The global underwater connector market is estimated to account for US $ 1.52 Bn in 2018 and is expected to grow at a CAGR of 5.7% during the forecast period 2019 to 2027, and account for US$ 2.49 Bn by 2027.
The global underwater connector market is experiencing a single-digit growth with regards to the new product development, innovations, strategic partnerships, investments, and growing deployment in the current scenario and is anticipated to rise in the coming years. The market for underwater connector consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced product. These well-established players in the underwater connector market comprise of myriad tools, and techniques for underwater connectors and present different solutions for the customers to solve complex situations and put in-line operations strategies with different product line and combined solutions.
In the past three years, the region witnessed significant adoption of technologies such as Big Data, IoT, artificial intelligence, cognitive learning, machine learning, and powered solutions across all the sectors. The presence of some of the world’s largest business firms coupled with huge competition in the region has driven the demands from the end-user industry for adoptions of underwater connector services. Additionally, US is also considered to be the hub of innovations and therefore, the technological disruptions take place in this part of the world first before spreading to the other regions. And the market is becoming gradually prevalent across other developed and developing economies including Europe and MEA. Also, countries in APAC are experiencing high growth in the telecom service sector thus, propelling the growth of the underwater connector market.
The underwater connector market has been segmented based on type, connection, application, and geography. Based on type, the underwater connector market has been segmented into rubber-molded, inductive coupling, fluid-filled underwater mateable connector, and rigid-shell/ bulk-headed. Based on the connection, the underwater connector market has been segmented into electrical, optical fiber, and hybrid. In 2018, the electrical segment contributed a substantial share in the global underwater connector market. The digital revolution across the globe has changed consumer behavior drastically, which is, in turn, fuelling the demand for optical fiber. The optical fiber connection segment is anticipated to grow at a rapid CAGR of 7.1% during the forecast period. The underwater connector market is further segmented on the basis application into military and defense, telecommunications, oceanography, oil and gas, ROVs/AUVs, and others.
The overall underwater connector market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the underwater connector market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the underwater connector market.