Report : Europe Underwater Connector Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Rubber-Molded, Inductive Coupling, Fluid-Filled Underwater Mateable Connector, and Rigid-Shell/Bulk Headed), Connection (Electrical, Optical Fiber, and Hybrid), and Application (Military & Defense, Oil & Gas, Telecommunications, Oceanography, ROVs/AUVs, and Others)
At 6.8% CAGR, the Europe Underwater Connector Market is speculated to be worth US$ 812.93 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe underwater connector market was valued at US$ 547.47 million in 2022 and is expected to reach US$ 812.93 million by 2028, registering an annual growth rate of 6.8% from 2022 to 2028. Surge in oil & gas usage across the region and advanced subsea system for commercial and military applications are the critical factors attributed to the market expansion.
The market for Europe includes France, Germany, Russia, the UK, and the Rest of the European countries. The growth in offshore activities such as oil and gas, telecommunication, defense, wind offshore, and oceanography is opportunistic for underwater connector market growth in Europe. Further, the recovery of the economic condition from these industries is expected to drive the demand for oil and gas, telecommunication, oceanography, and many others in the region. The government bodies have taken various steps to provide an opportunity to these sectors. Thus, an increase in the number of projects in oil & gas, telecommunication, and defense industries would accelerate the demand for underwater connectors.
Growing industrialization and surging population propel the demand for oil and gas and telecommunication in Europe. Today, the European population uses as much crude oil and petroleum products in a single day as it did a year ago because of their various benefits. As crude oil requires less refining and is less hazardous to the environment. Moreover, owing to their availability and low cost, crude oil and petroleum are widely used in important sectors such as transportation, medicine, agriculture, textiles, plastics, hygiene products, heating, road asphalt, and metallurgy. The increasing penetration of underwater mining activities across Europe will propel the underwater connector's market growth. For instance, in November 2021, Nexans, a French offshore cable construction and installation company, was awarded a frame contract with Terna to deliver an interconnector cabling solution for its Tyrrhenian Link in Italy for more than US$ 738,16 million. Thus, the growing offshore cable construction in the ocean will further increase the underwater connectors demand and eventually drive the underwater connector market.
On the contrary, tough environmental regulations hurdles the growth of Europe underwater connector market.
- Based on type, the Europe underwater connector market is segmented into rubber-molded, inductive coupling, fluid-filled underwater mateable connector, and rigid-shell/bulk headed. With a market share of 37.2% rubber-molded segment led the market in 2022, amassing US$ 203.54 million. It is projected to garner US$ 307.31 million by 2028 to expand at 7.1% CAGR during 2022–2028.
In terms of connection, the Europe underwater connector market is segmented into electrical, optical fiber, and hybrid. The electrical segment dominated the market in 2022. With 45.6% share of the domain, the large enterprises segment dominated the market in 2022. It accrued US$ 249.67 million in 2022 and is estimated to generate US$ 356.87 million by 2028 to grow at a CAGR of 6.1% over the forecast period.
- Based on application, the underwater connector market is segmented into military & defense, oil & gas, telecommunications, oceanography, ROVs/AUVs, and others. The telecommunications segment held 37.2% market share in 2022, amassing US$ 203.88 million. It is projected to garner US$ 322.31 million by 2028 to expand at 7.9% CAGR during 2022–2028.
Our regional analysis states that Russia captured 21.7% market share in 2022. It was assessed at US$ 118.63 million in 2022 and is likely to hit US$ 145.19 million by 2028, exhibiting a CAGR of 3.4% during the forecast period.
Key players dominating the Europe underwater connector market are Fischer Connectors SA, Gisma Steckverbinder GmbH, Glenair, Hydro Group Plc., TE Connectivity, and Teledyne Marine among others.
A few recent market developments by key market players are as follows:
- In 2022, The Fischer family announced the launch of Conextivity® Group. This group will offer products, solutions and services that will cover the entire connectivity value chain.
- In 2022, Fischer Connectors extended its MiniMax product line by including three connectors and cables with the new options in body size, data speed and pin layout.
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