The underwater connector market in the Middle East & Africa is expected to grow from US$ 246.10 million in 2022 to US$ 297.04 million by 2028; it is estimated to grow at a CAGR of 3.2% from 2022 to 2028.
The rising demand for oil & gas is the major factor driving the Middle East & Africa underwater connector market. There is a rise in energy requirements due to industrialization and urbanization, which fuels the need to overcome the supply and demand gap for oil & gas. As a result, firms are exploring oil & gas in several countries, such as Saudi Arabia and Qatar. The Middle East has boosted its offshore oil & gas development activities, resulting in higher demand for underwater connectors, which improve the efficiency of various subsea systems. Because underwater connectors transmit power and data via electric or fiber optic cables, they are built to survive the severe underwater environment. Oil & 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 & gas producing countries in the region are boosting their oil & gas production by partnering with foreign firms to expand the huge onshore and offshore oil & 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). Thus, the surge in oil & gas exploration activities in the countries mentioned above is fueling the growth of the underwater connector market in the region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Middle East & Africa underwater connector market. The Middle East & Africa underwater connector market is expected to grow at a good CAGR during the forecast period.
Middle East & Africa Underwater Connector Market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Underwater Connector Market Segmentation
The Middle East & Africa underwater connector market is segmented into type, connection, application, and country.
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.
Fischer Connectors SA, Gisma Steckverbinder GmbH, TE Connectivity, and Teledyne Marine are among the leading companies operating in the MEA underwater connector market.