BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates global underwater camera market size at USD 6.18 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global underwater camera market size to grow at a significant CAGR of 14.9% reaching a value of USD 16.25 billion by 2029. Global underwater camera market expansion is driven by increasing usage of underwater cameras in media and entertainment, growth of rental camera services and increasing popularity of underwater photography in adventure sports and on social media. In addition, the growing trend of scuba diving and biodiversity photography employing underwater images as records, as well as the development of the travel and tourist industry, are predicted to drive the revenue of the underwater camera market. Technological improvements, the rapid growth of smart action underwater cameras, and the growing popularity of posting photographs and videos to social media platforms are expected to further boost the expansion of global underwater camera market during the period in analysis. However, high cost of the cameras and strict regulations of environmental and health concerns related to use of flame retardants are expected to hamper the overall market growth.
Global Underwater Camera Market – Overview
Underwater cameras capture high-quality photographs and films in water bodies, such as rivers, seas, and oceans. These cameras also have automated features and begin capturing photographs and videos at a particular water surface level. These cameras can control underwater vehicles such as submarines. They also collect images of sunken ship components, seafloor plateaus, coral reefs, and numerous aquatic species. Underwater cameras are ideal for filming marine documentaries that showcase a marine biodiversity. They are in high demand in the sports segment. It is used to follow the movement of athletes in major events, such as the Olympics and other international and national tournaments. Recreational scuba diving and marine life exploration drive this market. Rising research and development expeditions are also fueling the market expansion.
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Global Underwater Camera Market – By Product
On basis of product, global underwater camera market is divided into Digital Single Lens Reflex (DSLR), Mirrorless, and Compact segments. The mirrorless segment is expected to hold the highest market share. The absence of mirrors in these cameras allows them to be significantly lighter and compact than DSLRs. The cameras’ tiny size increases their portability because travelers can operate them without the burden of carrying hefty DSLRs. Their compact size also causes less drag in the water, allowing them to effectively catch rapid marine species like marlin. Mirrorless underwater cameras are less expensive than DSLRs, making them a popular alternative for beginning dives looking for low-cost, high-quality camera solutions. Followed by the DSLR segment dominating the market in second place because of a surging demand for the product and growing popularity towards photography.
Global Underwater Camera Market – By Region
Geographically, global underwater camera market is segmented into major regions – North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America holds the highest market share as a shift in customer preferences, a rise in advanced technology, and manufacturers focusing on product development with greater expenditure for research and development are the factors fueling market demand for the product. Whereas Asia Pacific is the fastest-growing region in the market due to rising income levels and the expansion of consumer electronics fuel the growth of global underwater camera market.
Impact of COVID-19 onglobal underwater camera market
COVID-19 affected all the sectors, including global business, outdoor recreation, and tourism. The pandemic also had an impact on numerous elements, including travel prohibitions and quarantines, limits on outdoor events, and others. Due to the disruption in the tourism sector and the slowdown in underwater sports and adventures, this had a detrimental influence on underwater camera sales. COVID-19 impact on the industrial units had a huge impact on the global economy. Many electronic components and other equipment are sourced from China. Component costs increased due to a supply constraint caused by the suspension of manufacturing operations. China’s curtailed supply chain operations have had a big impact on enterprises all over the world, disrupting the electronics value chain; such factors are projected to limit global market growth. However, because of relaxations of COVID-19 related restrictions post pandemic, the industries and tourism sector have resumed their operations, promoting market expansion.
Competitive Landscape
Major players operating in global underwater camera market include 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., Ocean Systems, Inc, and Gramin Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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