Top companies covered in Underwater Connectors Market, are Amphenol Corporation (U.S.),BIRNS AQUAMATE LLC (U.S.),BIRNS Inc. (U.S.),C.R.Encapsulation Limited (U.K.),Eaton (Ireland),Fischer Connectors SA (Switzerland),Hydro Group (U.K.),LEMO (Switzerland),Oceaneering International, Inc. (U.S.) others companies.
The underwater connectors market size was valued at USD 1.61 billion in 2020. The market is projected to rise from USD 1.66 billion in 2021 to USD 2.45 billion by 2028 at 6.01% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Underwater Connectors Market, 2021-2028.”
According to the study, a host of manned and unmanned underwater vehicles has gained traction following the demand for autonomous underwater vehicles and remotely operated vehicles. Manufacturers have exhibited a profound inclination for marine engineering equipment to explore growth potentials in the oil and gas sector.
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In terms of type, the market is segmented into electrical mateable, rigid shell, rubber molded, and inductive coupling.
Based on application, the market is segregated into unmanned underwater vehicle, defense, oil and gas, oceanography, and telecommunication.
With respect to connection, the market is fragmented into hybrid, optical fiber, and electrical.
On the basis of geography, the market includes North America, Asia Pacific, Europe, and the Rest of the World.
The report includes quantitative and qualitative analysis to provide a holistic view of the global market. The report also deep-dives into top-down and bottom-up approaches to provide a strategic approach on product mapping of new entrants and leading players. Primary sources, such as interviews with major stakeholders and opinion leaders, will validate the report’s authenticity. The report includes secondary sources, including annual reports, press releases, SEC filings and website reports to bolster the authenticity of the report.
Investments in Defense Sector to Bolster North America Market
Stakeholders envisage the U.S. as a lucrative investment hub in the wake of the trend for modernization of the submarine fleet. For instance, the U.S. Navy spurred the submarine portfolio through the expansion of the naval sector. The North America market outlook will be strong during the forecast period on the back of expansion of defense and unmanned underwater vehicle applications.
The Asia Pacific underwater connectors market growth will be pronounced in the wake of soaring expenditure in mining, deep-sea exploration, oil and gas, and defense sectors. Stakeholders expect India, China, Australia, and Japan to lead from the front following the technological advancements and integration of unmanned underwater vehicles.
Underwater connectors will be sought-after across Europe, owing to the presence of prominent OEMs, including Fischer Connectors S.A., Eaton, and TE Connectivity. Notably, the trend for electrical mateable and inductive coupling will further the demand for connectors across end-use applications.
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Drivers and Restraints
Rising Exploration Activities to Underpin Growth Potentials
Industry players are likely to witness an exponential demand for autonomous underwater vehicles for ocean current profile with tides, sub-bottom profiling, optical imagery, and salinity profiles. Considering the demand for AUV systems to collate information, the underwater connectors market share is likely to gain traction. Prominently, in October 2021, India’s National Institute of Ocean Technology rolled out a deep-sea exploration mission to develop, test, and manufacture underwater deep-sea exploration vessels. Moreover, advancements in the subsurface fleet and development of submarines could add fillip to industry growth. Notably, the U.S. Navy has upped efforts to foster unmanned underwater capabilities.
However, soaring installation and maintenance costs could dent the penetration of underwater connectors.
Industry Players to Focus on Product Portfolio Expansion to Bolster Footfall
Leading companies are likely to emphasize strategic approaches, including product launches, mergers and acquisitions, RandD activities, and technological advancements. Current trends suggest key players could invest in strategic expansion during the forecast period.
Key Industry Development
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Major Players Profiled in the Market Report:
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Underwater Connectors Market Size & Future Growth Worth USD 2.45 Billion, At a CAGR of 6.01% by 2028