NEW
YORK, May 8, 2024 /PRNewswire/ -- The global
underwater camera market size is estimated to grow by
USD 3.64 billion from 2023 to
2027, according to Technavio. This growth is expected to occur at a
Compound Annual Growth Rate (CAGR) of almost 11.68% during the
forecast period.
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Report
Attribute
|
Details
|
Base Year
|
2022
|
Forecast
period
|
2023-2027
|
Historic Data
for
|
2017 - 2021
|
Segments
Covered
|
End-user (Residential
and Commercial) and Distribution Channel (Offline and
Online)
|
Key Companies
Covered
|
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.
|
Regions
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Key Trends Fueling Growth
- Bundle packaging:
-
- Bundle packaging is a top-notch marketing tactic widely used
for underwater cameras. It entails pairing cameras with various
accessories like mounts, casings, and lenses. This approach aims to
render products and add-ons more pocket-friendly for middle-class
consumers. Bundled offers cut down on separate accessory
investments, a move many buyers appreciate.
- This strategy not only boosts camera sales but also drives up
accessory purchases. Big players like GoPro and Canon, known for
crafting cameras and accessories, have embraced this method. Such
practices are anticipated to fuel the growth of the underwater
camera market in the upcoming forecast period.
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2021) - Download a FREE Sample Report in
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Major Challenges:
- Increase in vendor competition
-
- The global underwater camera market is facing challenges with
declining profit margins due to higher raw material costs. Major
players like Canon, Nikon, Panasonic, and Sony are affected, as new
vendors enter the market, drawn by growth prospects. These
newcomers focus on affordable cameras for developing countries,
shrinking sales and revenues for established vendors.
- Local players intensify competition, sparking price wars and
forcing vendors to lower prices, squeezing profits. This
competitive pressure may result in low-quality products flooding
the market, harming its prospects.
- Furthermore, consumer electronics giants such as Sony, Olympus,
and Ricoh are entering the underwater camera market with advanced
offerings, posing a threat to existing players' market share. These
factors are likely to impede the market's growth in the forecast
period.
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Segmentation Overview
- End-user
- 1.1 Residential
- 1.2 Commercial
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Residential- The residential segment for
underwater cameras is on the rise, with significant growth
anticipated in the forecast period. These cameras are popular among
individuals for capturing underwater sports and leisure activities.
Valued at USD 3.12 billion in 2017,
the segment has seen continuous growth till 2021. Water sports like
scuba diving, surfing, and rafting are widespread, especially in
North America, with states like
Hawaii and California being notable hotspots. Events such
as the East Coast Surfing Championships attract participants from
across the globe.
- The market expansion is driven by the demand for advanced
products offering wide angles and enhanced sensors, aided by
microelectronics and waterproof housings. Adventure tourism,
including water sports, contributes to the market's growth,
alongside businesses catering to underwater equipment and content
sharing on social media. Rising per capita income and the
popularity of water tourism globally are further fueling demand
from sports enthusiasts. Overall, the residential segment is poised
for growth due to these factors.
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Analyst Review
The underwater camera market offers a range of devices catering
to diverse aquatic activities like swimming, snorkeling, and
exploration. From compact digital cameras to DSLRs, these devices
ensure high image and video quality for capturing underwater
moments. For professionals, manual control options are available,
while smart action cameras suit adventure enthusiasts.
Modern waterproof cameras withstand water pressure, delivering
clear images even in challenging conditions. With autofocus and
phase detection, capturing fast-moving subjects like marine life
becomes effortless. Media and entertainment industries utilize
underwater cameras for action movies and videography, enhancing
storytelling.
Studio photographers explore biodiversity through underwater
photoshoots, utilizing camera rental services to manage high costs.
Beyond underwater adventures, these cameras find utility in
activities like rock climbing and skiing, ensuring memories are
preserved in high definition.
Market Overview
The underwater camera market caters to a diverse range of needs,
from professional studio photographers to adventurous individuals
seeking action-packed underwater photography. With the rise of
modern waterproof digital cameras and smartphones equipped with
underwater capabilities, capturing videos and images beneath the
water surface has become more accessible than ever.
Remotely operated underwater vehicles enable exploration in
deeper waters, while automated cameras streamline the process for
enthusiasts. Despite the high cost associated with digital
single-lens reflex (DSLR) cameras, their superior performance
continues to attract media and entertainment professionals. The
mirror mechanism ensures precise imaging even in challenging
underwater conditions.
As interest in biodiversity photography grows, the market
responds with innovative solutions for capturing the wonders of
marine life. Whether for work or leisure, underwater cameras
empower users to document and share their underwater adventures
effortlessly.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Distribution Channel
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio