seobhushan (21)

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Underwater Connectors Market is projected to
reach CAGR 6.5 by 2027
2
Key Insights from Underwater Connectors Market

• The current covid19 pandemic has severely
  impacted the underwater connectors market growth
  in the first half of 2020. Strict lockdowns and
  trade bans imposed by governments have resulted
  in disruption of import-export of underwater
  connectors and international trade barriers.
  Additionally, the pandemic has led to shut down
  of various underwater mining projects and
  offshore oil gas activities temporarily,
  restraining market growth for a short-term
  period.
• Oil gas application sector held a market stake
  of around 23 in 2020 and is anticipated to grow
  at 6.5 CAGR over the forecast period. Rising
  demand for crude oil across the globe is said to
  be one of the major factors accelerating the
  demand for underwater connectors. These
  connectors are expansively integrated into
  pumping systems, pipelines, offshore drills, and
  underwater maintenance robots used in oil gas
  activities.

3
Regional Insights in Underwater Connectors
Market

• In Europe, the underwater connectors market is
  anticipated to register 5.5 CAGR between 2021 to
  2027. Government policies favoring support to
  offshore renewable energy projects may favor
  industry expansion. In November 2020, the
  European Commission introduced the offshore
  renewable energy approach, which will emphasize
  on creating floating fixed offshore wind energy
  projects. This new strategy aims on increasing
  the regions offshore wind capacity to 60 GW from
  12 GW existing capacity by 2030. Underwater cable
  systems and connectors transfer electricity from
  such offshore plants to onshore electric grids.
• The global underwater connectors market is
  expected to showcase momentous growth in the
  coming years ascribed to rampant investments in
  the renewable energy generation sector and
  growing defense budgets by economies like the
  U.S., China, Russia, the UK, and Germany.
  Developed nations are constantly investing and
  competing in the battle to gain technological
  progression in underwater warfare. In December
  2020, China deployed a fleet of underwater drones
  in the Indian Ocean which can operate on end for
  more than a month and can make observations for
  naval intelligence purposes. Such innovative
  defense projects are expected to add multiple
  growth opportunities for underwater connector
  suppliers and manufactures.

4

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5
Major Companies in Underwater Connectors Market

• Amphenol Corporation
• Birns Aquamate LLC.
• C.R. Encapsulation Limited
• Eaton Corporation
• Fischer Connectors SA
• Teledyne Marine

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Industry Coverage

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