Underwater Camera Market Size, Trends & Growth (2022 - 2027)
The underwater camera market was valued at USD 4.05 billion in 2021 and is expected to reach USD 9.99 billion by 2026, growing at a CAGR of 13.78 percent between 2021 and 2026.
Underwater cameras are used to capture high-quality images and videos in bodies of water such as rivers, seas, and oceans. These cameras also have automated options and begin shooting pictures and videos when they reach a certain water surface level.
Primarily, compact underwater cameras considered as the best cameras and are preferably used for shootings since these are easier to carry and are less expensive and can also produce excellent image results and fast shooting speeds. In addition, underwater photographers use macro or wide-angle lenses to achieve close focus and a short distance between themselves and the subject to avoid blurring due to scattering.
One of the most common applications for underwater cameras is the creation of marine documentaries. Furthermore, mirrorless cameras have generated a lot of buzz in the diving community because they appear to offer two very distinct advantages: they bridge the price gap between digicams and DSLRs in a very appealing manner by providing a very cost-effective way to increase photographic capability underwater, and they are small and light, which helps to address the travel problem.
The introduction of 3D Laser underwater cameras has aided in capturing sharp images with a strong focus and image-mapping capabilities. Advances in AI algorithms for producing Ultra HD colorful images are expected to benefit marine researchers. In addition, because of their ability to capture low-light photos, the navy and military defense systems rely heavily on these cameras to identify underwater threats.
Recent Developments
Venus Optics is a well-known Chinese lens manufacturer. The company has further announced four new Laowa lenses. There are two wide-angle lenses, a 4mm F2.8 Fisheye and a 9mm F2.8 Zero-D, two macro lenses, a 25mm F2.8 2.5-5X Ultra Macro, and a 24mm F14 2X Macro Probe. The new Laowa lenses will be compatible with Fuji X-mount, Sony E-mount, Leica L-mount, Canon EOS M-mount, and Micro Four Thirds cameras.
DeeperSense is a project developed by the German Research Center for Artificial Intelligence (DFKI) that combines visual and acoustic sensors with AI to improve the robotic underwater vehicle's environmental perception. The project aims to enhance the perception of crewless underwater vehicles (UUVs) in three use cases: diver monitoring in turbid waters, seabed mapping, and coral reef exploration.
Underwater Camera Market Drivers
During the forecast period, the global underwater camera market is expected to grow significantly. The growing use of underwater cameras in media and entertainment and the emergence of camera rental services are driving the growth of the underwater camera market. Underwater cameras are fully automated and lowered from the water's surface to capture images and videos. The travel and tourism industry, the craze of individuals clicking underwater, traveling, pictures and blogs, and underwater photoshoots are all popular these days. Furthermore, the growing number of television and digital streaming platforms for raising public awareness about marine biodiversities, such as Discovery and Animal Planet, is expected to drive revenue in this market.
Restraints
The growing popularity of underwater tourism has created lucrative opportunities for commercial underwater camera service providers. As a result, underwater camera rental services for snorkeling, scuba diving, and other underwater sports have increased dramatically. However, the annual growth of such rental services on a large scale has limited repeat purchases. This is expected to be a significant impediment to the development of the underwater camera market.
Underwater Camera Market Segmentation
By Type:
The digital single-lens reflex (DSLR) segment contributed the largest market share in 2020, attributes for almost 50% of the global underwater camera market. Moreover, it is expected to maintain its lead during 2022 - 2027. This is due to improved images, interchangeable lenses, HD video capture, depth-of-field control, and a wide field of view. On the other hand, the mirrorless segment is expected to grow at the fastest rate of 16.6 percent from 2021 to 2030, owing to the incorporation of advanced features include no mirror, live view and some others.
By Distribution Channel:
The offline segment attributes the largest share in 2020, accounting for more than two-thirds of the global underwater camera market. Moreover, it is predicted to maintain its lead throughout the forecast period. This is due to factors such as the ease with which orders can be placed on short notice, the creation of an impressive exhibition, and the assurance of product quality and reliability. However, the online segment is expected to rise at the fastest rate of 15.0 percent between 2021 and 2026, owing to increased digitalization, a surge in the e-commerce sector, low business overhead and operating costs, massive sales reach and customer accessibility, improved communications channels, and the ability to integrate valuable reporting tools.
By End-User:
The market is classified as personal or commercial (education & research institutes, media & entertainment, underwater sports, commercial photography, and underwater research).
Due to increased Internet usage and the growing adoption of mobile devices and tablets, there has been a worldwide increase in internet users. Furthermore, due to the popularity of these platforms, the number of users on various social media platforms such as Instagram, Facebook, Snapchat, YouTube, and Twitter has increased significantly. As a result, people nowadays are increasingly posting pictures of their vacations on various social media sites.
