At 7.5% CAGR, the Asia Pacific Underwater Connector Market is projected to be worth US$ 509.71 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific underwater connector market was valued at US$ 330.42 million in 2022 and is expected to reach US$ 509.71 million by 2028, registering an annual growth rate of 7.5% from 2022 to 2028. Surge in oil & gas usage across the region and advanced subsea system for commercial and military applications are the critical factors attributed to the market expansion.

The underwater connector market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. Asia Pacific consists of many developing countries that are becoming digital economies. The booming digital economies in the region fuel the need for cloud and 5G services, which propels the demand for data bandwidth. The underwater cable network is the most critical aspect of the telecommunication infrastructure. Technology trends such as artificial intelligence, faster connectivity with 5G, and machine learning would impact the submarine cable infrastructure.

In June 2020, NEC Corporation was appointed by the Asia Direct Cable (ADC) Consortium to build a 9,400 km submarine cable that will connect Hong Kong, China's Guangdong province, Japan, the Philippines, Singapore, Thailand, and Vietnam. The project is scheduled to be completed by the fourth quarter of 2022. The cable will be designed to carry more than 140 Tbps of traffic to enable data transmission. In addition, in August 2021, Google and Facebook announced to build Asian apricot subsea cable system of 12,000 km that will link up multiple Asia Pacific countries such as Singapore, Japan, Guam, the Philippines, Taiwan, and Indonesia, for reliable access to internet services having an initial design capacity of 190 Tbps. The project is set to be completed by 2024. In October 2021, NEC announced its plans to build a huge submarine cable for Facebook, with a capacity of up to 500 Tbps across 24 fiber pairs. It is expected to be in operation from the second half of 2023. Thus, installing submarine cables would contribute to the growth of the underwater connector market in Asia Pacific.   

On the contrary, tough environmental regulations hurdles the growth of Asia Pacific underwater connector market.

• Based on type, the Asia Pacific underwater connector market is segmented into rubber-molded, inductive coupling, fluid-filled underwater mateable connector, and rigid-shell/bulk headed. With a market share of 37.5% rubber-molded segment led the market in 2022, amassing US$ 124.06 million. It is projected to garner US$ 193.96 million by 2028 to expand at 7.7% CAGR during 2022–2028.  

In terms of connection, the Asia Pacific underwater connector market is segmented into electrical, optical fiber, and hybrid. The electrical segment dominated the market in 2022. With 45.4% share of the domain, the electrical segment dominated the market in 2022. It accrued US$ 150.07 million in 2022 and is estimated to generate US$ 219.94 million by 2028 to grow at a CAGR of 6.6% over the forecast period.

• Based on application, the underwater connector market is segmented into military & defense, oil & gas, telecommunications, oceanography, ROVs/AUVs, and others. The telecommunications segment held 38.5% market share in 2022, amassing US$ 127.09 million. It is projected to garner US$ 208.80 million by 2028 to expand at 8.6% CAGR during 2022–2028.

Our regional analysis states that the China captured 37.0% market share in 2022. It was assessed at US$ 122.20 million in 2022 and is likely to hit US$ 181.71 million by 2028, exhibiting a CAGR of 6.8% during the forecast period.

Key players dominating the Asia Pacific underwater connector market are Fischer Connectors SA, Gisma Steckverbinder GmbH, Glenair, Hydro Group Plc., TE Connectivity, and Teledyne Marine among others.  

A few recent market developments by key market players are as follows:

• In 2022, The Fischer family announced the launch of Conextivity® Group. This group will offer products, solutions and services that will cover the entire connectivity value chain.

• In 2022, Fischer Connectors extended its MiniMax product line by including three connectors and cables with the new options in body size, data speed and pin layout.

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