Underwater Camera Market Size 2024 And Growth Rate

The underwater camera market size has grown rapidly in recent years. It will grow from $5.62 billion in 2023 to $6.27 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to the increasing popularity of underwater activities, growing interest in underwater exploration and marine conservation efforts, expansion of the underwater tourism industry, rising disposable income levels, and increasing awareness about the importance of documenting underwater ecosystems and wildlife.

Underwater Camera Market Growth Forecast

The underwater camera market size is expected to see rapid growth in the next few years. It will grow to $9.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to the continued growth of the underwater tourism industry, expansion of marine research and exploration activities, increasing adoption of underwater cameras for commercial applications, growing consumer interest in adventure sports and outdoor activities, and rise of eco-tourism and nature conservation initiatives. Major trends in the forecast period include constant technological innovations, integration of artificial intelligence (AI) and automation features, applications in research and exploration, and sustainable and eco-friendly underwater camera solutions.

Underwater Camera Market Driver: The Surge Of Underwater Tourism Propels The Underwater Camera Market

The growing popularity of underwater tourism is expected to propel the underwater camera market going forward. Underwater tourism refers to the commercial exploration and experience of underwater environments, including diving, snorkeling, and submarine tours, to attract tourists to underwater attractions and destinations. The surge in underwater tourism is due to interest in marine conservation and environmental awareness, advancements in dive tourism infrastructure, and the emergence of sustainable and responsible tourism practices. Underwater cameras enhance the underwater tourism experience by allowing tourists to capture, share, and preserve their underwater memories while supporting educational, environmental, and research efforts in marine conservation and exploration. For instance, in June 2023, according to the National Oceanic and Atmospheric Administration, a US-based agency that conducts research and provides information about marine environments, the US marine economy experienced significant growth from 2020 to 2021. This growth included a 7.4% increase in GDP and a 10.5% rise in sales, with the marine tourism and recreation sector contributing $232 billion and showing a 27.3% growth from 2020. Therefore, the rise in underwater tourism is driving the growth of the underwater camera market.

Global Underwater Camera Market Major Players

Major companies operating in the underwater camera market report are Sony Corporation; Panasonic Corporation; Canon Inc.; Fujifilm Corporation; Ricoh Company Limited; Olympus Corporation; Garmin Ltd; Nikon Corporation; GoPro Inc.; Polaroid Corporation; Steinsvik AS; Ocean Systems Inc.; SJCAM Corp; Brinno Inc.; Rollei GmbH And Co. KG; Contour LLC.; Ikelite Underwater Systems; Subsea Tech LLP; SeaLife Cameras; Aquatic Digital Inc.; Nauticam International Limited.; Shenzhen Zhiyong Industrial Co. Ltd.

Global Underwater Camera Market Trend: Advancements In Underwater Camera Technology

Major companies operating in the underwater camera market are focusing on developing innovative products, such as Ricoh WG-80, to enhance image quality and performance in challenging underwater environments. Ricoh WG-80 is a rugged and waterproof outdoor camera with uncompromising water, dust, cold, and shock protection. For instance, in May 2022, Ricoh Imaging Americas Corporation., a US-based company that produces photographic equipment and supplies, launched the Ricoh WG-80, a durable, lightweight, and waterproof compact digital camera used for underwater activities featuring a back-illuminated CMOS image sensor for capturing high-resolution images, along with other features such as 5x optical zoom, a built-in ring light for macro photography, underwater modes, full HD recording, and a 2.7-inch LCD monitor. The camera offers innovative features such as six LED macro lights, underwater shooting optimizations, and various shooting modes and filters.

Underwater Camera Market Merger And Acquisition: Halma PLC's Strategic Acquisition Of Deep Trekker Inc. To Expanded Presence In Underwater Inspection And Robotics

In January 2023, Halma PLC, a UK-based safety equipment company, acquired Deep Trekker Inc. for $47 Million. The acquisition aims to expand Halma's presence in underwater inspection and robotics by integrating Deep Trekker's expertise and product line of remotely operated vehicles (ROVs). Further, the acquisition aligns with Halma's goal of addressing environmental concerns, improving safety standards, and tapping into new growth opportunities across various industries such as aquaculture, infrastructure, energy, search and recovery, commercial diving, defense, and ocean science. Deep Trekker Inc. is a Canada-based company that manufactures underwater inspection cameras.

