Underwater Camera Market Size

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.

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.

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.