Pune, India, Oct. 27, 2023 (GLOBE NEWSWIRE) -- An underwater camera, known as a submersible camera, is a device capable of capturing images and videos on the water's surface. Underwater cameras are available in two formats such as a regular digital camera with waterproof housing, allowing it to safely operate in water without causing any harm to its internal components, and another is specially created for underwater use; it is waterproof and shockproof and easily handles the amount of water pressure and exposure to water.
Underwater Camera Market in terms of revenue was estimated to be worth $7.55 billion in 2022 and is poised to reach $19.11 billion by 2030, growing at a CAGR of 14.50% from 2022 to 2030 according to a new report published by The Insight Partners.
The increased demand for water-saving solutions and the growing popularity of voice-activated equipment and Internet of Things technology. However, the lack of knowledge is expected to hinder the market's growth.
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Global Underwater Camera Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 7.55 Billion in 2022 |
| Market Size Value by | USD 19.11 Billion by 2030 |
| Growth rate | CAGR of 14.50% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Application, Distribution Channel, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
A waterproof digital camera is used mainly for shooting documentaries, underwater exploration, underwater photography, sports, and research. A surge in water sports and adventure tourism drives the underwater camera market growth. Adventure tourism and water sports such as snorkeling, surfing, scuba diving, and kayaking have gained immense popularity globally. These activities often involve thrilling underwater exploration which people want to capture. Underwater camera market demand has grown alongside adventure tourism and water sports expansion. Coastal and marine tourism holds around 50% share of overall global tourism. In a business scenario, coastal and marine tourism will represent the largest ocean economy sector by 2030. The expanding marine tourism market is expected to influence market statistics positively.
The rise in consumer spending capacity and growing participation in underwater activities are important factors expected to drive the underwater camera market size during the forecast period. The prominent benefits of underwater cameras are waterproof features and wide-angle lengths that enable great underwater shots. Further, the popularity of influencers and content creators positively impacts market development. The major underwater camera market trends are advancements in products such as microelectronics and sensors. Key manufacturers are focusing on investing in research and development (R&D) activities to improve the product's working and collaborating with different companies to introduce new products, especially targeting and focusing on meeting the requirements of specific businesses.
Furthermore, there are several advantages of underwater cameras, so the demand for underwater cameras is increasing. The biggest advantage of underwater cameras is to truly and intuitively reflect the underwater problems; ordinary cameras are suitable and moderately priced for most hydropower plants. They have special advantages in solving underwater problems in hydraulic engineering. Modifying the existing basic equipment of the power plant is another effective method to help eliminate common underwater problems in the maintenance process of the hydropower unit. This equipment has succeeded in the use of the company. It has a very high application value in the inspection and repair process of the turbine generator unit. It is an effective tool for the maintenance personnel to deal with the problems under the water.
Several companies are taking various initiatives, such as partnerships, collaborations, and new product developments. For instance, in May 2022, Ricoh Imaging Americas Corporation announced a durable RICOH WG-80. This lightweight, waterproof, compact digital camera produces high-definition (HD) videos and super-high-resolution photos and is optimized for use in rugged conditions. It comprises a 5x optical zoom lens offering coverage from 5mm to 25mm, and a large, new camera makes it easy to capture videos and photos of adventures on land, in the challenging environment of an industrial job site or under the sea. Hence, the demand for underwater cameras is increasing significantly.
Increased Interest in Underwater Exploration and Photography is Significantly Driving the Need for Underwater Camera Market
Underwater photography is an exceptional genre that often demands scuba gear but is also done while snorkeling or swimming using automated cameras or in an underwater vehicle. While underwater imaging requires many specialized techniques and equipment, the payoff is worth it. The photographers can access many amazing subjects, including fish, whales, other marine life, cave systems, aquascapes, shipwrecks, diver portraits, and more. To Achieve proper lighting, photographers face one of the primary challenges underwater. Light levels drop off significantly starting at just five feet deep, even in crystal clear water, since most light reflects off the surface. In addition to light loss, the white balance of the ambient light becomes increasingly blue as it descends, which diminishes the vivid colors of the subjects. For these reasons, photographers use flash if taking pictures at depths greater than five feet. Getting as close to the subject as possible is important to reduce the amount of backscatter and white-balance issues in the photos.
Furthermore, the global underwater camera market is anticipated to grow significantly during the forecast period. Factors such as the rising trend toward the rising use of underwater cameras in media & entertainment, underwater photography, and the development of camera rental services boost the growth of the underwater camera market. These cameras are automated and are easily lowered from the water surface to capture videos. In the travel & tourism sector, the craze of people to click underwater, pictures and blogs, traveling, and underwater photoshoots are in trend nowadays. In addition, there is a growing trend in biodiversity photography using underwater photographs as records. Such a growing trend toward photography is increasing the growth of the underwater camera industry.
Additionally, the growing popularity of smart action underwater cameras is expected to establish opportunities for the underwater camera market. By using action cameras, spectators can develop their personal views into skiing activities, surfing, and rock climbing. An action underwater camera is designed to record action underwater; it is in great demand for action movies and underwater photography.
Underwater Camera Market: Segmental Overview
The underwater camera market is segmented into type, distribution channel, application, and geography. The market is segmented by type into digital single lens reflex (DSLR), mirrorless, and compact. The compact cameras segment type will hold the largest market share by 2030. Using shutter speeds is the same as using a DSLR, with the added benefit that some compacts can sync at very fast speeds, allowing nice sunball shots. Compact systems have the advantage of allowing one to change lenses easily underwater. Compacts offer more manual options, such as an adjustable float arm and a removable lens.
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Underwater Camera Market Analysis: Competitive Landscape and Key Developments
Canon Inc., GoPro Inc., Nikon Corporation, Panasonic Corporation, Sony Corporation, OM Digital Solutions Corporation, Fujifilm Holdings Corporation, Ricoh Company Ltd., Scale Aquaculture AS, and Shenzhen Zhiyong Industrial Co. Ltd. are a few of the key companies operating in the underwater camera market. The market leaders focus on expansion and diversification, new product launches, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- In April 2021, a network of underwater camera rigs was used to protect wildlife in UK Overseas Territories. The government said the network was the first and would be the world's largest ocean monitoring system protecting wildlife underwater.
Go through further research published by The Insight Partners:
Fundus Camera Market - Global Analysis and Forecast to 2030.
Pinhole Camera Market - Global Analysis and Forecast to 2030.
InGaAs Camera Market - Global Analysis and Forecast to 2028.
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