The Underwater Camera market is expected to grow from US$ 7.55 billion in 2022 to US$ 19.11 billion by 2030; it is estimated to grow at a CAGR of 14.50 % from 2022 to 2030.
Analyst Perspective:
Many significant factors that act as drivers of the underwater camera market have allowed the market to thrive. Underwater cameras in trip and commercial photography are two essential market drivers. The availability of sturdy and waterproof cameras for filming in all weather conditions significantly impacts the underwater camera market. The growing interest of people in photography and videography as a hobby is also a crucial market driver. People are excursing underwater to unique places as tourism has reopened worldwide. Underwater cameras have a lot of potential in the documentary industries and underwater tourism. The underproof camera market can benefit from adopting underwater cameras in the marine life industry. The growth is attributed to waterproof camera manufacturing businesses like Nikon, Canon, and others. The growing reputation of underwater photography among teenagers drives the regional market forward. Several companies are launching various types of underwater cameras. For instance, in July 2022, Olympus Corporation launched the Olympus Tough TG-6 tiny digital underwater camera 2022. A tough performance construction camera that can shoot underwater with a high-speed, up to 15 m deep, zoom lens to capture high-quality images in all types of shooting environments is a feature of this camera.
Additionally, the competitive landscape of the global Underwater Camera market is characterized by intense rivalry among key players striving for technological supremacy, market share, and innovation. Industry leaders like GoPro, Canon, Sony, and Nikon dominate with their established brand presence, cutting-edge imaging technologies, and extensive product portfolios tailored to diverse underwater photography needs. These companies continually invest in research and development, resulting in improved image quality, enhanced durability, and specialized features like underwater modes and auto-correction functionalities. Moreover, strategic collaborations with marine research institutions and partnerships with diving resorts amplify their market influence. Innovation extends beyond hardware, encompassing software solutions for image editing, sharing, and cloud integration. New entrants and smaller players often focus on niche markets, catering to specific underwater applications or budget-conscious consumers.
Underwater Camera Market Overview:
An underwater camera is a specialized device for capturing images and videos beneath the water's surface. It finds utility in various scenarios, including photography while swimming, snorkeling, or through remotely operated underwater vehicles. Some underwater cameras even possess automation capabilities, effortlessly descending from the water's surface to autonomously record visual content. While certain cameras are specifically engineered for underwater applications, encompassing modern waterproof digital cameras, others designed for dry conditions can be employed underwater with additional protective housings to guard against water and pressure.
Diverse camera types can facilitate underwater photography or videography, with action and compact digital cameras as versatile video and image capture options. Certain cameras exhibit the ability to capture images while simultaneously recording videos. Advanced digital single-lens reflex (DSLR) cameras provide superior image quality, performance, and manual control options compared to smartphone-fixed lens cameras. Notably, DSLRs operate on a mirror mechanism for photography, often utilizing phase detection autofocus, making them favored choices for studio photographers. Hence, the underwater camera market is significantly increasing.
Strategic Insights
Market Driver:
The Popularity of Social Media Platforms and Content Sharing to Drive Growth of the Underwater Camera Market
The growth of social media platforms and the desire to share unique experiences with family, followers, and friends have intensely impacted the underwater cameras demand. Social media platforms have become a fundamental part of everyone’s lives, serving as platforms for connection and self-expression. Influencers focusing on adventure, travel, and outdoor activities frequently integrate underwater content into their feeds to present an immersive experience to their followers. The endorsement of influencers and the use of underwater cameras have substantially influenced audiences' purchasing decisions, thus offering beneficial underwater camera market opportunities.
Furthermore, Underwater cameras take photos and shoot videos of underwater sports and activities. Regular cameras are unsuitable for underwater photography and videos as their ICs have limited protection and are not designed for extreme conditions such as water or snow. Underwater cameras are compact, lightweight, designed for rugged conditions, and work efficiently in an industrial environment. They can be worn by a person underwater. These cameras are used to take high-speed and high-quality images underwater. Therefore, the pictures taken by underwater cameras are used by influencers to increase their followers. Hence, the increasing popularity of social media platforms and content sharing is bolstering the demand for underwater cameras is increasing, boosting the underwater cameras market.
Segmental Analysis:
The underwater camera market is segmented into type, application, distribution channel, and region. The underwater camera market is segmented by type into digital single lens reflex (DSLR), compact, and mirrorless. By distribution channel, it is bifurcated into offline and online. Depending on the application, it is segmented into personal use, underwater sports, commercial (education & research institutes, media & entertainment, commercial photography, and underwater research). The underwater sports category dominated the underwater camera market in 2022. One benefit of a waterproof camera is its ability to endure water. These cameras provide surveillance in any condition. Due to their sturdy construction, they are more durable and dependable.
