Underwater Camera Market : Future Scenarios, Trends and Business Opportunity Analysis, 2019 -2027

New AI Algorithms Deploy Distortion-free Images for Improved Marine Life Research

There is a growing demand for underwater cameras that provide distortion-free images. Hence, researchers are innovating in AI algorithms that offer clear colorful photos in underwater cameras. For instance, oceanographer and engineer Derya Akkaynak and engineer Tali Treibitz of the University of Haifa, Israel, have developed a novel AI algorithm called ‘Sea-thru’, which deploys physically accurate images sans the need for Photoshop. Thus, companies in the underwater camera market should collaborate with researchers to bolster their credibility credential in the underwater camera market landscape.

The introduction of new algorithm systems is generating curiosity among marine life researchers and the marine life scientific community. Hence, companies are increasing R&D in cameras that provide images with its true colors to help marine life researchers’ gain a lot more worth out of current data sets. They are increasing their efficacy in theoretical and experimental research work. Companies in the underwater camera market are growing increasingly aware that light behaves differently in water, which has led to innovations of new algorithms and cameras.

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Underwater 3D Laser Cameras a Breakthrough Innovation in Military and Aerospace Electronics

Apart from commercial and individual applications, manufacturers are tapping opportunities in military and aerospace electronics to generate new revenue streams. This is evident since the underwater camera market is estimated to reach a value of ~US$ 10 Bn by the end of 2027. Hence, companies are increasing their production capabilities to develop underwater laser 3D cameras that are capable of mapping seabed and detect marine pollution. The novel camera’s advantages are benefitting end users who can monitor fish stocks.

As a part of the € 5.7 Mn “UTOFIA” project, researchers and innovators are participating in Europe’s Horizon 2022 innovation program, to address the requirements in maritime applications. This is well justified since Europe is expected to lead the underwater camera market. Manufacturers in the market for underwater cameras are increasing their efficacy in innovative technologies that align with low-visibility environments. The underwater camera market is transforming, since companies are increasing efforts to solve the problem of backscatter caused by the reflection of light due to suspended particles in the water.

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Companies Overcome Lack of Mobility with Innovative Rigs for Better Underwater Visibility

The underwater camera market is expected to grow at a CAGR of ~9% during the forecast period. Rise of marine life tourism and emergence of new broadcasting channels are contributing toward the growth of the market. However, companies are limited by lack of mobility and depleting battery life of underwater cameras, owing to cold temperatures in deep depths of water. Hence, biologists are tying up with small-scale companies that are capable of providing adequate camera and light set up. Hence, companies should partner with idea-driven startups to construct rigs from galvanized stainless steel that solve the issue of mobility underwater.

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There is a growing demand for underwater cameras that facilitate underwater observation without getting wet. Hence, manufacturers in the underwater camera market are increasing their efficacy in technologies that improve the interpretation of sonar for sea anglers. For instance, Aqua-Vu-a provider of innovative underwater devices, has introduced the Aqua-Vu technology, which helps in the discovery of fish hidden in the vegetative state.

Long-term Monitoring of Biodiversity Levels and Deep-sea Hydrothermal Vents Generate Incremental Opportunities

Visual observations of ocean environments have been made possible with advanced underwater cameras. As such, these cameras are playing a pivotal role in scientific purposes as well as in observing unseen behavior of fish and invertebrates. This is evident since the underwater camera market is estimated to reach a production output of ~13,000 units by the end of 2027. Hence, manufacturers are increasing their production capacities to develop cameras that help in long-term monitoring of biodiversity levels in ocean environments. Hence, commercial application segment is expected to lead the underwater camera market during the forecast period. Stakeholders in the underwater camera market are increasing their research spending to develop cameras that adapt to changing ocean conditions.

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Underwater Camera Market: Overview

  • According to Transparency Market Research’s latest market report on the global underwater camera market for the period 2019–2027 (wherein 2019 to 2027 is the forecast period and 2018 is the base year), growing popularity of marine tourism coupled with increasing internet penetration and rising number of social media users are some of the prime reasons for the growth of the underwater camera market
  • In the report, revenue generated by the global underwater camera market has been mentioned in terms of value (US$ Mn) and volume (Thousand Units) throughout the forecast period

Growing Popularity of Marine Tourism and Broadcasting Channels: A Key Driver of Underwater Camera Market

  • Growing number of young people opting for adventure tours to escape their daily routine life and experience new adventures is propelling the tourism industry significantly.

Underwater tourism is gaining traction as ocean depths are being considered the new areas of exploration. New scuba diving sites are coming up for underwater sightseeing across the world. This has resulted in the growth of the underwater camera market.

Apart from these, exploration of new marine animals by marine researchers is gradually becoming popular worldwide, due to which growth of the underwater camera market is anticipated to proliferate.

  • Furthermore, a number of television channels and live streaming platforms (National Geographic, Discovery, Animal Planet etc.) pertaining to the tourism industry, broadcast shows featuring underwater tourism to raise awareness about tourist spots around the world and to popularize marine tourism. These factors are expected to boost the underwater camera market. Underwater cameras are likely to be used by people to capture precious moments and sights of their underwater journeys.

Increasing Internet Penetration and Growing Number of Social Media Users to Boost Underwater Camera Market

  • A surge in the number of internet users across the globe is seen, due to increasing Internet penetration and growing adoption of mobile devices and tablets. Additionally, the number of users on various social media platforms such as Instagram, Facebook, Snapchat, YouTube, and Twitter has increased significantly, due to the popularity of these platforms. People nowadays are increasingly posting their vacation pictures on various social media sites. For instance, Umbul Pongokk, a pond in Indonesia became popular for underwater snorkeling and photography through Instagram. Currently, the pond has an Instagram account with 40000 followers. Therefore, demand for underwater cameras is anticipated to increase during the forecast period with the growth of social media applications.

Emergence of Rental Services: A Key Restraining Factor for Underwater Camera Market

  • Rising popularity of underwater tourism has resulted in lucrative opportunities for commercial service providers of underwater cameras. Rental services providing underwater cameras for snorkeling, scuba diving, and various other underwater sports have drastically increased. Growth of such rental services on a large scale has constrained repeat purchases annually. This is anticipated to be a key restraining factor for the growth of the underwater camera market.

Increasing Millennial Population in Emerging Economies Preferring Adventure: An Opportunity for Underwater Camera Market

  • The population of youngsters is increasing in developing economies such as China and India. The younger population is keen on going for adventure trips, which include scuba diving and other water sports. Increasing number of youth are opting for underwater cameras to capture underwater scenes such as beautiful coral reefs, underwater creatures, and wrecked ships, and to share them on social media for their family and friends. This is projected to drive the underwater camera market.

Underwater Camera Market: Competition Landscape

  • Detailed profiles of manufacturers in the underwater camera market have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • 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
    • Subsea Tech

Underwater Camera Market: Key Developments

  • Canon Inc. is focusing more on expanding its product portfolio to cater to increasing demand for different types of cameras and lenses. During 2018-19, the company launched several new products such as EOS R full-frame mirror-less camera, EOS RP full- frame mirror-less camera, etc.

Other Key Developments in Underwater Camera Market

  • In October 2019, FUJIFILM Corporation, a Japanese multinational imaging company, launched a mirror-less digital camera “FUJIFILM X-Pro3”, which is lightweight and has both electronic and optical viewfinder
  • In 2019, Olympus Corporation, a Japanese company, announced a new model of its compact digital camera in TG series – the TG-6 with more advanced macro functions

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