Underwater Camera Market Outlook – 2030
The global underwater camera market size was valued at $5.65 billion in 2020, and is projected to reach $18.81 billion by 2030, registering a CAGR of 13.90% from 2021 to 2030. An underwater camera is a camera device that can be used to capture images and videos under water. It can be used for shoots as one is swimming, snorkeling, or with a remotely operated underwater vehicle. Some of these cameras are even automated and can be easily lowered from the water surface to capture images and videos on their own. There are specific cameras designed for use underwater, and they include modern waterproof digital cameras. However, cameras designed for dry work can also be used for underwater shots but only with additional housings for protection against water and pressure.
There are different types of cameras that can be used for underwater photography or videography, but both action cameras and compact digital cameras are capable of capturing and storing video and images. Some cameras are capable of capturing images while capturing video.
A digital single-lens reflex (DSLR) camera is an advanced type of digital camera that provides high-level image quality, performance levels, and manual control options, typically much better than fixed lens camera on a smartphone. It works on mirror mechanism for photography and typically uses autofocus based on phase detection. It is very popular amongst studio photographers.
The global underwater camera market is anticipated to witness significant growth during the forecast period. Factors, such as rising trend toward underwater photography, growing use of underwater cameras in media & entertainment, and emergence of camera rental services, drive the growth of the underwater camera market. Underwater cameras are automated and are easily lowered from the water surface to capture images and videos. The travel & tourism sector, craze of individuals to click underwater, traveling, pictures and blogs, and underwater photoshoots are in trend now-a-days. In addition, there is growing trend of scuba diving and photography of biodiversity using underwater photographs as records. Such growing trend toward photography is boosting the growth of the underwater camera industry.
However, high cost of the product restraints the growth of the global underwater camera market. In addition, the growing popularity of smart action underwater camera is expected to create opportunities for the underwater camera market. By using action cameras, viewers can develop their personal view into activities such as surfing, rock climbing, and skiing. Action underwater camera is a digital camera designed for recording action under the water; it is in great demand for action movies and action underwater photography.
Digital Single Lens Reflex (DSLR) segment will dominate the market during 2021 - 2030
The global underwater camera market is segmented into type, distribution channel, application, and region. By type, the market is divided into digital single lens reflex (DSLR), mirrorless, and compact. By distribution channel, it is bifurcated into online and offline distribution channel. Depending on application, it is separated into personal and commercial (education & research institutes, media & entertainment, underwater sports, commercial photography, and underwater research).
By Distribution Channel
Offline segment will generate the highest revenue during the forecast period
Region-wise, the underwater camera market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the underwater camera market, due to rising trend towards underwater photography, and growing use of underwater cameras in commercial sector is expected to offers growth opportunities for the market. Asia-Pacific is projected to register significant growth rate during the forecast period. Furthermore, Europe holds a subsequent position and is expected to increase its growth rate by the end of the forecast period.
Commercial segment is expected to secure the leading position during 2021 - 2030
Top Impacting Factors
The prominent factors that impact the underwater camera market growth are rising trend toward underwater photography, growing use of underwater cameras in media & entertainment, and emergence of camera rental services. However, high cost of the product is hampering its adoption, which acts as the major barrier for early adoption. Furthermore, the growing popularity of smart action underwater camera is anticipated to provide lucrative opportunities for the growth of the underwater camera market during the forecast period.
Asia-Pacific region would exhibit the highest CAGR of 15.90% during 2021 - 2030
Competitive analysis and profiles of the major market players, such as Canon Inc. (Japan), GoPro Inc. (U.S.), Nikon Corporation (Japan), OM Digital Solutions Corporation (Japan), Panasonic Corporation (Japan), Sony Corporation (Japan), Fujifilm Holdings Corporation (Japan), Ricoh Company Ltd. (Japan), Scale Aquaculture AS (Norway), and Shenzhen Zhiyong Industrial Co. Ltd (China), are considered in the report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.
COVID-19 Impact Analysis
- COVID-19 has a large impact on both consumer and the economy. Electronics manufacturing hubs have been temporarily shut down to limit the COVID-19 spread among individuals. This has majorly affected the supply chain of the market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on revenue and shareholder returns, which are expected to create financial disruptions in the industry.
- The impact of COVID-19 on the manufacturing industry has significantly affected the global economy. Electronic components and other devices are mostly imported from China. Attributed to the shutdown of manufacturing units, the prices of components have increased, owing to shortage of supplies.
- Asia-Pacific countries dominate the market in terms of number of manufacturers and consumers. In 2019, China’s reduced supply chain operations significantly impacted the companies across the globe and disrupted the electronics value chain.
- The COVID-19 pandemic has impacted the underwater camera market, owing to travel ban across leading countries, which, in turn, resulted in negative impact on the market. The major impacts include camera manufacturing interruption across Asia-Pacific countries and disturbance in Chinese parts exports, which are expected to hinder the industry.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global underwater camera market outlook along with the current trends and future estimations to depict the imminent investment pockets.
- The overall underwater camera market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and underwater camera opportunities with a detailed impact analysis.
- The current underwater camera market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the underwater camera market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Underwater Camera Market Key Segments
- Digital Single Lens Reflex (DSLR)
By Distribution Channel
- Education & Research Institutes
- Media & Entertainment
- Underwater Sports
- Commercial Photography
- Underwater Research
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Canon Inc.
- GoPro Inc.
- Nikon Corporation
- Panasonic Corporation
- Sony Corporation
- OM Digital Solutions Corporation
- Fujifilm Holdings Corporation
- Ricoh Company Ltd.
- Scale Aquaculture AS
- Shenzhen Zhiyong Industrial Co. Ltd.
Underwater Camera Market Report Highlights
By DISTRIBUTION CHANNEL
Key Market Players
Canon Inc., Ricoh Company Ltd., Panasonic Corporation, Sony Corporation, Shenzhen Zhiyong Industrial Co., Ltd., Scale Aquaculture AS, FUJIFILM Holdings Corporation, Nikon Corporation, GoPro, Inc., .OM Digital Solutions Corporation
The underwater camera market is expected to leverage high potential for personal and commercial application. The current business scenario is witnessing an increase in demand for underwater devices, particularly in developing countries such as China, Japan, India, and others. Companies in this industry are adopting various innovative techniques, such as mergers and acquisition activities, to strengthen their business position in the competitive matrix.
Underwater camera is steadily gaining traction, owing to rising trend toward underwater photography and growing use of underwater cameras in the media & entertainment industry. Furthermore, technological development by the emerging economies in Asia-Pacific boosts the underwater camera market growth. In addition, the growing popularity of smart action underwater camera is expected to create opportunities for the underwater camera market.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Product launch, agreement, collaboration, expansion, and partnership are expected to be the prominent strategies adopted by the market players. North America dominated the underwater camera market in 2020, due to rising trend towards underwater photography, and growing use of underwater cameras in commercial sector is expected to offers growth opportunities for underwater camera market.