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Underwater Connectors Market size exceeded USD 1 billion in 2020 and is estimated to grow at over 6.8% CAGR between 2021 and 2027.
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The increasing penetration of underwater mining activities across the globe will propel the underwater connectors market growth for underwater connectors manufacturers. Several nations are accelerating their deep-sea mining activities and exploration projects to cater to various vulnerable metals & minerals from underwater ridges, sediments, and seamounts. For instance, in February 2021, the Government of India announced an investment of around USD 540.4 million for deep-sea oceanography projects in the coming five years. The new projects will develop the country’s deep-sea mining, survey exploration, and conservation of deep-sea biodiversity. These government initiatives and funding activities will add an advantage to the market expansion.
Underwater connectors, also referred to as marine connectors and subsea connectors, are used to join electrical circuits underwater. Underwater connectors are designed to resist extreme environmental conditions including high pressure, shock, vibration, and corrosive seawater. These properties have increased the adoption of underwater connectors in submarine, unmanned underwater vehicles, cable networks, and mining projects, among others.
The COVID-19 pandemic has widely affected the underwater connectors market revenue due to the shutdown of various underwater mining projects and offshore oil & gas activities in mid-2020. Market players of underwater connectors are experiencing severe disruptions in the supply chain attributed to the trade barriers imposed by several nations. However, market leaders are strategizing their business activities by accelerating their manufacturing base in new regions and procuring raw materials for local companies. The pandemic has also boosted the demand for high internet connectivity to manage work-from-home activities, adding an opportunity to the industry growth.
Report Attribute | Details |
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Base Year: | 2020 |
Underwater Connectors Market Size in 2020: | USD 1.0 Billion |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 6.5% |
2027 Value Projection: | USD 1.5 Billion |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 238 |
Tables, Charts & Figures: | 175 |
Segments covered: | Type, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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The rubber molded segment captured 31.50% of the underwater connectors market share in 2020 and is projected to witness around a 6% growth rate by 2027. These rubber molded connectors offer low cost and easy mating & de-mating operations, increasing their demand in various applications including ROVs, underwater cameras, and communication systems, among others. However, these underwater connectors showcase low-performance and limited lifespan in extremely harsh environments due to rubber coating. The market participants are continuously inclined toward the development of rubber molded connectors that require design modification to withstand various underwater applications.
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The telecommunication segment held a market share of 30% in 2020 and will grow at a CAGR of 7.5% through 2027 led by the growing requirements for high-speed internet and network connectivity to accelerate digitalization & work-from-home initiatives. Rising initiatives and funding activities by regional governments and telecom operators to accelerate underwater cable networks will drive the market demand in the coming years.
The increasing development of 5G technology will further foster the development of submarine cable networks, adding an opportunity for the industry revenue. Several telecom operators are collectively investing in submarine communication cable projects to accelerate their 5G infrastructure and offer high bandwidth across the globe.
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Asia Pacific underwater connectors market accounted for around 35.5% of revenue share in 2020 and is poised to attain a CAGR of over 7.5 % during 2021 to 2027 driven by growing development & integration of AUVs & UUVs in mining activities and defense applications. For example, in December 2020, the Government of South Korea initiated the Defense Acquisition Program Administration (DAPA) to accelerate the development of AUVs in mine detections and countermeasure activities. These new AUVs can deliver accurate navigation and collision avoidance capability for the regional navy. The rising development of AUV applications in defense will augment the market for underwater connectors manufacturers.
Rising government initiatives and funding activities to accelerate the navy’s capabilities will further create market opportunities for regional players. The government is focusing on a long-term collaboration with underwater connector providers to accelerate their research activities in marine defense, adding an opportunity to the industry demand.
Key players operating in the underwater connectors market are
These companies are continuously focusing on new product innovation and research & development activities to cater to the high competitive edge in the industry.
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