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Underwater Connector Market to Grow at a CAGR of 5.9% to Hit US$ 2353.43 Bn by 2028 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners
Underwater Connector Market
According to our latest market study on "Underwater Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Connection and Application," the underwater connection market is expected to grow from US$ 1,665.93 million in 2022 to US$ 2,353.43 million by 2028; it is estimated to grow at a CAGR of 5.9% from 2022 to 2028.
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Underwater connectors, also known as marine or subsea connectors, are built to withstand harsh conditions such as corrosive seawater, high pressure, vibration, and shock. The marine market and the oil & gas industry are continually evolving. Testing and demonstrating surveillance systems such as permanent reservoir monitoring (PRM) systems are becoming more popular in these industries. These systems are used in oil and gas reservoirs to monitor critical changes and better quality data on oil & gas industry operations. In addition, these systems help in taking the production capacity decisions and life of the reservoir. Thus, in the oil & gas industry, the use of PRM systems is increasing at an exponential rate.
The underwater connector market has many small players engaged in the business, holding a significant portion of the global market. The small players are also involved in R&D activities to develop the connection technologies, further strengthening the underwater connector market size. In May 2019, Hydro Group plc introduced a new five-variant range of rubber-molded subsea connectors suitable for various seawater and freshwater applications. Due to such strategic moves, other stakeholders follow suit and invest in product innovation. Thus, such developments from the underwater connector manufacturers and government initiatives are driving the market outlook.
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With growing government and private investment in research & development activities, underwater connectors are used in offshore, geophysical, oil and gas, oceanographic, and marine defense applications operated by research, commercial, and defense organizations. Industries are integrating new technologies and using different raw materials to produce new underwater connectors with improved performance and durability under underwater conditions. Various carriers and network firms require high-speed data transmission systems, which demand the use of a modern undersea cable connector. Integrating new technologies increases the demand for underwater cable connectors as undersea mining and oil exploration become more common. As a result, the underwater connector market has an opportunity to rise rapidly over the forecast period.
Underwater Connector Market: Competitive Landscape and Key Developments
TE Connectivity Corporation; Glenair, Inc.; Marshall Underwater Industries, Inc.; Hydro Group; and Fischer Connectors SA are a few market players operating in the underwater connector market. In addition, several other important market players were studied and analyzed during the course of this study to get a holistic view of the global underwater connector market growth and its ecosystem.
Players operating in the underwater connector market are mainly focused on the development of advanced and efficient products.
1. In 2022, The Fischer Connectors Inc. announced the launch of Conextivity® Group. This group will offer products, solutions, and services that will cover the entire connectivity value chain.
2. In 2021, Fischer Connectors Inc. extended its MiniMax product line by including three connectors and cables with a new body size, data speed, and pin layout option.
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.
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