Underwater Connectors Market: Assessing Market Size and Growth Trends in Subsea Connectivity Solutions

The underwater connectors market size has grown strongly in recent years. It will grow from $1.62 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to growth in subsea exploration and production, increasing offshore renewable energy projects, expansion of underwater communication networks, underwater research and surveillance applications, demand in defense and military applications.

The underwater connectors market size is expected to see strong growth in the next few years. It will grow to $2.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rise in offshore wind farms and submarine cables, technological advancements in deep-sea exploration, increased investment in subsea infrastructure, expansion of oceanographic research activities, growing demand for unmanned underwater vehicles (uuvs). Major trends in the forecast period include underwater data centers, deep-sea mining operations, military and defense applications, smart ocean technologies, global expansion in blue economy initiatives.

Market Overview -
Underwater connectors, also known as wet-mate connectors, subsea connectors, or marine connectors, refer to a tool that is intended to be coupled or uncoupled in wet settings and is strong enough to survive extreme conditions such as corrosive seawater, pressure, vibration, and shock. They are utilized in various underwater applications, including military electronics for submarines and other deep-sea applications, ocean drones, buoys, miniature Remotely Operated Vehicles (ROVs), and commercial diving equipment.

Download Free Sample of Report -

https://www.thebusinessresearchcompany.com/sample.aspx?id=12413&type=smp

Exploring The Surge In Underwater Connectors Market Amidst Oil And Gas Expansion
Increasing oil and gas exploration activities are expected to propel the growth of the underwater connectors market going forward. Oil and gas exploration is the process of searching for areas with significant oil and natural gas resources that might be used for drilling and extraction sites, as well as reserves of oil and gas. As oil and gas exploration efforts expand, more underwater connectors will be required to establish and maintain efficient and reliable connections between underwater wells, pipelines, and processing facilities. For instance, in April 2023, according to a report published by the US Energy Information Administration (EIA), a US-based federal statistical agency, the deployment of active well service rigs in the United States increased from 738 in 2020 to nearly 949 in 2021, representing a growth of 22.23% due to rising oil and gas exploration and drilling operations. Furthermore, in December 2022, according to the reports shared by the Energy Information Administration (EIA), a US-based government agency, US Oil production increased from 11.2 million barrels per day (b/d) in 2020 to 11.6 million barrels per day (b/d) by 2021, and natural gas production increased from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day by 2021. Therefore, an increase in oil and gas exploration activities is driving the growth of the underwater connectors market.

Competitive Landscape -
Major companies operating in the underwater connectors market report are 3M Company, Baker Hughes Co., Eaton Corporation, TE Connectivity Corp., Amphenol Corporation, Lemo S.A., Glenair Inc., Bel Fuse Inc , Souriau SAS, Radiall, PEI-Genesis, Fischer Connectors SA, MacArtney A/S, Wiska UK Ltd, Switchcraft Inc., Bulgin Limited, ODU Group, Hydro Group PLC, Teledyne Marine, Advanced Navigation, WEH Technologies Inc., C.R. Encapsulation Ltd, BIRNS Inc., Connectronics Corp., Amron International Inc., Blueprint Subsea, Leap Underwater Technologies, BIRNS AQUAMATE LLC, Marshall Underwater Industries Inc., Scorpion Oceanics Ltd.

Mechanical Connector Redefines The Underwater Connectors Market
Product innovations are a key trend gaining popularity in the underwater connector market. Major companies operating in the underwater connector market are developing new products to sustain their position in the market. For instance, in March 2021, Connector Subsea Solutions Corp. (CSS), a Norway-based producer of offshore connectors for the energy industry, introduced MORGRIP MORSMART. NEW The Mechanical Connector product line is small and light, so it requires less handling capacity during offshore installation. The MORGRIP MORSMART is a permanent repair solution for subsea pipeline repair and tie-in that is rapid and simple to deploy. The product is designed, manufactured, and tested to meet high-quality standards and industry requirements. These units feature a compressed elastomeric seal system and a collet gripping mechanism to allow the proper application to a broad range of new or existing pipeline widths, wall thicknesses, and pressures.

Browse Full Report @

https://www.thebusinessresearchcompany.com/report/underwater-connectors-global-market-report

Key Segments -

The underwater connectors market covered in this report is segmented -

1) By Type: Fluid Filled Underwater Mateable Connector, Inductive Coupling, Rigid Shell Or Bulkhead, Rubber Molded
2) By Connection: Alternating Current Connectors, Direct Current Connectors, Wireless Power Connectors
3) By End User: IT And Telecom, Marine, Military And Defense, Oil And Gas, Other End-users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.