Underwater Connectors Market Size worth $1.8bn by 2026
Published Date: November 29, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Underwater Connectors Market size is anticipated to reach USD 1.8 billion by 2026; according to a new research report by Global Market Insights, Inc.
The positive industry trend in the market can be attributed due to increasing demand for high-speed internet connectivity across the globe. The telecom network is supported by underwater cables deployed throughout the world on ocean beds. Underwater connectors play a major role in providing junction and connection points to this underwater cable network. For instance, as of 2019, over 1.2 million Km of cable is expected to be deployed underwater solely for communication networks.
Increasing underwater recreational activities and deep-sea explorations are helping rubber molded connectors to grow
Rubber molded underwater connectors held a market share of over 38% in 2018 due to wide applications across sectors. Underwater rubber molded connectors are economical as compared to other types of connectors and have a limited lifespan. Due to this, these connectors are extensively used where frequent changes are done within the operating environment. Changing industry trends supported by developing economies across the globe and increased spending by individuals on recreation activities will drive the rubber molded connector market. Rising deep-sea exploration & mining activities are also contributing to the market growth. Deep-sea mining can be considered as mining activities on the seafloor between 13,000 ft. to 20,000 ft. and deep-sea activities including the collection of rare earth materials, natural gas reservoirs, and other minerals. Governments currently have no regulations curtaining to such mining activities. The other type of mining that happens around 4,000 ft to 12,000 ft is the conventional mining that concentrates on copper, phosphorous, and gold. Various instruments and machines used for such activities use underwater connectors. With the rising investments in deep-sea activities, the demand for underwater connector is expected to increase. For instance, in 2017, Nautilus Minerals became the first company to carry out deep-sea mining on the coast of Papua Guinea.
Browse key industry insights spread across 195 pages with 194 market data tables & 28 figures & charts from the report, “Underwater Connectors Market Size By Type (Rigid Shell, Inductive Coupling, Rubber Molded, Underwater Electrical Mateable Connectors), By Application (Defense, Oil & Gas, ROV/AUV’s, Oceanographic, Telecommunication), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Inductive coupling market growing at a CAGR of over 7%
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The inductive coupling market is growing due to their use in various autonomous operations to cater to the rising sea exploration. For instance, in June 2019, the startup, uSEA demonstrated a concept that allows ROVs, such as survey vessels, to reduce its operational costs and increase the underwater timespan. These vessels generally have 12-48 hours of underwater timespan as they operate on rechargeable batteries. The coupling is also used to transfer energy as well as data between a small gap of air/water without establishing any physical connection. The transfer occurs due to the change in current in one terminal, which induces voltage in another terminal, eliminating the requirement of any physical contact.
Significant upsurge in telecommunication industry in Asia Pacific
The introduction of new market players in the telecommunication industry and advancement in technologies are some of the major drivers for the underwater connectors market in the region. The expected commercialization of the 5G network in the last quarter of 2019 will provide significant opportunities for the market growth over the forecast period. India and China will play major roles in governing the market demand. For instance, in 2016, India became the second-largest data consuming platform across the globe, providing notable upsurge to telecommunication requirements. This upsurge requires significant investments in cable networks, pacing up the market. On the other hand, China officially commercialized the 5G network as of November 2019, providing a proliferated market scope.
Major industry players in the market are focusing on providing customized solutions to customers within the desired time frame with reliable quality standards to increase their market share. Other major strategic initiatives of industry players encompass long-term agreements, development of dealership network, and strategic alliances with other market players. For instance, in October 2019, Teledyne Marine received a USD 178 million contract to follow-up for MK11 Shallow Water Combat Submersible (SWCS) Systems by Naval Sea Systems Command (NAVSEA).
The major market leaders operating in the underwater connectors industry include Teledyne Marine, Seacon Group, Birns Aquamate LLC., Birns Inc., Encapsulation Limited, Dwtek CO. Ltd. Eaton Corporation. Fischer Connectors SA., Gisma Steckverbinder GMBH, Glenair. Hydro Group PLC, Lemo S.A, Marshall Underwater Industries, Inc., Scorpion Oceanics Ltd., and Amphenol Corporation.
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