Underwater Camera Global Market Report 2024

The underwater camera market size has grown rapidly in recent years. It will grow from $5.62 billion in 2023 to $6.27 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The expansion observed during the historical period can be credited to several factors, including the rising appeal of underwater pursuits, heightened interest in exploring beneath the waves and preserving marine environments, the burgeoning underwater tourism sector, growing levels of disposable income, and a heightened recognition of the significance of documenting underwater ecosystems and wildlife.

The underwater camera market size is expected to see rapid growth in the next few years. It will grow to $9.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period can be ascribed to several factors, notably the sustained expansion of the underwater tourism sector, the widening scope of marine research and exploration endeavors, the escalating use of underwater cameras for commercial purposes, burgeoning consumer enthusiasm for adventure sports and outdoor pursuits, and the emergence of eco-tourism and nature conservation initiatives. Key trends expected during this period encompass ongoing technological advancements, the integration of artificial intelligence (AI) and automation functionalities, the utilization of underwater cameras in research and exploration contexts, and the development of sustainable and environmentally conscious solutions within the underwater camera industry.

The burgeoning popularity of underwater tourism is anticipated to drive the growth of the underwater camera market in the foreseeable future. Underwater tourism involves the commercial exploration and enjoyment of underwater environments, encompassing activities like diving, snorkeling, and submarine tours, aimed at enticing tourists to underwater attractions and destinations. This surge in underwater tourism is attributed to a growing interest in marine conservation and environmental awareness, advancements in dive tourism infrastructure, and the emergence of sustainable and responsible tourism practices. Underwater cameras play a crucial role in enhancing the underwater tourism experience by enabling tourists to capture, share, and preserve their underwater memories while also supporting educational, environmental, and research initiatives in marine conservation and exploration. For instance, in June 2023, according to the National Oceanic and Atmospheric Administration (NOAA), a US-based agency specializing in marine research and information provision, the US marine economy witnessed significant growth from 2020 to 2021. This growth included a 7.4% increase in GDP and a 10.5% rise in sales, with the marine tourism and recreation sector contributing $232 billion and displaying a 27.3% growth from 2020. Thus, the surge in underwater tourism is propelling the expansion of the underwater camera market.

Leading companies in the underwater camera market are concentrating on developing innovative products, such as the Ricoh WG-80, to enhance image quality and performance in demanding underwater conditions. The Ricoh WG-80 is a rugged and waterproof outdoor camera designed to withstand water, dust, cold, and shock, providing uncompromising protection. For example, in May 2022, Ricoh Imaging Americas Corporation, a US-based company specializing in photographic equipment and supplies, introduced the Ricoh WG-80. This durable, lightweight, and waterproof compact digital camera is specifically designed for underwater activities and features a back-illuminated CMOS image sensor for capturing high-resolution images, along with other functionalities such as 5x optical zoom, a built-in ring light for macro photography, underwater modes, full HD recording, and a 2.7-inch LCD monitor. The camera incorporates innovative features like six LED macro lights, underwater shooting optimizations, and various shooting modes and filters.

In January 2023, Halma PLC, a UK-based safety equipment company, acquired Deep Trekker Inc. for $47 million. This acquisition aims to expand Halma's footprint in underwater inspection and robotics by integrating Deep Trekker's expertise and product line of remotely operated vehicles (ROVs). Furthermore, the acquisition aligns with Halma's objectives of addressing environmental concerns, enhancing safety standards, and capitalizing on new growth opportunities across various sectors such as aquaculture, infrastructure, energy, search and recovery, commercial diving, defense, and ocean science. Deep Trekker Inc. is a Canada-based company specializing in the manufacturing of underwater inspection cameras.

Major companies operating in the underwater camera market are Sony Corporation, Panasonic Corporation, Canon Inc., Fujifilm Corporation, Ricoh Company Limited, Olympus Corporation, Garmin Ltd, Nikon Corporation, GoPro Inc., Polaroid Corporation, Steinsvik AS, Ocean Systems Inc., SJCAM Corp, Brinno Inc., Rollei GmbH And Co. KG, Contour LLC., Ikelite Underwater Systems, Subsea Tech LLP, SeaLife Cameras, Aquatic Digital Inc., Nauticam International Limited., Shenzhen Zhiyong Industrial Co. Ltd.

North America was the largest region in the underwater camera market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the underwater camera market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the underwater camera market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Underwater cameras are specifically crafted imaging tools tailored for capturing underwater photographs and videos. They serve divers, snorkelers, and enthusiasts alike, facilitating the documentation of marine life and the preservation of breathtaking underwater sceneries. These cameras boast waterproof capabilities and robust construction, ensuring resilience in the face of the challenging underwater milieu.

The primary categories encompass digital single lens reflex (DSLR), mirrorless, and compact cameras. A digital single lens reflex (DSLR) functions by utilizing a mirror mechanism to direct light from the lens to an optical viewfinder, granting photographers meticulous control over settings. This enables the capture of high-quality images suitable for both personal and commercial purposes, distributed across various online and offline platforms.

The underwater camera research report is one of a series of new reports that provides underwater camera market statistics, including the underwater camera industry's global market size, regional shares, competitors with an underwater camera market share, detailed underwater camera market segments, market trends and opportunities, and any further data you may need to thrive in the underwater camera industry. This underwater camera market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The underwater camera market consists of sales of action cameras, mirrorless underwater cameras, dslr underwater cameras, and underwater camera lights. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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