Based on such innovations, GMI, Inc., suggests that the underwater connectors market may exceed USD 1.5 billion by 2027. 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.

The need to achieve a technological lead in underwater warfare is encouraging key nations like Germany, UK, Russia, the U.S., and China to make heavy investments in different underwater defense technologies.

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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.

Given to surging demand, companies operating in the underwater connectors market are developing new, innovative products. For example, in 2020, Fischer Connectors SA announced the first patent grant for its Fischer Freedom Series of connectors that have advanced technology and features.

Mentioned below are some of the ongoing trends in the underwater connectors market:

Robust usage of rigid shell underwater connectors

The rigid shell segment accounted for around 24.5% share in 2020 and is anticipated to rise significantly over the forecast timeframe owing to growing demand for strong connectivity solutions from critical offshore and subsea applications. These connectors have high-end features including longer lifespan, robust build, and lesser number of un-mating and mating cycles. They are also appropriate for critical subsea environments. There is a focus on using newer materials like titanium, stainless steel and nickel, to enhance the features of these connectors.

Surging demand in the oil & gas sector

The oil & gas application category registered around 23% in 2020 and is likely to record a CAGR of 6.5% in the upcoming years. Underwater connectors are widely integrated into pumping systems, offshore drills, underwater maintenance robots, and pipelines in the oil & gas industry. High demand for crude oil and geotagging of several offshore oil & gas reservoirs is expected to boost product penetration. Many oil & gas manufacturers are working on new discoveries and explorations of crude oil reservoirs. However, stern regulations to curb the impacts of climate change could halt oil exploration activities, impeding industry expansion.

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Europe to amass major industry foothold

The Europe underwater connectors market is projected to garner 5.5% CAGR credited to favorable government initiatives that support the offshore renewable energy sector. The European Commission, in 2020, released a strategy which focuses on raising the region’s offshore wind capacity and establishing fixed and floating offshore wind energy projects. Cable systems and underwater connectors transfer electricity from offshore plants to onshore electric grids. In 2018, Eaton launched its new range of underwater connectors for use at shallow depth, meant for marine applications such as oil exploration, maritime surveillance equipment, and weather buoys, among others.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Definitions and scope

1.2    Methodology

1.3    Region-wise COVID-19 impact analysis:

1.3.1    North America

1.3.2    Europe

1.3.3    Asia Pacific

1.3.4    Latin America

1.3.5    Middle East & Africa

1.4    Data Sources

1.4.1    Secondary

1.4.2    Primary

Chapter 2   Executive Summary

2.1    Underwater connectors market 360⁰ synopsis, 2016 - 2027

2.2    Business trends

2.3    Regional trends

2.4    Type trends

2.5    Application trends

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