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Underwater Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Connection, and Application
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.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Underwater Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Connection, and Application" - https://www.reportlinker.com/p06295713/?utm_source=GNW
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. 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.
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.
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.
A few underwater connector market players operating in the global market profiled in this market study include TE Connectivity, Glenair, Marshall Underwater Industries Inc, Hydro Group, and Fishcher Connector Inc.
The overall underwater connector market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the underwater connector market.
The process also serves the purpose of obtaining an overview and forecast of the underwater connector market size with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.
The participants typically involved in this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the underwater connector market.
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