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The global underwater camera market size is estimated to decline at a CAGR of 11.68% between 2022 and 2027. The size of the market is forecast to increase by USD 3,641.16 million.
The tourism industry is rapidly driving market growth. In fact, the adventure tourism sector was worth more than USD 747.47 billion in 2022. Recreational activities such as swimming, diving, water aerobics, and Waboba attracts tourist. Furthermore, adventurous sports like deep-sea diving and ice diving are some trending activities loved by many. Therefore, the demand for underwater cameras is rising as tourists are increasingly using them to capture moments of their adventure. More than 30% of the US's population participated in water sports in 2021. Additionally, factors such as technological advancement, and an increase in applications of underwater cameras are driving the market growth.
This report extensively covers market segmentation by end-user (residential and commercial), distribution channel (offline and online), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The advances in technology are notably driving the market growth, although factors such as an increase in vendor competition may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Underwater Camera Market Driver
The advances in technology are notably driving market growth. The advent of digital technology in /image processing has revolutionized underwater photography. Modern-day underwater cameras do not necessarily use waterproof housing. In addition, digital photographs have higher /image quality, due to which even amateur photographers can capture great underwater /images.
Despite the advances in technology, small-sized underwater digital cameras are becoming bulky. This can be attributed to their increasing functionality, where users can capture high-detail /images using 3D technology. To implement this technology, two digital cameras are joined in order to provide a stereo-capturing range. Underwater /images have been captured for over 50 years all over the world. However, the quality of the /images captured using digital 3D technology is better than before. Therefore, such factors are expected to drive the growth of the market during the forecast period.
Significant Underwater Camera Market Trend
The advent of smart underwater cameras is an emerging trend in the market. Underwater cameras are likely to become smart during the forecast period with enhanced connectivity. With a built-in communication interface, smart underwater cameras can wirelessly transfer pictures using Bluetooth, Wi-Fi, and NFC. They also can interact with PCs and smartphones.
People prefer purchasing smart cameras because they can directly transfer photos and videos on social networking sites. These cameras avoid the trouble of transferring photos to another device before uploading them on social media platforms. Smart underwater cameras will likely have the ability to Tag and go, which can be done by simply touching a smartphone to the smart underwater camera. Users can directly upload pictures to social networking sites and quickly geotag the /images using built-in NFC. Such factors are expected to drive the growth of the market during the forecast period.
Major Underwater Camera Market Challenge
The increase in vendor competition is a major challenge in market growth. Vendors in the global market are witnessing a decline in their profit margins because of the rising prices of raw materials. Vendors such as Canon, Nikon, Panasonic, and Sony enjoy a substantial market share. Many new vendors are also entering the market because they are attracted by the huge potential for growth.
Vendors are focusing on developing cameras that are affordable for consumers in developing countries, which is reducing the sales potential and revenue of the existing vendors. The emergence of local players has also resulted in price wars that are compelling market vendors to reduce the prices of their products. This is leading to a reduction in profit margins. The increasing competition may also lead to the manufacture and introduction of low-quality products in the market. This will affect the market adversely during the forecast period. Major consumer electronics vendors such as Sony, Olympus, and Ricoh are entering the market with featured underwater cameras, threatening the market share of the existing players. Therefore, such factors are expected to hinder the growth of the market during the forecast period.
Key Underwater Camera Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Underwater Camera Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Brinno Inc. - The company operates under one segment. The company under this segment manufactures offers hardware and software solutions for lapse photography. The key offerings of the company include underwater cameras.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the residential segment will be significant during the forecast period. The demand for underwater cameras is expected to grow significantly among residential users, as these cameras are widely used for capturing photos and recording videos of underwater sports and leisure activities.
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The residential segment was valued at USD 3,129.54 million in 2017 and continued to grow until 2021. Water sports, such as scuba diving, snorkeling, surfing, and water rafting, are popular among people of different age groups. In North America, several US states, including Hawaii, Virginia, California, Ohio, and Georgia, are known for their water sports. Annual events such as the East Coast Surfing Championships, the Reno River Festival of rafting, and the Vans Triple Crown promote active participation from national and international candidates. In APAC, countries such as Thailand, Malaysia, Indonesia, and India are known for their water sports. In India, 22 water bodies, with approximately 3,000 square kilometers of area, are notified for water sports. Governments of different states are also taking various initiatives to improve water tourism across the country. Furthermore, the growing per capita income and the increasing popularity of water sports, such as rafting, surfing, jet-skiing, snorkeling, and scuba diving, have driven the growth of water tourism globally, which, in turn, has propelled the demand for underwater cameras from sports enthusiasts. Thus, owing to such factors the segment is expected to grow during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Underwater cameras have gained the most popularity in North America as a high number of adventure enthusiasts and adventure destinations are based in this region. With an increasing number of people becoming outdoor enthusiasts, the market in this region will likely experience significant growth during the forecast period. The US is known for its adventurous water sports across different states, primarily in Hawaii, Virginia, California, and Georgia. The growing inclination of the population toward water sports, such as snorkeling, scuba diving, and rafting, will drive the demand for underwater cameras in the region.
Furthermore, the market is also driven by the high per capita disposable income of the population in the region. The high spending power of consumers in North America, especially in the US, has led to the region being an early adopter of underwater cameras. A high percentage of the population can easily afford underwater cameras. In addition, the rising penetration of social media platforms, such as Facebook and Instagram, with its rising trend of taking underwater photos and uploading them on social networking sites, has further influenced the growth of the market in the region. Therefore, these factors are expected to drive the market in the region during the forecast period.
The market was negatively affected in 2020 due to the COVID-19-induced manufacturing halts. However, the market grew significantly after 2021 due to the rise in the use of online channels to maintain the sales of underwater cameras. Also, the initiation of vaccination drives across North America helped industries manufacturing cameras to reopen and resume operations in the first half of 2021. Moreover, underwater cameras are widely used with the growing popularity of documentaries and short films. Moreover, several vendors in the regional market are also majorly focusing on increasing their market reach by selling their products via e-commerce channels. Hence, these factors are expected to accelerate the growth of the market in focus during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global underwater camera market as a part of the global consumer electronics market within the global household durables market. The parent global consumer electronics market covers products and companies engaged in manufacturing/marketing consumer robotics, home audio and video products, televisions, digital cameras, and related products. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Underwater Camera Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 11.68% |
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Market growth 2023-2027 |
USD 3,641.16 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
11.23 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 37% |
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Key countries |
US, Canada, Germany, France, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Brinno Inc., Canon Inc., Drift Innovation Ltd., FUJIFILM Corp., Garmin Ltd, GoPro Inc., Innovations Australia, Marine Imaging Technologies, MOBOTIX AG, Nikon Corp., Ocean Systems Inc., Olympus Corp., Panasonic Holdings Corp., RED Digital Cinema LLC, Ricoh Co. Ltd., Rollei GmbH and Co. KG., Scale Aquaculture AS, Sony Group Corp., Subsea Tech, and Ultramax Enterprises Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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