January 22, 2020
According to the research report titled ‘Underwater Connectors Market Size By Type (Rigid Shell, Inductive Coupling, Rubber Molded, Underwater Electrical Mateable Connectors), By Application (Defense, Oil & gas, ROVs/AUVs, Telecommunication, Oceanographic), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global underwater connectors market is expected to cross USD 2 billion by the year 2026.
According to the report, growing demand for fossil fuels coupled with increasing defense budgets are major factors driving the underwater connectors market growth. There has been an upsurge in investments in deep-sea exploration activities not only for surveillance purposes but also to discover new reservoirs which is further aiding market size.
Moreover, rising adoption of new raw materials like Inconel and Glass-filled Epoxy to provide reliable underwater connectors coupled with advancements in laser and 3D printing technology are aiding the market expansion. Growing demand for automated underwater vehicles for military as well as commercial applications are fueling the growth of the market.
Rising R&D investment by key industry players in order to reduce weight and size of electro-optic connectors without decreasing the performance for defense and commercial applications are stimulating the industry outlook. Major companies are focusing on developing reliable underwater connectors that can operate in harsh environments. However, high maintenance and installation costs associated with underwater connectors may hinder the market growth.
Based on application spectrum, ROV/AUVs segment is presumed to expand significantly during the estimated timeframe. Growing demand for homeland security has bolstered the demand for ROV/AUVs which in turn is contributing towards the growth of the market.
On the other hand, the telecommunications segment is expected to register substantial growth during the forecast period. Rapid expansion of telecommunication industry coupled with escalating investments in 5G technology and high-speed data transfer are facilitating the business scenario.
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Considering the geographical landscape, Asia-Pacific underwater connectors market is poised to amass commendable gains in the ensuing years. Factors such as rapid industrialization and introduction of 5G technology are contributing towards the popularity of the underwater connectors across the region.
The prominent companies operating in the underwater connectors market are Teledyne Marine, Souriau SAS, Seacon Group, Scorpion Oceanics Ltd., Marshall Underwater Industries Inc., Lemo S.A., Hydro Group PLC, Gisma Steckverbinder GMBH, Fischer Connectors SA, Eaton Corporation, Dwtek Co. Ltd., C.R. Encapsulation Ltd., BIRNS Inc., Birns Aquamate LLC, and Amphenol Corporation.
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