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Underwater Camera Market Size

Report ID: GMI4803
Published Date: Aug 2020
Report Format: PDF

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Underwater Camera Market Size

Underwater Camera Market size exceeded USD 4.5 billion in 2019 and is poised to grow at 15% CAGR between 2020 and 2026. The global industry shipments are anticipated to reach 5 million units by 2026. The market growth is attributed to the demand for high-performance underwater cameras for subsurface observing missions.

The development of the travel & tourism sector is expected to drive the underwater camera market revenue. Adventure tourism has gained high popularity over the past several years, with rise in trend for scuba diving among sports enthusiasts. Egypt, Maldives, and Indonesia have been preferred destinations among divers due to attractive coral reef system and enhanced diving conditions.

Underwater Camera Market

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The integration of AI into underwater cameras has minimized distortions in the pictures captured, providing an innovative solution for conducting ocean research. In March 2020, Alphabet Inc. launched Tidal, an AI camera system that leverages computer vision to monitor fish populations. The company’s X experimental division’s Tidal team focuses on making fish farming more sustainable by efficiently inspecting fish population and identifying & monitoring individual fish in the huge population of fish farm. The system uses a combination of underwater camera technology and machine learning to track environmental conditions, fish behaviors and health of salmon over time.

Underwater Camera Market Report Attributes
Report Attribute	Details
Base Year:	2019
Underwater Camera Market Size in 2019:	USD 4.5 Billion
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	15%
2026 Value Projection:	USD 8 Billion
Historical Data for:	2016 to 2019
No. of Pages:	300
Tables, Charts & Figures:	387
Segments covered:	Product, Application, Distribution Channel and Region
Growth Drivers:	Implementation of underwater cameras in media & entertainment applications Rising trend of underwater photography on social media feeds and for adventure sports Emergence of camera rental services Demand for underwater 3D laser cameras in aerospace & defense sector from North America and Europe High demand for underwater sports due to growing travel & tourism industry in Asia Pacific and Latin America Growing demand for underwater camera for personal use in the Latin America and MEA
Pitfalls & Challenges:	High cost of the camera

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The ongoing coronavirus (COVID-19) pandemic will negatively impact the underwater camera market size on account of disrupted tourism industry. According to the United Nations World Tourism Organization (UNWTO), international tourist arrivals globally is estimated to decline by 20–30% in 2020. This will lead to declining the demand for underwater cameras among travelers. In addition, stringent lockdowns imposed during the first quarter of 2020 that impacted the manufacturing and R&D capabilities of players, limiting the market growth. However, with the gradual reopening of facilities following the relaxations in lockdown rules, the market will regain traction.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of underwater camera crossed USD 4.5 billion in 2019 and is expected to surpass 5 million units in terms of global shipments by 2026, depicting a CAGR of 15% during the forecast period.

Global mirrorless underwater camera segment share may exhibit 17% CAGR through 2026, since the lack of mirrors in these products helps them to be much more compact & lighter than DSLRs and enhances their portability.

The Australia & New Zealand industry size from education & research application segment may showcase 18% CAGR through 2026, given that researchers in the region are consistently deploying advanced cameras in the ocean to study underwater species’ behavior.

The European market size from offline distribution channel may grow at 14% CAGR through 2026, driven by the fact that a certain section of professionals still prefers shopping from offline stores to ensure product reliability & quality.

The business will depict massive traction in North America driven by the well-established technology proliferation in the region and deployment of high-quality cameras. North America held 25% of the global industry share in 2019.