Underwater Camera Market worth over $8bn by 2026
Published Date: September 1, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Underwater Camera Market size is set to surpass USD 8 billion by 2026, according to a new research report by Global Market Insights, Inc.
An increasing deployment of self-sufficient underwater data centers has been witnessed to reduce energy consumption while delivering fast cloud services to coastal cities. This trend is driving the demand for advanced underwater cameras. Underwater cameras use deep learning and help in monitoring environmental conditions near data centers. A subsea data center is equipped with sensors including underwater cameras to monitor server conditions and surrounding environments in real time as live video streams.
Increasing adoption of these cameras in surveillance and search & rescue operations by government organizations will drive the underwater camera market growth. The integration of cameras with Remotely Operated Vehicles (ROVs) is being showcased for observation & data collection in demanding ocean conditions. In March 2020, Ocean Aero, Inc. announced to deliver underwater drones for the U.S. Homeland Security Program for oceanography and meteorology operations.
The ongoing coronavirus (COVID-19) pandemic has negatively impacted the market owing to decline in underwater sports activities on account of the social distancing norms issued by government organizations to stop the virus spread. The stagnation of overall manufacturing & research activities due to stringent lockdowns imposed during the first half of 2020 will also hamper the industry growth. However, with the resumption of industrial activities and the economic conditions regaining stability, the market will witness a steady growth over the coming years.
DSLR cameras to gain traction in the market impelled by the demand for high quality & crisp images and enhanced auto-focus system
Digital Single Lens Reflex (DSLR) cameras accounted for 20% of the global industry shipments in 2019. DSLRs enable underwater photographers to capture high-quality images even in low lights. Researchers deploy robust cameras in unmanned vehicles to capture high-resolution & sharp images of tiny creatures, enabling the study of aquatic life. High-quality pictures captured using DSLRs are used by tourism companies for advertisements on portals to attract tourists.
Factors such as better sensitivity to light, flexible controls and ability to use different lenses will boost the market demand. Industry players have developed robust underwater cameras that are rugged enough to be used in tough ocean environments while featuring high-quality images.
Browse key industry insights spread across 300 pages with 364 market data tables and 23 figures & charts from the report, “Underwater Camera Market Size, By Product (Digital Single Lens Reflex (DSLR), Mirrorless, Compact), By Application (Personal, Commercial [Education & Research Institutes, Media & Entertainment, Underwater Sports]), By Distribution Channel (Online, Offline), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Surge in online retailing over the past years to support underwater camera online sales
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The online distribution channel will expand at substantial CAGR during the forecast period attributed to the strong emergence of online retailers such as Amazon.com, Flipkart, and eBay, offering a range of high-performance cameras from several brands. These retailers employ several marketing strategies, such as reduced delivery time and seasonal discounts, to boost their sales. They also enable the return of defective items within a specified time period to ensure customer satisfaction and product replacement on select items. Using online retailing, consumers get a glance of a wide range of cameras from different brands on a single portal.
Industry to gain traction due to growing trend of underwater sports in several European countries
The Europe underwater camera market share is predicted to gain significantly through 2026 led by the rise in the underwater sports activities in several countries with Spain and Italy being the most popular beach vacation destinations. Grenada Dive Fest in Spain that includes underwater photography competitions, scuba sessions and reef, and wreck diving attracts large number of tourists every year. The compact size and extended battery life make underwater cameras highly popular for sports activities.
Rise in underwater activities for research & recreational purposes will propel the European market growth. The CMAS Scientific Diving Center WiTUS in University of Stuttgart located in Stuttgart, Germany is fully equipped for diving in sea water and marine ecosystems, following the safety standards of the German Underwater Federation (VDST), for ecological investigations of marine and freshwater habitats. The primary purpose of the center is to provide high-quality training of scientific diving for the master course students in technical biology.
Use of high-quality underwater cameras by divers and snorkelers to capture images
Personal applications will observe growth of around 16% till 2026 driven by a rise in scuba diving and snorkeling activities globally. There is a surge in the number of regular local divers owing to the increasing number of fitness enthusiasts as well as tourists undertaking these activities for recreational purposes. According to the Diving Equipment and Marketing Association (DEMA), there are around 3.5 million active scuba divers in the U.S. and around 6 million active scuba divers globally as of 2019. According to the Sports and Fitness Industry Association, there are around 20 million snorkelers globally. Scuba divers use high-quality cameras to capture the images of seabeds and the underwater ecosystem.
New product launches to strengthen product portfolio forms a key strategy amongst market players
Players operating in the underwater camera market include Brinno Inc., Fujifilm Holdings Corporation, Ocean Systems, Inc., Garmin Ltd., GoPro Inc., Olympus Corporation, Panasonic Corporation, Nikon Corporation, Ricoh Company Ltd., Steinsvik, Sony Corporation, and Subsea Tech.
Industry players are launching new compact, mirrorless and DSLR cameras developed specifically for underwater applications. For instance, in February 2019, Fujifilm Holdings Corporation launched its Fine PIX XP 140 digital camera featuring the company’s proprietary image processing engine and 4K video capability. It has ruggedized features such as waterproof to 25m and shockproof up to 1.8m, making it ideal for marine sports.