According to Fortune Business Insights™, the global underwater connectors market size was valued at USD 1.61 billion in 2020. The market is projected to grow from USD 1.66 billion in 2021 to USD 2.45 billion by 2028, exhibiting a CAGR of 6.01% during the forecast period. North America dominated the market in 2020 with a leading market share of 33.95%, attributed to robust naval modernization and an increasing number of subsea exploration projects.

Competitive Landscape

List of Key Companies in the Underwater Connectors Market:

• Amphenol Corporation (U.S.)
• TE Connectivity (Switzerland)
• Fischer Connectors SA (Switzerland)
• Hydro Group (U.K.)
• LEMO (Switzerland)
• Oceaneering International, Inc. (U.S.)
• Eaton (Ireland)
• BIRNS Inc. / AQUAMATE LLC (U.S.)
• C.R. Encapsulation Ltd. (U.K.)
• Teledyne Marine (U.S.)

These companies are focusing on product innovation, strategic agreements, and R&D to strengthen their market presence.

Source:

https://www.fortunebusinessinsights.com/underwater-connectors-market-106577

Key Market Drivers

1. Surge in Naval Defense Spending and Fleet Modernization