Selbyville, Delaware, Dec. 05, 2019 (GLOBE NEWSWIRE) --
According to latest report “Underwater Connectors Market by Type (Rigid Shell, Inductive Coupling, Rubber Molded, Underwater Electrical Mateable Connectors), Application (Defense, Oil & gas, ROVs/AUVs, Telecommunication, Oceanographic), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of underwater connectors will cross $1.8 billion by 2026.
The growth of the underwater connectors market can be attributed to the rising demand for fossil fuels across the globe, rising investments in deep-sea explorations for surveys & new reservoirs and increasing defense budget for expanding the naval fleet. The major connector manufacturers companies are focusing on long-term contracts and technological advancements to provide more efficient & reliable connectors for underwater applications. Increasing advancements in 3D printing & laser sintering manufacturing process and the use of new raw materials that include Glass-Filled Epoxy and Inconel will provide more reliable connectors for underwater applications.
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Some major findings of the underwater connectors market report include:
- Increasing investments in R&D activities by major connector manufacturers to reduce the size and weight of electro-optic connectors without compromising the performance for commercial & defense applications. Major applications of miniature underwater connectors include AUVs, marine mammal deployable systems, and underwater surveillance system
- The demand for more advanced ROV/AUVs is increasing across the globe due to the rising demand for homeland security and the rise of deep-sea exploration.
- The introduction of 5G in the Asia Pacific region and industrial growth are supporting the market growth.
- Major players in the telecom industry are investing over USD 300 billion in infrastructure setup for next-generation networks.
- Major players in the underwater connectors market include Eaton, Fischer Connectors SA, Amphenol, MacArtney, Siemens, TE Connectivity, Hydro Group, BIRNS, Teledyne Marine, Connector Subsea Solutions, Souriau SAS, Lemo S.A, and GE (General Electric)
- Companies are focusing on strategic collaborations and long-term contracts with industry players to gain market share.
- Increasing climate changes and the rising demand for the deep-sea survey telecom industry and oil & gas reservoirs will support the demand for oceanographic activates.
Major companies in the market are focused on providing more reliable underwater connectors for various applications. The manufacturers are focused on providing high-performance connectors to sectors such as oil & gas and defense. For instance, in June 2016, GE Oil & Gas launched new more efficient underwater connectors for offshore applications. The new subsea connector will increase the reliability of wet mate underwater connectors for high-voltage applications in deep-sea operations. The new connector can be used with variable speed drivers, transformers, motors loads, and switchgear.
High installation & maintenance costs are acting as major restraints for the underwater connectors market demand. Installation & replacement of underwater connector requires significant budget and resources as most of the systems are underwater or in deep-sea, Locating and replacing such small components would act as a major restraint for the operator. Most of the companies are focusing on various technologies for more reliable underwater connectors that can withstand such harsh environments. Most of the top manufacturers are using in-house environmental testing equipment for increasing the efficiency of underwater connectors.
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The expanding telecommunication industry, deep-sea mining, rising defense expenditure & cybersecurity, and oil & gas exploration projects are some of the major drivers supporting the growth of the underwater connectors market. Rising investments in telecommunication for next-generation networking, including 5G and high-speed data transfer are contributing to market growth. For instance, China is expected to invest over USD 180 billion for 5G connectivity. This investment will account for around 50% of the total investments on 5G connectivity in Asia Pacific by 2025.
The increasing demand for the unmanned underwater vehicles for commercial as well as military applications is contributing to the underwater connectors market revenue. The introduction of robotics in next-generation underwater vehicles is one of the major trends supporting market growth. For instance, uSEA, a Norway-based startup, is working on a new hybrid system for underwater applications. The new system is called uLARS, which will be used with AUVs, a system based on the air to air refueling and helps in recharging the battery underwater for longer operations. The system includes a towing head with an inductive connector for data transfer and battery charging.
Companies are providing more advanced & custom solutions for different underwater applications. The major industry players in the market are investing in in-house testing capabilities to avoid on-field failures and increase the reliability of connectors. The major industry players operating the market are investing in the next-generation manufacturing process, which includes the additive manufacturing process for large-scale production. The companies are focused on designing affordable technology with high performance. For instance, in 2019 MacArtney launched a new series of metal connectors for subsea applications. The new series of the connector, TrustLink Metal Shell connector comes in three different shell sizes suitable for the harsh underwater environment.
Browse key industry insights spread across 195 pages with 194 market data tables & 28 figures & charts from the report, “Underwater Connectors Market Size 2019–2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/underwater-connectors-market
Table of Contents (ToC) of the report:
Chapter 3. Underwater Connectors Market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2015 – 2026
3.4. Market evolution
3.5. Industry ecosystem analysis
3.6. Technology & innovation landscape
3.7. Regulatory landscape
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.1.1. Rise in telecommunication market
3.8.1.2. Introduction of deep-sea mining
3.8.1.3. Increasing defense budget curtaining to naval forces
3.8.1.4. Increasing oil & gas mining activities
3.8.2. Industry pitfalls & challenges
3.8.2.1. High installation and maintenance cost
3.8.2.2. Limited market players engaging in long term contracts, limiting growth opportunities
3.8.2.3. Highly customized requirement of client limiting the business opportunities
3.9. Porter’s analysis
3.10. PESTEL analysis
3.11. Growth potential analysis, 2018
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/underwater-connectors-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.