Newark, NJ, Feb. 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global underwater camera market is expected to grow from USD 4.8 billion in 2019 and to reach USD 15.30 billion by 2027, growing at a CAGR of 15.6% during the forecast period 2020-2027.
The global underwater camera market has witnessed significant growth in recent years. This growth is attributed to the rapid urbanization and increasing consumer spending capacity of the consumers, increasing penetration of the Internet and the rising influence of social media, and rising adoption of underwater cameras. Increasing demand for high-performance underwater cameras for subsurface observing missions will propel the market for an underwater camera.
The cameras that are specially designed so they can capture images and videos underwater are known as underwater cameras. The underwater camera is used for shots as snorkeling, swimming, or a remotely operated underwater vehicle. These cameras are automated and can be easily lowered from the water surface to capture images and videos. Some of the underwater cameras come with automatic technology and can be quickly dropped to retrieve videos and images on their own from the water surface. The primary uses of the underwater camera include capturing marine documentaries and water sports. Underwater cameras are specifically designed for underwater use and also includes modern waterproof digital cameras.
The global underwater camera market is expected to witness significant growth, owing to the growing trend of sharing videos and photos over networking sites, advancements in technology, and the growing popularity of smart action underwater camera. The factors hampering the market growth are lack of awareness among individuals in some regions and the high cost of the products.
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The key players operating in the global underwater camera market are Fujifilm Holdings Corporation, Brinno Inc., Olympus Corporation, GoPro Inc., Sony Corporation, Ricoh Company Ltd., Canon Inc., Panasonic Corporation, Nikon Corporation, Subsea Tech, Garmin Ltd., Steinsvik, and Ocean Systems, Inc. To gain a significant market share in the global underwater camera market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Canon Inc. and Nikon Corporation are the major players operating in the underwater camera market.
- For instance, in March 2020, Tidal, and AI camera system that leverages computer vision to monitor the fish population, was launched by Tidal. The company's team focused on making fish farming more sustainable by efficiently inspecting the fish population.
- In August 2019, the a6100 and a6600 mirrorless digital cameras and the interchangeable lens were launched by Sony Corporation to provide autofocus speed and accuracy solutions for underwater photographers.
Mirrorless segment dominated the market and held the largest share of 41.6% in the year 2019
On the basis of product, the global underwater camera market is segmented into mirrorless, compact, and digital single-lens reflex. Mirrorless segment dominated the market and held the largest share of 41.6% in the year 2019. This growth was attributed to the camera's portability; the absence of mirrors makes them lighter in weight and is cheaper than other cameras.
Personal cameras segment dominated the market and held the largest share of 55.2% in the year 2019
On the basis of application, the global underwater camera market is segmented into commercial and personal. The commercial segment is further segmented into media & entertainment, education & research institutes, underwater sports, and others. Personal camera segment dominated the market and held the largest share of 55.2% in the year 2019. This growth was attributed to the increasing adoption of underwater cameras by individuals to capture their own underwater experiences.
Online segment dominated the market and held the largest share of 60.4% in the year 2019
On the basis of distribution channel, the global underwater camera market is segmented into offline and online. Online segment dominated the market and held the largest share of 60.4% in the year 2019. This growth was attributed to raising awareness about the benefits of purchasing products online and increasing internet penetration.
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Regional Segment of Underwater Camera Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global underwater camera market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 34.7% in the year 2019. This growth was attributed to the deployment of high-quality cameras and the increasing adoption of the advanced technology landscape in the region. The US holds the major share in the region due to the increasing adoption of the latest technologies. The Asia-Pacific region is anticipated to witness significant growth from Maldives, Malaysia, and Indonesia, owing to the rising awareness of tourist destinations, increasing presence of major players, rising consumer spending capacity, and a large number of consumers. The booming tourism sector in Europe will surge the underwater camera market.
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About the report:
The global underwater camera market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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