Underwater Connector Market Size Worth US$ 2,353.43 million By 2028 | CAGR 5.9%: The Insight Partners

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.

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.

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Market Insights - Underwater Connector Market

Europe led the underwater connector market with a substantial revenue share in 2021. Being a technologically advanced region, the increasing adoption of IoT, artificial intelligence, and machine learning-based products is fueling the demand for strong network connections. Further, European countries' initiatives such as the Net-zero target to limit the carbon footprints are increasing the deployment of energy-efficient products and services. In addition, the deployment of 5G with rising penetration of smartphones and increasing adoption of industry 4.0 in manufacturing industries forced the telecommunication industry to enhance network services. Therefore, an increase in deployments of submarine communications cables for strong and continuous network connections is boosting the demand for underwater connectors in Europe. The increasing oil and gas production in some countries in Europe is positively impacting the underwater connector market growth. Russia is the largest supplier of natural gas and petroleum to the European Union; however, the Russia and Ukraine war is negatively impacting the oil & gas industry, which may slow down the growth of the underwater connector market. Further, a shift in business models, such as working from home, is providing an opportunity for the underwater connector market players.

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The underwater connector market is segmented on the basis of type, connection, application, and geography. Based on type, the market is segmented into rubber-molded, inductive coupling fluid-filled underwater mateable connector, and rigid-shell/bulk headed. Based on connection, the market is segmented into electrical, optical fiber, and hybrid.  Based on application, the market is segmented into military & defense, oil & gas, telecommunications, oceanography, ROVs/AUVs, and others. On the basis of geography, the underwater connector market size is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

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.

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Contact Us: If you have any queries about this report or if you would like further information, please contact us: Contact Person: Sameer Joshi E-mail: sales@theinsightpartners.com Phone: +1-646-491-9876

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, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.