Underwater Connectors Market Size

Underwater Connectors Market size was valued at USD 2.13 Billion in 2023 and is set to cross USD 4.95 Billion by 2036, expanding at more than 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of underwater connectors is evaluated at USD 2.26 Billion. The growth of the market can be attributed to growing demand for oil and gas. In 2022 as a whole, oil demand growth was increased to about 3 mb/d (+140 kb/d), and in 2023 it was increased to approximately 2 mb/d (+100 kb/d), when it would reach about 100 mb/d, globally. Hence, oil production and exploration operations rise along with the demand for oil, necessitating the usage of subsea machinery and sensors. Hence, owing to this the market is anticipated to grow.

Moreover, underwater connectors are in high demand as a result of the expansion of offshore renewable energy projects such as offshore wind farms. By 2030, the US federal government aims to have installed 30 gigawatts of new offshore wind energy. These connectors are necessary for transporting power from the turbines to the coast via the undersea cables. Hence, their demand is growing. Additionally, the usage of underwater sensors and monitoring tools has increased as a result of an increasing emphasis on environmental monitoring and preservation. These gadgets necessitate dependable and long-lasting connectors to provide proper data transmission and monitoring.