Marine markets are evolving rapidly. And, combined with growth in oil and gas industry, the market leads to a larger demand for underwater connectors, which are used for security in associated processes. These industries require testing and demonstrating of surveillance systems. An important system is Permanent Reservoir Monitoring.
This means a lot of cables and their assemblies are now required, and this is where underwater connectors play a crucial role. Recently developed technologies improve upon subsea system positively, generating demand for underwater connectors specifically.
At this point, it is important to talk about the year 2019, which has proved to be quite phenomenal for oil and gas industry in the domain of exploration. The year has proved to be the third consecutive year with high number of leases handed out. The actual number of these lease rounds carried out is 50.
Besides, a number of exploration hotbeds discovered and coming up to their reputation include the Mediterranean region, Africa and Latin America, with the Mediterranean leading the group. In these hotspots, great discoveries are being made. And, in 2019, the number was 26 which translates to 100 BOE (Barrels of Oil Equivalent) in the industry speak. In total, the world witnessed discoveries that translate to a 12.2 billion barrels in the same year.
Transparency Market Research has undertaken an extensive research study into the market’s growth dynamics. And, as per findings for the period 2019-2027, it states that sales would be as high as USD 1.8 billion. That means a steady growth rate of 4%, compounded annually is set to emerge over the period, keeping market players hooked to the underwater connectors landscape in anticipation of lucrative and untapped growth opportunities.
It is worth noting here that their critical role in enabling seamless communication below the water is also a major factor in helping the market growth at the stated pace. Additionally, experts believe that role they play in renewable energy sources landscape will also propel the market forward over the forecast period. Besides, these are also used in oceanography, telecommunications, and ROVs/AUVs. Together, all three create generous demand for underwater connectors.
The only factor that is hampering the global underwater connectors market is the drawbacks associated with rigidity of shell underwater connectors as they are prone to breakage when pressure changes underwater, especially between outer and inner surface.
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Regional Growth Decoded:
Region-wise the global underwater connectors market would witness North America emerge as the holder of a significant market share and Asia Pacific (APAC) emerge as the largest charter of growth. The former owes its growth statistics to strong players flexing muscles in the regional landscape and the latter owes it to increase in oceanographic activities over the forecast period. Some of the countries that will emerge as leading contributors include South Korea, India, and China. The reasons are high fishing and aquaculture related activities in these countries.
The other region that will command respect in the global underwater connectors market over the forecast period is the Middle East and Africa region. It will chart moderate growth but the opportunities will be novel and untapped, luring the market players to itself. Only South America will show a low level of growth in the market over the forecast period.
The global underwater connectors market’s vendor landscape is fragmented and key players include Eaton Corporation, LEMO, Souriau, Teledyne Marine, SEACON, BIRNS AQUAMATE LLC, BIRNS, Inc., Fischer Connectors SA, Hydro Group Plc., and Marshall Underwater Industries, Inc., among others. Most of these are keenly focused on improving edge over competitors, thereby deploying a number of organic and inorganic strategies of growth over the forecast period.