Furthermore, the offline distribution channel segment commands a significant portion of the market share, primarily driven by the inclination of camera professionals to acquire premium devices from brick-and-mortar establishments, ensuring product quality and dependability assurance. This preference for offline purchases is deeply rooted in the desire to assess the cameras physically, receive personalized assistance, and make well-informed decisions. The offline distribution channel is further subcategorized into Specialty stores, which offer an extensive array of camera options tailored to meet diverse consumer needs. These stores are a dedicated hub for enthusiasts and professionals seeking a wide spectrum of camera models, accessories, and related equipment. Their personalized approach, expert advice, and hands-on experience opportunities create a valuable shopping environment, especially for customers seeking specialized features and functionalities. The Specialty stores' nuanced focus enhances customer satisfaction and contributes to the offline distribution channel's prominence within the underwater camera market.
Additionally, the Commercial segment emerges as a significant contributor to market dominance. This trend is attributed to the escalating need for underwater cameras in activities such as swimming and snorkeling, which substantially propel the market's growth trajectory. Within the Commercial segment, the mounting popularity of water-based recreational activities drives the heightened demand for underwater cameras. As more individuals engage in aquatic adventures, the Commercial sector acts as a critical conduit between consumer preferences and product innovation. This surge in demand fuels the underwater camera market expansion and underscores the pivotal role of underwater cameras in enhancing customer experiences within the tourism and adventure sectors. These cameras amplify the appeal of water-centric activities by providing the means to capture and commemorate underwater moments, fortifying the Commercial segment's pivotal position within the thriving underwater camera Market.
Regional Analysis:
The North American region commands a substantial underwater camera market share due to compelling factors driving the demand for underwater cameras. First, consumer trends toward water-related activities and aquatic adventures have increased the interest in underwater cameras for capturing these experiences. Second, the region's well-established technological prowess translates into increased adoption of advanced imaging technologies, elevating the appeal of underwater cameras among consumers. Third, manufacturers in North America are intensively focusing on product innovation, earmarking higher investments for research and development to introduce cutting-edge features and enhanced performance. This commitment to continuous improvement resonates well with consumers increasingly seeking sophisticated and reliable underwater camera solutions. These factors position North America as a key player in the global underwater camera market.
In contrast, the Asia-Pacific region emerges as the epicenter of rapid growth within the underwater camera market. The dynamic expansion of consumer income levels across various countries in this region has fueled a notable surge in demand. As consumers' disposable incomes increase, there is a discernible preference for branded and quality items, including underwater cameras. This shift in consumer behavior is complemented by the flourishing consumer electronics sector, wherein the adoption of innovative technologies is a hallmark. The intersection of these trends, coupled with evolving lifestyles that prioritize water-based activities, has created a fertile ground for the surge in demand for underwater cameras. The Asia-Pacific region is not only experiencing an uptick in tourism-related water adventures but is also witnessing an increase in recreational activities, thereby stimulating the growth of the underwater camera market. As a result, the Asia Pacific region is poised to lead the underwater camera market's expansion, driven by a combination of rising incomes, brand preference, and the proliferation of consumer electronics.
Key Player Analysis:
The underwater camera market analysis consists of players such as Canon Inc. (Japan), Sony Corporation (Japan), Nikon Corporation (Japan), Panasonic Corporation (Japan), Olympus Corporation (Japan), Garmin Ltd. (Switzerland), FLIR Systems, Inc. (USA), Ricoh Company, Ltd. (Japan), and GoPro Inc.
Recent Developments:
Inorganic and organic strategies such as partnerships, mergers and acquisitions are highly adopted by companies in the underwater camera market. A few recent key underwater camera market developments are listed below:
- In July 2023, Canon Inc. announced that it had developed a process for sorting plastic pieces based on material, utilizing their tracking type Raman spectroscopy technology. The technology enabled accurate identification of materials, including black plastic pieces mixed with other colors. Canon aimed to launch plastic sorting equipment utilizing this method by the first half of 2024.
- On March 30, 2021, Fujifilm launched QuickSnap. This waterproof camera is a one-time disposable camera that can be used up to 35 feet underwater with features such as 27 exposures of ISO 800 film, color picture, and a 32mm f/ 10 fixed-focus lens.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The List of Companies
1. Canon Inc.
2. FUJIFILM Holdings Corp.
3. Garmin Ltd.
4. GoPro Inc.
5. Nikon Corp.
6. Olympus Corp.
7. Panasonic Corp.
8. Ricoh Co. Ltd.
9. Sony Corp.
10. Subsea Tech
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
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- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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