Underwater Connector Market : Key Players, Applications, Outlook, SWOT Analysis And Forecasts By 2028

The Underwater Connector Market is expected to grow from US$ 1665.93 million in 2022 to US$ 2353.43 million by 2028; it is estimated to grow at a CAGR of 5.9% from 2022 to 2028.

The underwater connector market is primarily driven by increasing global oil and gas exploration activities. Energy demand is rising with the constant economic growth of countries such as the US and China. For instance, according to the US Bureau of Economic Analysis, the US's gross domestic product (GDP) increased by 3.5% in the first quarter of 2022. Likewise, as per the National Bureau of Statistics of China, the Chinese economy expanded by 4.8% year-on-year (Y-O-Y) in Q1 of 2022. Companies are conducting oil and gas exploration activities in several countries to close the gap between demand and supply.

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The List of Companies - Underwater Connector Market
1. Brins Automates LLC
2. Brins Inc.
3. Glenair
4. AK Industries
5. Fishcher Connectors SA
6. Gisma Steckverbinder GmbH
7. Hydro Group Plc.
8. Marshall Underwater Industries, Inc.
9. TE Connectivity
10. Teledyne Marine

For instance, on June 05, 2022, Great Eastern Energy Corporation Ltd, a pioneer in India's coal bed methane industry, announced its US$ 2 billion (in shale gas exploration at its Raniganj South block in West Bengal. Further, on May 26, 2022, Aramco, a leading oil company in Saudi Arabia, pledged to increase investments by around 50% in 2022 as it reported a doubling in 2021 profits. In addition, due to the pressure from the West to increase output amid soaring prices, the country's oil export reached US$ 30 billion. In March 2022, Cairn Oil & Gas, a subsidiary of Vedanta Ltd., announced its investment of US$ 4 billion over the next three years to triple its production. Owing to the high prices of fuels, the company plans to drill more wells in 51 blocks in India to look for new oil and gas reserves. These investments by the oil and gas companies are accelerating the growth of the underwater connector market.

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The growth of the North America underwater connector market is attributed to the increasing defense budget curtaining to naval forces. In addition, the telecommunication industry in North America are significantly investing in the deployment of 5G for strong network connections. In North America, the US spends massive capital on enhancing its defense. For instance, in April 2022, the US government approved US$ 29 billion for the defense sector in the US for the fiscal year 2022, a massive increase in the defense budget. This has created lucrative opportunities for key players operating in the underwater connection market. Further, the country leads in the adoption of technologies. Birns Aquamate LLC; BIRNS, Inc.; Marshall Underwater Industries, Inc.; and Teledyne Marine are among the key underwater connector companies operating in North America. The dispersion of upgrade contracts to enhance the capabilities of the defense naval fleet has a significant impact on the underwater connector market.

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COVID-19 Pandemic Impact on Underwater Connector Market Players

The COVID-19 pandemic negatively influenced the global underwater connector market due to considerable disruption in the supply chain activities and several countries sealing off their international trade. Due to the pandemic, end users across industries faced revenue loss in 2020. The only end user that supported the underwater connector market growth during the pandemic was the military and defense. The decline in demand across various industries such as oil & gas and telecommunications, negatively impacted the demand for underwater connectors, thereby, impacting the growth of the underwater connector market negatively.

Canada's growing industrialization and surging population propel the demand for oil and gas, telecommunication, and oceanography in the region. Today, the Canadian population uses as much telecommunication in a single day as it did a year ago because of its various benefits. For instance, in September 2020 Telus and the Canadian government have committed CAD 15 million to the installation of an undersea fiber-optic connection between Sept-Iles and the Gaspesie region. This connection will increase the dependability and security of telecommunication services on the North Shore, as well as redundancy. The submarine cable is expected to be completed by 2023, according to Telus and the government. Further, the GSP group has signed an offshore drilling service deal with Canada-based Company Trillion Energy International for the South Akcakoca Sub-Basin (SASB) gas field drilling program from 2022 to 2023.

Therefore, the market for the underwater connector is rising in the country due to the growing implementation of the fiber optic cable in the submarine which is driving the underwater connector market. Additionally, Canada imports crude oil despite producing more crude oil than its refineries can handle. Because of the refineries' locations and the type of crude oil produced in Canada, the country is forced to import a considerable volume of crude oil, as a result, the country is expanding its refinery process and is providing a platform for connector producers as the cable is installed in the ocean, leading in market expansion. Thus, the above-mentioned fact is driving the underwater connector market growth.

TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Underwater Connector Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe - PEST Analysis
4.2.3 Asia-Pacific - PEST Analysis
4.2.4 Middle East and Africa - PEST Analysis
4.2.5 South America - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Underwater Connector Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in Oil & Gas Usage Across the Globe
5.1.2 Advanced Subsea System for Commercial and Military Applications
5.2 Market Restraints
5.2.1 Stringent Environmental Regulations
5.3 Market Opportunities
5.3.1 Growing Investment in New Technologies
5.4 Trends
5.4.1 Surge in Demand for Bandwidth Due to Emergence of 5G
5.5 Impact Analysis of Drivers and Restraints
6. Underwater Connector Market - Global Market Analysis
6.1 Underwater Connector Market Overview
6.2 Underwater Connector Market Forecast and Analysis
6.3 Market Positioning - Global Key Players
7. Underwater Connector Market Analysis - By Type
8. Underwater Connector Market - By Connection
9. Underwater Connector Market - By Application
10. Underwater Connector Market - Geographic Analysis

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