Underwater Connectors Market Opportunities & Prominent Trends 2027

Underwater Connectors Market Opportunities & Prominent Trends 2027

The underwater connectors market research study is a detailed document that presents a gist of the global industry space in terms of numerous parameters. Some of these falls along the likes of the industry insights, growth drivers, industry segmentation, and trends worldwide. Also included in the research report is information pertaining to the companies partaking in the market share and the information pertaining to the regulatory norms that impact the commercialization landscape of this vertical.

The global underwater connectors market is expected to showcase momentous growth in the coming years ascribed to rampant investments in the renewable energy generation sector and growing defense budgets by economies like the U.S., China, Russia, the UK, and Germany. Developed nations are constantly investing and competing in the battle to gain technological progression in underwater warfare. In December 2020, China deployed a fleet of underwater drones in the Indian Ocean which can operate on end for more than a month and can make observations for naval intelligence purposes. Such innovative defense projects are expected to add multiple growth opportunities for underwater connector suppliers and manufactures.

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The current covid19 pandemic has severely impacted the underwater connectors market growth in the first half of 2020. Strict lockdowns and trade bans imposed by governments have resulted in disruption of import-export of underwater connectors and international trade barriers. Additionally, the pandemic has led to shut down of various underwater mining projects and offshore oil & gas activities temporarily, restraining market growth for a short-term period.

Meanwhile, oil & gas application sector held a market stake of around 23% in 2020 and is anticipated to grow at 6.5% CAGR over the forecast period. Rising demand for crude oil across the globe is said to be one of the major factors accelerating the demand for underwater connectors. These connectors are expansively integrated into pumping systems, pipelines, offshore drills, and underwater maintenance robots used in oil & gas activities.

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In Europe, the underwater connectors market is anticipated to register 5.5% CAGR between 2021 to 2027. Government policies favoring support to offshore renewable energy projects may favor industry expansion. In November 2020, the European Commission introduced the offshore renewable energy approach, which will emphasize on creating floating & fixed offshore wind energy projects. This new strategy aims on increasing the region’s offshore wind capacity to 60 GW from 12 GW existing capacity by 2030. Underwater cable systems and connectors transfer electricity from such offshore plants to onshore electric grids.

Some of the major players operating in the underwater connectors market are Eaton Corporation, Birns Aquamate LLC., Amphenol Corporation, Fischer Connectors SA, Teledyne Marine, and C.R. Encapsulation Limited, among others. These players are fixating on research and development activities as well as new product innovations for staying competitive in the market.

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