Transparency Market Research delivers key insights on the global underwater connectors market. In terms of revenue, the global underwater connectors market is estimated to expand at a CAGR of ~ 4% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global underwater connectors market.
Underwater connectors help in joining subsea optical or electric circuits to facilitate smooth underwater communication. The need for underwater connectors has been rising at a rapid pace in the global offshore industry, due to their use across oil & gas, oceanography, ROVs/AUVs, and telecommunication industries. Furthermore, with increasing focus on renewable energy sources, the demand for underwater connectors is gradually increasing in offshore renewable energy fields.
In this market report, TMR proposes that, the ROVs/AUVs and military & defense application segments are estimated to outpace other application segments by 2027. Increasing use of underwater connectors in underwater military and defense vehicles and systems, along with their growing use in remotely operated and autonomous underwater vehicles in and around numerous regions, is the key reason for the rise in the demand for underwater connectors across the globe. Furthermore, increasing worldwide military spending and growing adoption of ROVs led by the increasing demand for offshore energy and the rising number of offshore wells are expected to drive the global underwater connectors market from 2019 to 2027. For instance, AUVs are increasingly being used for deep-water surveys. Moreover, a large number of AUVs are being used for sea line inspections, worldwide, and with the growing infrastructure and subsea pipeline networks, the adoption of AUVs is expected to increase. Increasing adoption of AUVs is projected to fuel the demand for underwater connectors during the forecast period. In addition to this, the adoption of underwater connectors in oceanography and telecommunication applications is rising considerably, due to the increasing demand for data, worldwide. This is likely to drive the global underwater connectors market during the forecast period.
However, certain drawbacks of rigid-shell underwater connectors are likely to adversely impact the global underwater connectors market during the forecast period, as rigid-shell connectors can break as a result of variation in the pressure between the inner surface and the outer surface of the shell.