Underwater Connectors Global Market Report 2024

The underwater connectors market size has grown strongly in recent years. It will grow from $1.62 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. During the historical period, the expansion in underwater connectors was driven by the growth of subsea exploration and production, increasing initiatives in offshore renewable energy projects, the expansion of underwater communication networks, growing applications in underwater research and surveillance, and heightened demand within defense and military applications.

The underwater connectors market size is expected to see strong growth in the next few years. It will grow to $2.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. In the forecast period, the projected growth in underwater connectors can be attributed to the burgeoning offshore wind farms and submarine cables, technological advancements in deep-sea exploration, amplified investments in subsea infrastructure, an upsurge in oceanographic research activities, and the mounting demand for unmanned underwater vehicles (UUVs). Noteworthy trends anticipated in this period encompass the emergence of underwater data centers, deep-sea mining operations, expanded applications in military and defense, the integration of smart ocean technologies, and the global expansion of initiatives within the blue economy sector.

The anticipated increase in oil and gas exploration activities is poised to drive the growth of the underwater connectors market. Oil and gas exploration involves the search for areas rich in oil and natural gas resources, suitable for drilling and extraction sites, as well as reserves of these valuable commodities. With the expansion of oil and gas exploration efforts, there is a growing demand for underwater connectors to establish and maintain efficient and reliable connections between underwater wells, pipelines, and processing facilities. For instance, a report published by the US Energy Information Administration (EIA) in April 2023 revealed that active well service rig deployment in the United States surged from 738 in 2020 to nearly 949 in 2021, marking a notable growth of 22.23%. This increase is attributed to the rising activities in oil and gas exploration and drilling operations. Furthermore, the reports from the Energy Information Administration in December 2022 highlighted an increase in US oil production from 11.2 million barrels per day (b/d) in 2020 to 11.6 million b/d by 2021, and natural gas production rose from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day by 2021. Consequently, the surge in oil and gas exploration activities is a significant factor propelling the growth of the underwater connectors market.

The growing emphasis on renewable energy integration is expected to contribute to the expansion of the underwater connector market. Renewable energy integration involves seamlessly incorporating sources such as solar, wind, hydro, and geothermal power into existing energy systems to meet electricity and energy service demands. Underwater connectors play a crucial role in facilitating efficient and reliable electrical connections for offshore and subsea renewable energy projects, enabling their development, operation, and maintenance in challenging marine conditions. As of January 2023, the Energy Information Administration projects that 16% of total energy generation will come from renewable energy sources such as wind and solar, up from 14% in 2022. This heightened focus on renewable energy integration is a key driver behind the growth of the underwater connector market.

The underwater connector market is experiencing a significant trend towards product innovations, with major companies actively developing new and advanced products to bolster their market standing. A notable example is Connector Subsea Solutions Corp. (CSS), a Norway-based producer of offshore connectors, which introduced MORGRIP MORSMART in March 2021. This Mechanical Connector product line is characterized by its compact and lightweight design, requiring less handling capacity during offshore installation. MORGRIP MORSMART serves as a permanent repair solution for subsea pipeline repair and tie-in, known for its rapid and straightforward deployment. Designed, manufactured, and tested to meet high-quality standards and industry requirements, these units incorporate a compressed elastomeric seal system and a collet gripping mechanism, allowing for versatile applications across a broad range of pipeline dimensions, wall thicknesses, and pressures.

Major players in the underwater connectors market are strategically focusing on introducing advanced products, such as high-density power underwater connectors, with the aim of enhancing their profitability. A high-power underwater connector serves as a specialized electrical interface tailored for subsea applications, efficiently transmitting a substantial amount of power within a compact form factor. As demonstrated by Suburban Marine, a US-based underwater connector provider, the introduction of Baromax in February 2021 exemplifies this approach. The Baromax Underwater Connector distinguishes itself with a high pressure rating of 10,000 psi, offering exceptional power density in the smallest possible size. Notable features include 360° contacts for reliable connectivity, a locking ring for secure connections, and a rugged design suitable for diverse industries such as oil and gas, defense, and telecommunications. This strategic focus on advanced and high-performance products underscores the commitment of major companies to staying at the forefront of innovation within the underwater connector market.

In May 2022, Connector Subsea Solutions Corp. (CSS), a Norwegian company specializing in offshore connectors for the energy sector, completed the acquisition of Norvalves AS for an undisclosed sum. This acquisition forms a strategic initiative by CSS to fortify its position as a global leader in subsea distribution products, catering to the intricate requirements of deep-sea installations. This business maneuver is a proactive response to the industry's demand for streamlined, lightweight, and technologically advanced solutions. Norvalves AS, based in Norway, is a renowned manufacturer of subsea valves and connection systems.

Major companies operating in the underwater connectors market report are 3M Company, Baker Hughes Co., Eaton Corporation, TE Connectivity Corp., Amphenol Corporation, Lemo S.A., Glenair Inc., Bel Fuse Inc , Souriau SAS, Radiall, PEI-Genesis, Fischer Connectors SA, MacArtney A/S, Wiska UK Ltd, Switchcraft Inc., Bulgin Limited, ODU Group, Hydro Group PLC, Teledyne Marine, Advanced Navigation, WEH Technologies Inc., C.R. Encapsulation Ltd, BIRNS Inc., Connectronics Corp., Amron International Inc., Blueprint Subsea, Leap Underwater Technologies, BIRNS AQUAMATE LLC, Marshall Underwater Industries Inc., Scorpion Oceanics Ltd.

North America was the largest region in the underwater connectors market in 2023. The regions covered in the underwater connectors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the underwater connectors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Various types of underwater connectors include fluid-filled underwater mateable connectors, inductive coupling, rigid shells or bulkheads, and rubber-molded connectors. Fluid-filled underwater mateable connectors employ a design featuring a chamber filled with dielectric fluid (such as oil) to protect the contacts from water. These connectors cater to a wide array of connections, including electrical, optical fiber, and hybrid connections. They serve various industries such as IT and telecom, marine, military and defense, oil and gas, among others.

The underwater connectors market research report is one of a series of new reports that provides underwater connectors market statistics, including underwater connectors industry global market size, regional shares, competitors with an underwater connectors market share, detailed underwater connectors market segments, market trends, and opportunities, and any further data you may need to thrive in the underwater connectors industry. This underwater connectors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The underwater connectors market consists of sales of rubber-molded wet mate connectors, rigid shell wet mate connectors, fluid-filled wet mate connectors, and inductive couplings. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.