Global Underwater Cable Connectors Market Highlights over 2022 – 2031
The global underwater cable connectors market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing applications of underwater cables, including autonomous underwater vehicles (AUVs), oceanographic applications, and others. Initially, cable connectors were specifically used to power SONARs in the oceans, however, the advancement in technology has widened the range for underwater cable connector applications. The growing range of its applications is estimated to drive the market growth. Moreover, increasing underwater mining activities, along with the increasing oil drilling activities are anticipated to boost the market growth. Furthermore, escalating investments from the oil and gas companies, along with rising exploration and production activities in the energy and power industry, is anticipated to boost the market growth. According to the U.S. Energy Information Administration (EIA), the global consumption of oil is estimated to be 92.2 million barrels per day of petroleum and other liquid fuels, in 2020. Along with this, the growing research activities across the globe, combined with the development of advanced technologies are estimated to encourage the growth of the market.
The market is segmented by type into rigid shell, inductive coupling, rubber molded, underwater electrical connectors, and others, out of which, the rubber molded segment is anticipated to hold the notable share in the global underwater cable connectors market over the forecast period on account of higher affordability of rubber connectors, along with the higher resistance to corrosion. Moreover, the increasing availability of rubber molded cable connectors is estimated to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Underwater Cable Connectors Market Regional Synopsis
On the basis of geographical analysis, the global underwater cable connectors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Middle East and Africa region is estimated to witness notable growth over the forecast period, owing to the large number of oil reserves, along with growing investment from western countries in the oil and gas sector.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing oil production and oceanographic activities. Moreover, growing underwater research activities also require cable connectors, which is estimated to further boost the market growth in the region. As per the data by the World Bank, 2.734% of the GDP of North America was spent on research and development activities in the region, in 2018.
The global underwater cable connectors market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global underwater cable connectors market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing underwater mining and oil production activities are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
The major players in the market are SOURIAU-Sunbank, Hydro Group plc, Marshall Underwater Industries, Inc., Amphenol Corporation, Birns Aquamate LLC, Eaton Corporation PLC, Fischer Connectors SA, AG Geophysical, Teledyne Bowtech, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The rubber molded segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Life cycle limitations and corrosion threats are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing oil production in the region.
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