Furthermore, many tourism-related television channels and live streaming platforms (National Geographic, Discovery, Animal Planet, and so on) broadcast shows featuring underwater tourism to raise awareness about tourist destinations worldwide and popularise marine tourism.
Regional Analysis
North America now dominates the underwater camera industry because of the growing trend toward underwater photography and the increasing utilization of underwater cameras in the commercial sector.
ANZ: The underwater camera market in Australia and New Zealand (ANZ) for education and research is expected to grow at an 18% CAGR during the forecast period. Because humans have only explored about 5% of the world's oceans, accurate analysis, mapping of underwater habitat, and geological variations have become critical to researchers in recent years. They deploy advanced cameras deep inside the sea in areas that are difficult to access manually to provide consistent monitoring. They can be used to study the behavior of underwater species over time and investigate phenomena such as sea volcanic eruptions.
Europe: The European underwater camera market will grow by more than 14% through the offline distribution channel until 2026. Despite a significant increase in online retailing in recent years, professionals still prefer to purchase high-end gadgets from offline stores to ensure product quality and reliability. Underwater camera specialty stores assist customers in buying products that are specifically tailored to their needs. In addition, they provide personalized services through sales staff appointed in the store, allowing customers to evaluate a wide range of cameras on the market.
Germany has the largest market share in the Europe Commercial Deployment Underwater Camera Market by Country, with a CAGR of 16.5 percent in the upcoming years. In Europe Personal Deployment Underwater Camera Market, the UK market is expected to grow at a CAGR of 10.9 percent in the next six years. Furthermore, the France market is expected to grow at a CAGR of 12.8 percent. The Offline market plays the dominant role in the Italy Underwater Camera Market by Sales Channel. It is expected to remain dominant, growing at a CAGR of 14.1 percent during the forecast period. By 2026, the online market would be worth more than $39.7 million.
North America: Because of the advanced technology landscape in the region, which supports R&D and deployment of high-quality cameras, the North American underwater camera market accounted for more than 25% of the global revenue share in 2019. Consequently, the North America Underwater Camera Market Size is expected to grow at a 14.2 percent CAGR during the forecast period.
The US market has the largest market share in the North America Online Underwater Camera Market by Country. It is expected to remain dominant until 2026, growing at a CAGR of 17.7 percent during the forecast period. In North America Offline Underwater Camera Market, the Canadian market is expected to grow at a CAGR of 14.6 percent during 2022 - 2027. The Personal market has the largest market share in the Mexico Underwater Camera Market by End Users. It is expected to remain dominant beyond 2021, growing at a CAGR of 13.4 percent during the forecast period. The Commercial market would generate $50.3 million in revenue.
South America: Brazil tends to hold the largest market share in the South American Commercial Deployment Underwater Camera Market by Country and is expected to remain dominant through 2021, growing at a CAGR of 20.4 percent in the following years. During the forecast period, the Argentina market is projected to grow at a CAGR of 15.7 percent.
Africa & Middle-East: The UAE market is expected to grow at a CAGR of 13.5 percent during the forecast period. The offline segment holds the most crucial market role and it is expected to be a dominant market during the forecast period, growing at a CAGR of 16.3 percent. The value of the online market would exceed $8.2 million.
Asia: The Chinese market has the largest market share in Asia, and it is expected to rise at a CAGR of 17.4 percent in the next six years. The Japanese market is expected to grow at an 11.3 percent CAGR. In addition, the Indian market is expected to grow at a CAGR of 14.8%. The Personal market has the largest market share in the South Korean Underwater Camera Market, with a CAGR of 14% during the forecast period. The Commercial market would be worth more than $99.7 million.
In developed nations like China and India, the population of young people is growing. Adventure trips, such as scuba diving and other water activities, are popular among the younger generation. In addition, a growing number of teenagers are using underwater cameras to photograph underwater views such as stunning coral reefs, underwater critters, and wrecked ships and then sharing them with their friends and family on social media. The underwater camera industry is expected to be driven by this.
Leading Company
The market leaders are Fujifilm, Olympus, GoPro, Sony, Ricoh, Canon, Panasonic, and Nikon.
Impact of COVID-19
COVID-19's impact on the industrial industry has had a massive impact on the worldwide economy. China is the primary source of electronic components and other equipment. However, due to a shortage of suppliers, component costs have risen due to the shutdown of production units. In addition, the underwater camera market has suffered due to travel bans in major nations, which has had a detrimental influence on the business.
Key Players
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