The global energy landscape is changing with consumer needs. Demand for energy is driven by emerging markets. The overall energy blend is driven by environmental concerns and technological improvements. Demand for energy is expected to expand at a constant pace, due to the increase growth in economy of emerging economies. This is lending to a rise in the income of people. Currently, the increase in demand for energy is anticipated to be more from developed geographies.
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Offshore installations such as oil and gas production platforms, drilling rigs, offshore wind energy facilities, and ocean wave energy facilities need to transfer considerable electrical power for electric motors and connection outputs from electrical generators. Underwater power connectors are designed to connect power in applications that include equipment placed on the ocean floor. Underwater application areas that require underwater power connectors are offshore oil and gas, renewable energy and subsea systems, defense systems and equipment, oceanographic systems, equipment and instrumentation solutions, remotely operated vehicles, and remotely operated towed vehicle systems. Other major equipment using power connectors are underwater camera, video and lighting systems, ocean bottom seismic systems, and diving systems. Underwater power connectors are also used for cables and connectors for port and harbor security areas.
The underwater power connectors market can be segmented based on voltage, current rating, and type. In terms of type, the market can be divided into three types: alternating current, direct current, and wireless power connectors. The alternating current segment dominates the market in major applications.
In terms of geography, the underwater power connectors market can be segmented into North America, Middle East & Africa, Asia Pacific, and Europe. North America leads the global underwater power connectors market in terms of demand. The market in the region is dominated by the U.S., due to high oil and gas production and consumption in the country along with wide network of pipelines of projects.
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Demand for underwater power connectors in Europe and Asia Pacific is likely to increase in the next few years, owing to the rise of new production centers. Of late, these regions have become a hub for new oil and gas projects. This is boosting the demand for underwater power infrastructure setups. The market in other regions such as Middle East & Africa is witnessing significant growth, owing to the increase in the number of oil and gas exploration and production projects and implementation of stringent environmental regulations.
Key players operating in the global underwater power connectors market are Hydro Group plc, EATON, SEACON, TELEDYNE MARINE, Cooper Interconnect Inc., Sea and Land Technologies Pte. Ltd., Nautic Expo, Amphenol, OCEAN INNOVATIONS, Esterline Connection Technologies, and BIRNS.