12 GW existing capacity by 2030. Underwater cable systems and connectors transfer electricity from such offshore plants to onshore electric grids.
Meanwhile, oil & gas application sector held a market stake of around 23% in 2020 and is anticipated to grow at 6.5% CAGR over the forecast period. Rising demand for crude oil across the globe is said to be one of the major factors accelerating the demand for underwater connectors. These connectors are expansively integrated into pumping systems, pipelines, offshore drills, and underwater maintenance robots used in oil & gas activities.
The prominent companies operating in the underwater connector market are Lemo S.A, Connector Subsea Solutions, BIRNS, TE Connectivity, MacArtney, Fischer Connectors SA, GE (General Electric), Souriau SAS, Teledyne Marine, Hydro Group, Siemens, Amphenol and Eaton. These key industry players are offering custom and advanced connectors solutions for various underwater applications.
Furthermore, the major companies operating in the underwater connectors market are focused on developing advanced manufacturing processes for large-scale production. In 2018 for instance, MacArtney unveiled a new type of metal connectors called TrustLink Metal Shell for deep-sea applications. These connectors are available in three different sizes which are suitable for harsh deep-sea environment conditions.
Source: – https://www.gminsights.com/industry-analysis/underwater-connectors-market