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.
It has become important to ensure that oil & gas industry activities cause the minimal damage to the environment. Of late, the search for oil has led to operations in deep water areas by mobile offshore drilling units. Drilling at such deep places creates a demand for equipment, particularly that for cable and connectors that link subsea operations to the surface. Underwater power connectors play an important role in addressing the underwater connector system with high reliability and improved condition assessment. Underwater power connectors are devices that allow an electrical current to pass through for the exclusive purpose of providing power to a device.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.