Press release
Underwater Connector Market In-depth Research with Industry Rapidly Boost in Future Forecast To 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.
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Analysis of the Top Market Players:
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.
In this report, the market has been segmented on the basis of:
Type (Rubber-molded, Inductive Coupling Fluid-Filled Underwater Mateable Connector, and Rigid-Shell/Bulk Headed)
Connection (Electrical, Optical Fiber, and Hybrid)
Application (Military & Defense, Oil & Gas, Telecommunications, Oceanography, ROVs/AUVs, and Others)
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Companies are conducting oil and gas exploration activities in several countries to close the gap between demand and supply. 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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