Report : North America 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 6.1% CAGR, the North America Underwater Connector Market is speculated to be worth US$ 568.97 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America underwater connector market was valued at US$ 399.35 million in 2022 and is expected to reach US$ 568.97 million by 2028, registering an annual growth rate of 6.1% 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.
With growing government and private investment in research and development activities, underwater connectors are used in offshore, geophysical, oil and gas, oceanographic, and marine defense applications operated by research, commercial, and defense organizations. Industries are integrating new technologies and using different raw materials to produce new underwater connectors with improved performance and durability under underwater
conditions. Various carriers and network firms require high-speed data transmission systems, which demand the use of a modern undersea cable connector. Integrating new technologies increases the demand for underwater cable connectors as undersea mining and oil exploration become more common. For instance, NiobiCon is a novel type of underwater electrical connection that allows for power and data transfer without the use of seals, oil, or moving parts. This technology was created to solve the inefficiency of the underwater recharging of autonomous vehicles. The niobium connector develops its own thin isolating layer when it comes into contact with water, which is scraped off when the connection is completed. The layer regenerates immediately after being unplugged. Northrop Grumman engineers developed the technique to establish a safe, dependable, and economical means to link electric currents in a wet or corrosive environment while keeping the power flowing. Moreover, the investment for new technology by government and private institutes has increased. As a result, the underwater connector market has an opportunity to rise rapidly over the forecast period
On the contrary, tough environmental regulations hurdles the growth of North America underwater connector market.
Based on type, the North America 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 36.2% rubber-molded segment led the market in 2022, amassing US$ 144.75 million. It is projected to garner US$ 209.41 million by 2028 to expand at 6.3% CAGR during 2022–2028.
In terms of connection, the North America underwater connector market is segmented into electrical, optical fiber, and hybrid. The electrical segment dominated the market in 2022. With 46.0% share of the domain, the large enterprises segment dominated the market in 2022. It accrued US$ 183.80 million in 2022 and is estimated to generate US$ 249.40 million by 2028 to grow at a CAGR of 5.2% 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$ 148.58 million. It is projected to garner US$ 223.69million by 2028 to expand at 7.1% CAGR during 2022–2028.
Our regional analysis states that US captured 57.1% market share in 2022. It was assessed at US$ 228.08 million in 2022 and is likely to hit US$ 338.88 million by 2028, exhibiting a CAGR of 6.8% during the forecast period.
Key players dominating the North America underwater connector market are Brins Automates LLC, Brins Inc., 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.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: email@example.com