Underwater Connectors Market Size

Underwater Connectors Market Size

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.