Transparency Market Research delivers key insights on the global underwater camera market. In terms of revenue, the global underwater camera market is estimated to expand at a CAGR of ~9% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global underwater camera market report.
In this market report, TMR predicts that increasing popularity of marine tourism is one of the prime reasons for the growth of the underwater camera market. Increasing number of people are opting to experience new adventures which has propelled the tourism industry. Of late, underwater tourism has experienced immense popularity, as oceans are becoming new areas of exploration. Furthermore, growth of marine exploration by marine researchers are gradually gaining traction worldwide in the quest to find new discoveries. All these factors are anticipated to boost the underwater camera market.
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Another prime factor for the growth of the underwater camera market is the increasing popularity of broadcasting channels. Television channels as well as live streaming platforms such as National Geographic Channel, Discovery Channel, and Animal Planet are creating awareness about the marine environment by continuously broadcasting and livestreaming underwater videos. This is anticipated to boost the underwater camera market.
However, presence of rental underwater camera service is a restraining factor for the growth of the underwater camera market. Rental services in tourist destinations restrains the purchasing frequency of travelers, as they are being provided underwater cameras by rental service providers. This restrains the overall volume of underwater cameras in the residential user segment, which ultimately impacts the overall underwater camera market.
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However, rising millennial population in emerging economies preferring adventure is anticipated to create lucrative opportunities for the growth of the underwater camera market. Young millennial population are choosing underwater tourism, especially in Southeast Asian countries where tourism is expanding at an unprecedented rate. Therefore, the growing young population is anticipated to offer lucrative opportunities for the underwater camera market during the forecast period.
In terms of type, compact camera is anticipated to dominate the underwater camera market during the forecast period. Affordability, easy availability, as well as convenience in carrying are some of the prime reasons for growth of compact cameras. DSLR as well as mirror-less cameras are ideal for professionals and hence are anticipated to see slow growth during the forecast period.
In terms of application, the commercial segment dominated the underwater camera market. Underwater cameras have extensive applications in undersea exploration, water based sports, as well as education and research, etc. The segment is further anticipated to have the strongest growth during the forecast period.
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In terms of distribution channel, offline channels are still preferred for purchase of underwater cameras. Specialty stores, malls, as well as hypermarkets are some of the preferred options of offline distribution channels.
Underwater Camera Market: Prominent Regions
North America and Europe dominated the underwater camera market in 2018 and are further anticipated to dominate the market for the next couple of years. Presence of some of the popular beach side tourist destinations, relevance of underwater photography, etc., are the main reasons for the dominance of the region in the underwater photography market. However, Asia Pacific is experiencing exponential growth in underwater photography due to a growing tourism industry.
Underwater Camera Market: Key Players
Key players operating in the global underwater camera market include Canon Inc., FUJIFILM Corporation, Nikon Corporation, Ocean Systems, Inc., Olympus Corporation, Sony Corporation, GoPro, Inc., Garmin Ltd., Ricoh Company Ltd., Steinsvik, and Subsea Tech.
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