Theunderwater connectors market sizewas valued at USD 1.61 billion in 2020. The market is projected to rise from USD 1.66 billion in 2021 to USD 2.45 billion by 2028 at 6.01% CAGR during the forecast period 2021-2028.Fortune Business Insightshas deep-dived into these insights in its latest research report, titled, Underwater Connectors Market,2021-2028.
According to the study, a host of manned and unmanned underwater vehicles has gained traction following the demand for autonomous underwater vehicles and remotely operated vehicles. Manufacturers have exhibited a profound inclination for marine engineering equipment to explore growth potentials in the oil and gas sector.
Drivers and Restraints
Rising Exploration Activities to Underpin Growth Potentials
Industry players are likely to witness an exponential demand for autonomous underwater vehicles for ocean current profile with tides, sub-bottom profiling, optical imagery, and salinity profiles. Considering the demand for AUV systems to collate information, the underwater connectors market share is likely to gain traction. Prominently, in October 2021, Indias National Institute of Ocean Technology rolled out a deep-sea exploration mission to develop, test, and manufacture underwater deep-sea exploration vessels. Moreover, advancements in the subsurface fleet and development of submarines could add fillip to industry growth. Notably, the U.S. Navy has upped efforts to foster unmanned underwater capabilities.
However, soaring installation and maintenance costs could dent the penetration of underwater connectors.
Major Players Profiled in the Market Report:
- Amphenol Corporation (U.S.)
- BIRNS AQUAMATE LLC (U.S.)
- BIRNS Inc. (U.S.)
- R.Encapsulation Limited (U.K)
- Eaton (Ireland)