Report : Middle East & Africa 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 3.2% CAGR, the Middle East & Africa Underwater Connector Market is speculated to be worth US$ 297.04 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa underwater connector market was valued at US$ 246.10 million in 2022 and is expected to reach US$ 297.04 million by 2028, registering an annual growth rate of 3.2% 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 Middle East & Africa (MEA) includes South Africa, Saudi Arabia, UAE, and the Rest of MEA. Oil and gas production is one of the prominent businesses in the region. Libya, the UAE, Saudi Arabia, Iran, and Qatar are a few countries that have seen growth in the oil business. Despite the slowdown in economic growth and substantial macroeconomic imbalances from lower oil prices in the last few years, oil and gas producing countries in the MEA are boosting their oil and gas production by partnering with foreign firms to expand the huge onshore and offshore oil and gas fields. The region is a major contributor to the oil & gas industry, accounting for a substantial share of the region's gross domestic product (GDP). Further, the MEA is projected to rapidly grow in urbanization and industrialization, driving the entire economy.
Moreover, the demand for underwater connectors across offshore reserves is expected to increase significantly due to rising oil and gas extraction and production investment across high and high-sea locations. Due to the rapid growth of the world's population, there is a rise in energy requirements. This, in turn, will increase technological demand and eventually drive the underwater connector market. In January 2022, Qatar Energy awarded McDermott Middle East an engineering, procurement, construction, and installation (EPCI) contract for offshore facilities and pipelines in connection with the North Field extension project. Qatar's LNG production capacity is planned to increase from 77 million tonnes per annum (MTPA) to 126 MTPA as a result of the North Field East (NFE) and North Field South (NFS) expansion projects. The expansion project is expected to begin production in 2025. Moreover, the installation of pipelines would contribute to the growth of an underwater connector market in the Middle East.
On the contrary, tough environmental regulations hurdles the growth of Middle East & Africa underwater connector market.
- Based on type, the Middle East & Africa 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 38.0% rubber-molded segment led the market in 2022, amassing US$ 93.40 million. It is projected to garner US$ 114.23 million by 2028 to expand at 3.4% CAGR during 2022–2028.
In terms of connection, the Middle East & Africa underwater connector market is segmented into electrical, optical fiber, and hybrid. The electrical segment dominated the market in 2022. With 45.8% share of the domain, the large enterprises segment dominated the market in 2022. It accrued US$ 112.61 million in 2022 and is estimated to generate US$ 131.40 million by 2028 to grow at a CAGR of 2.6% 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 33.7% market share in 2022, amassing US$ 82.86 million. It is projected to garner US$ 106.13 million by 2028 to expand at 4.2% CAGR during 2022–2028.
Our regional analysis states that the Rest of MEA captured 39.1% market share in 2022. It was assessed at US$ 96.27 million in 2022 and is likely to hit US$ 108.66 million by 2028, exhibiting a CAGR of 2.0% during the forecast period.
Key players dominating the Middle East & Africa underwater connector market are Fischer Connectors SA, Gisma Steckverbinder GmbH, 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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