Underwater camera market size to increase by USD 3.64 billion, Technavio

News provided by

Mar 26, 2024, 14:00 ET

NEW YORK, March 26, 2024 /PRNewswire/ -- The Underwater Camera Market by End-user, Distribution Channel, and Geography - Forecast and Analysis 2023-2027 report has been published by Technavio. The global underwater camera market is set to make waves, with an estimated growth trajectory from 2023 to 2027. Valued at USD 3,641.16 million, the market is set to experience a decline at a Compound Annual Growth Rate (CAGR) of 11.68% during this period.

Technavio has announced its latest market research report titled Global Underwater Camera Market 2023-2027

The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market.
Download A PDF Sample Report

One of the key drivers behind this growth is the burgeoning tourism industry, particularly in the realm of adventure tourism. With the adventure tourism sector boasting a worth exceeding USD 747.47 billion in 2022, recreational activities such as swimming, diving, and water aerobics have captured the interest of tourists worldwide. From the depths of deep-sea diving to the icy allure of ice diving, adventurers are increasingly seeking ways to capture their underwater experiences, fueling a rising demand for underwater cameras. In fact, more than 30% of the US population participated in water sports in 2021, indicating a growing trend towards aquatic adventures.

Technological advancements have also played a pivotal role in propelling the underwater camera market forward. The advent of digital technology in image processing has revolutionized underwater photography, with modern-day underwater cameras boasting higher image quality and ease of use. Moreover, the emergence of smart underwater cameras, equipped with enhanced connectivity features such as Bluetooth, Wi-Fi, and NFC, has further fueled market growth. These smart cameras enable users to seamlessly transfer photos and videos to their devices and social media platforms, eliminating the hassle of intermediary transfers.

However, amidst the wave of growth lies the challenge of increased vendor competition. Companies are grappling with declining profit margins due to rising raw material prices, leading to intensified price wars and the emergence of low-quality products in the market. Established players such as Canon, Nikon, Panasonic, and Sony face competition from new entrants attracted by the market's growth potential. This influx of competitors has led to a reduction in profit margins and a push towards affordability, particularly in developing countries.

In light of these market dynamics, it's essential for companies to refine their marketing strategies and adapt to changing consumer preferences. Understanding the key drivers, trends, and challenges within the market landscape will enable companies to navigate through the competitive waters and gain a competitive edge.

The residential segment is expected to be a significant contributor to market growth during the forecast period, driven by the increasing popularity of water sports and leisure activities among consumers. With regions like North America witnessing a surge in outdoor enthusiasts and adventure destinations, the demand for underwater cameras is on the rise.

Speaking of regions, North America is anticipated to lead the charge, contributing 37% to the global market growth. The region's penchant for adventure sports, coupled with high per capita disposable income and a growing trend of sharing underwater experiences on social media platforms, makes it a lucrative market for underwater camera manufacturers.

In summary, the global underwater camera market presents a sea of opportunities for companies willing to navigate through the currents of technological innovation, competitive dynamics, and shifting consumer preferences. With the right strategies in place, companies can ride the waves of growth and make a splash in this dynamic market.

Analyst Review

The underwater camera market is making significant waves in the photography and videography industry, driven by a myriad of factors ranging from the rising trend towards underwater photography to the growing travel and tourism sector. With the advent of improved technology, waterproof digital cameras have become indispensable tools for adventurers, professionals, and enthusiasts alike.

Remotely operated underwater vehicles (ROVs) have opened up new frontiers for exploration and research in underwater environments, while waterproof action cameras and compact digital cameras cater to the needs of outdoor and adventure enthusiasts engaging in activities like surfing, rock climbing, skiing, and scuba diving. These cameras offer durability, versatility, and high performance levels, making them ideal companions for capturing breathtaking moments beneath the surface.

The market is witnessing a surge in demand for waterproof cameras with manual control options, advanced autofocus capabilities, and superior image quality. Studio photographers, filmmakers, and content creators are increasingly turning to waterproof DSLR and mirrorless cameras to produce stunning visuals for media and entertainment purposes.

Despite the lucrative opportunities presented by the growing demand for waterproof cameras, there are barriers for early adoption, including the high cost of the product. However, rising disposable income levels, coupled with the proliferation of social media platforms like Instagram, Facebook, YouTube, and TikTok, have fueled the demand for content creation, driving the sales of waterproof cameras.

Influencer marketing has also played a pivotal role in promoting waterproof cameras, with social media influencers and professional photographers showcasing their underwater adventures and experiences to a global audience. Camera rental services have emerged as a cost-effective solution for enthusiasts looking to experiment with underwater photography without committing to a high upfront investment.

The global underwater camera market encompasses regions such as Europe, Asia-Pacific, and key markets like Germany, the UK, China, India, Japan, and South Korea. With a forecast period marked by a compound annual growth rate (CAGR), the market is poised for steady expansion, driven by factors such as product innovations, increased accessibility, and the rising popularity of extreme sports and underwater activities.

In conclusion, the underwater camera market is thriving, propelled by technological advancements, changing consumer preferences, and the growing demand for immersive visual content. As the industry continues to evolve, manufacturers like Canon and Nikon are expected to introduce innovative solutions to cater to the diverse needs of underwater photographers and videographers worldwide.

Market Overview

The underwater camera market is experiencing a surge in demand, fueled by advancements in technology and the growing interest in underwater exploration. Remotely operated underwater vehicles (ROVs) are revolutionizing deep-sea videography, offering stunning footage in places previously inaccessible. Waterproof digital cameras and action cameras cater to adventure enthusiasts, providing compact yet durable options for capturing underwater moments. For professionals, digital single-lens reflex (DSLR) cameras offer unmatched performance levels and manual control options, essential for studio photographers seeking precision in their craft. Autofocus systems and mirror mechanisms ensure quick and accurate focusing, even in challenging underwater environments. With a rising trend toward underwater photography, the market is poised for further growth, driven by innovation and the exploration of uncharted aquatic realms.

Related Reports:

The visible light communication market is estimated to grow at a CAGR of 89.66% between 2022 and 2027. The size of the market is forecast to increase by USD 176,547.8 million. The growing penetration of process automation in industries is notably driving market growth, although factors such as the dominance of competing technologies may impede market growth.
The smart home cameras market is estimated to grow at a CAGR of 14.78% between 2021 and 2026. The size of the market is forecast to increase by USD 4.98 billion. The innovation and portfolio extension leading to the premiumization of products is notably driving the smart home cameras market growth, although factors such as the presence of counterfeit and low-quality products may impede the market growth.

Table of contents:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio