The global underwater connectors market is expected to grow at a CAGR of 7.3% during the forecast period. The global underwater connector market is driven by the rising need for underwater connectors in the use of Autonomous Underwater Vehicles (AUVs), a robot which travels underwater without requiring input from an operator. Thus, many companies are developing the underwater connectors specifically for the use of Autonomous Underwater Vehicles (AUVs). For instance, Hydro Group has developed the underwater connector systems capable of handling massive data transmission in the Autonomous Underwater Vehicles (AUVs). Moreover, increasing demand for the underwater connectors in the extraction process of oil and gas in the oceanic floor is a key driver in the growth of global underwater connectors market.
Rubber Molded Segment Is Expected To Hold the Largest Market Share
Rubber molded underwater connectors are cost effective and are used across several industry verticals. Also, they are available in various sizes ranging from single contact connectors up through 12 contact connectors, offering many alternatives to the customers. Further, it delivers superior performance in underwater lighting and cameras, diver communications, ROVs, and sonar systems.
Oil and Gas Sector Is Expected To Witness the Highest Growth Over the Forecast Period
In the recent years, the demand for advanced technologies is rising, mainly for the extraction process of oil & gas from ocean floors. The underwater connectors provide the superior performance in the extreme environmental conditions in the processing of extraction of oil and gas in the ocean.
Asia-Pacific to Rule the Global Market
Asia Pacific is anticipated to account the major market share in the global underwater connector market in the upcoming years due to presence of the several cabling manufacturers in the region. Countries in this region including South Korea, India, China, and Japan are highly investing in oceanic activities such as fish farming and aquaculture. Moreover, the rising development of the oil & gas sector in this region is resulting in higher demand for these devices.
Global Market Scenario
Some of the major market players in the global underwater connector market are Fischer Connectors SA, Birns Aquamate LLC, Marshall Underwater Industries, Inc., Eaton Corporation, Teledyne Marine, GISMA Steckverbinder GmbH, Amphenol Corporation, and Hydro Group PLC among others. These market players are mainly adopting the key strategies such as R&D investment and collaboration with the other market players for the new product development and to enhance the product portfolio in the global underwater connector market. For instance, in the year 2019, the Hydro Group PLC has introduced a new range of rubber-moulded subsea connectors with five variants– from bulkheads, attachables and inlines to overmoulds and dummy plugs.