A recent report published by Infinium Global Research on the underwater connectors market provides an in-depth analysis of segments and sub-segments in the global as well as regional underwater connectors market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional underwater connectors market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global underwater connectors market. According to the report, the global underwater connectors market is projected to grow at a CAGR of 6.2% over the forecast period of 2021-2027.
Underwater connectors are highly reliable, engineered interconnect solutions for power transmission, data transmission, and monitoring applications for a wide variety of harsh environments. Challenges relating to the marine environment are numerous as equipment goes deeper and remains in the seawater for longer periods of time. Underwater connectors have to withstand higher and higher pressure in such extreme conditions due to which product life cycles need to be increased and product maintenance operations simplified. It is made from a single marine bronze piece to ensure an extreme resistance to pull-out or transverse forces. Different types of cable termination are available to perfectly fit cabling needs.
Underwater connectors market size is expected to reach approximately USD 2.3 billion in 2027, with a CAGR of 6.2% during the forecast period. The increasing penetration of underwater mining activities globally is the key driving factor for the underwater connectors' market. There is growing interest in the mineral deposits of the deep sea largely due to depleting terrestrial deposits for metals such as copper, nickel, aluminum, manganese, zinc, lithium, and cobalt, coupled with rising demand for these metals to produce high-tech applications such as smartphones and green technologies such as wind turbines, solar panels, and electric storage batteries. The factors such as growing global demand for higher bandwidth for efficient and faster transmission of data and enormous investments from the defense and military sectors are estimated to drive the market in the near future. However, the high installation and maintenance cost of connectors is restraining the growth of the market. Moreover, increased focus on improving telecommunication infrastructure across several emerging economies due to the saturation of the internet of things is providing several growth opportunities for the key players in the underwater connectors and cables market in the future. The recent COVID-19 outbreak and the containment measures introduced by governments worldwide have affected the manufacturing sector to a large extent. The connector factories around the world have been running at maximum capacity to meet the demand for dozens of new cables under construction worldwide. The closure of factories and potentially others owing to coronavirus restrictions won’t immediately have negative repercussions on global connectivity, but it will push back the deployment of new systems.
Geographically, Europe dominates the global underwater connectors market owing to the early adoption of marine cables and connectors. Advancements toward an effective transmission network along with soaring energy demand from developing countries drive the demand for underwater connectors in this region. The interest for single-center underwater connectors market links is from the seaward wind area in Europe. Asia-Pacific region is the fastest-growing market across the globe with the majority of the demand coming from countries such as China and South Asian Countries. Emerging markets of Asia-Pacific and Latin America are anticipated to contribute significantly to the growth in the marine cables and connectors market worldwide. It is due to extensive investment in telecommunication applications and substantial growth in infrastructure upgrade activities across data centers.
The report on the global underwater connectors market covers segments such as type, connection, and application. On the basis of type, the sub-markets include rigid shell, inductive coupling, rubber molded, and underwater electrical mateable connectors. On the basis of connection, the sub-markets include electrical, optical fiber, and hybrid. On the basis of application, the sub-markets include defense, oil & gas, underwater vehicles, telecommunication, and oceanographic.
The report provides profiles of the companies in the market such as Birns Aquamate LLC., C.R. Encapsulation Limited, Marshall Underwater Industries, Inc, Eaton Corporation, Amphenol Corporation, Fischer Connectors SA, Teledyne Marine, SEACON, BIRNS AQUAMATE LLC, and Hydro Group Plc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the underwater connectors market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.