As the global need for energy rises due to industrialization and urbanization, there is a need to overcome the gap between the supply and demand of oil & gas. As a result, firms are exploring oil & gas in several countries such as Brazil, Mexico, Saudi Arabia, Qatar, and Russia. The Middle East and North America have boosted their offshore oil & gas development activities, resulting in higher demand for underwater connectors, which improve the efficiency of various subsea systems. Because underwater connectors transmit power and data via electric or fiber optic cables, they are built to survive the severe underwater environment. For instance, in October 2021, Guyana announced its plan to develop a 220km-long underwater gas pipeline as part of its strategy to become one of South America’s top oil producers in the next four years. This is expected to increase the demand for underwater connectors. In December 2019, the Barossa Joint Venture signed a contract with Vocus Group Limited to build, operate, and own a high-capacity submarine fiber-optic network for the projected Barossa offshore gas project in the Bonaparte Basin, north of Darwin. The design, construction, and installation of the 500 km Bonaparte Basin Cable Loop (BBCL), which will be linked to the 2,100km Vocus North West Cable System, is the solution designed for the Barossa Project. Following a three-year design and construction phase, Vocus would be responsible for the network’s operation and maintenance for a minimum of 15 years. Thus, the surge of oil & gas exploration activities in the above-mentioned regions is fueling the growth of the underwater connector market.
TE Connectivity, Glenair, Marshall Underwater Industries Inc, Hydro Group, and Fishcher Connector Inc are the Prominent Market Participants in the Underwater Connector Market
TE Connectivity, Glenair, Marshall Underwater Industries Inc, Hydro Group, and Fishcher Connector Inc are the prominent market participants in the underwater connector market. The listing of key players is derived by considering multiple factors such as overall revenue, current underwater connector product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities. In addition to these players, there are several other important players operating in the underwater connector ecosystems which were studies analyzed during the course of this market research study, such as Birns Aquamate LLC; Birns Inc.; AK Industries; Gisma Steckverbinder GMBH; Marshall Underwater Industries, Inc.; and Teledyne Marine.
Most of the market initiatives were observed in the Europe region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
| Year | Development | Region |
| 2022 | The Fischer Connectors Inc. announced the launch of Conextivity® Group. This group will offer products, solutions and services that will cover the entire connectivity value chain. | Europe |
| 2022 | Fischer Connectors Inc., extended its MiniMax product line by including three connectors and cables with the new options in body size, data speed and pin layout. | Europe |