Regional Insights For The Global Underwater Camera Market

North America was the largest region in the underwater camera market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the underwater camera market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Underwater Camera Market Definition And Segments

Underwater cameras are specialized imaging devices designed to capture underwater photos and videos, enabling divers, snorkelers, and enthusiasts to document marine life and capture stunning underwater landscapes. These cameras are waterproof and feature rugged construction to withstand the harsh underwater environment.

The main types of digital single lens reflex (DSLR), mirrorless, and compact. A digital single lens reflex (DSLR) is a type of camera that uses a mirror mechanism to reflect light from the lens to an optical viewfinder, providing photographers with precise control over settings for capturing high-quality images for personal and commercial applications and distributed through online and offline channels.

The underwater camera market covered in this report is segmented –

1) By Type: Digital Single Lens Reflex (DSLR), Mirrorless, Compact

2) By Application: Personal, Commercial

3) By Distribution Channel: Online, Offline

The underwater camera market size has grown rapidly in recent years. It will grow from $5.62 billion in 2023 to $6.27 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to the increasing popularity of underwater activities, growing interest in underwater exploration and marine conservation efforts, expansion of the underwater tourism industry, rising disposable income levels, and increasing awareness about the importance of documenting underwater ecosystems and wildlife.

The underwater camera market size is expected to see rapid growth in the next few years. It will grow to $9.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to the continued growth of the underwater tourism industry, expansion of marine research and exploration activities, increasing adoption of underwater cameras for commercial applications, growing consumer interest in adventure sports and outdoor activities, and rise of eco-tourism and nature conservation initiatives. Major trends in the forecast period include constant technological innovations, integration of artificial intelligence (AI) and automation features, applications in research and exploration, and sustainable and eco-friendly underwater camera solutions.

The Surge Of Underwater Tourism Propels The Underwater Camera Market

The growing popularity of underwater tourism is expected to propel the underwater camera market going forward. Underwater tourism refers to the commercial exploration and experience of underwater environments, including diving, snorkeling, and submarine tours, to attract tourists to underwater attractions and destinations. The surge in underwater tourism is due to interest in marine conservation and environmental awareness, advancements in dive tourism infrastructure, and the emergence of sustainable and responsible tourism practices. Underwater cameras enhance the underwater tourism experience by allowing tourists to capture, share, and preserve their underwater memories while supporting educational, environmental, and research efforts in marine conservation and exploration. For instance, in June 2023, according to the National Oceanic and Atmospheric Administration, a US-based agency that conducts research and provides information about marine environments, the US marine economy experienced significant growth from 2020 to 2021. This growth included a 7.4% increase in GDP and a 10.5% rise in sales, with the marine tourism and recreation sector contributing $232 billion and showing a 27.3% growth from 2020. Therefore, the rise in underwater tourism is driving the growth of the underwater camera market.

Major companies operating in the underwater camera market report are Sony Corporation; Panasonic Corporation; Canon Inc.; Fujifilm Corporation; Ricoh Company Limited; Olympus Corporation; Garmin Ltd; Nikon Corporation; GoPro Inc.; Polaroid Corporation; Steinsvik AS; Ocean Systems Inc.; SJCAM Corp; Brinno Inc.; Rollei GmbH And Co. KG; Contour LLC.; Ikelite Underwater Systems; Subsea Tech LLP; SeaLife Cameras; Aquatic Digital Inc.; Nauticam International Limited.; Shenzhen Zhiyong Industrial Co. Ltd.

Advancements In Underwater Camera Technology

Major companies operating in the underwater camera market are focusing on developing innovative products, such as Ricoh WG-80, to enhance image quality and performance in challenging underwater environments. Ricoh WG-80 is a rugged and waterproof outdoor camera with uncompromising water, dust, cold, and shock protection. For instance, in May 2022, Ricoh Imaging Americas Corporation., a US-based company that produces photographic equipment and supplies, launched the Ricoh WG-80, a durable, lightweight, and waterproof compact digital camera used for underwater activities featuring a back-illuminated CMOS image sensor for capturing high-resolution images, along with other features such as 5x optical zoom, a built-in ring light for macro photography, underwater modes, full HD recording, and a 2.7-inch LCD monitor. The camera offers innovative features such as six LED macro lights, underwater shooting optimizations, and various shooting modes and filters.

Halma PLC's Strategic Acquisition Of Deep Trekker Inc. To Expanded Presence In Underwater Inspection And Robotics

In January 2023, Halma PLC, a UK-based safety equipment company, acquired Deep Trekker Inc. for $47 Million. The acquisition aims to expand Halma's presence in underwater inspection and robotics by integrating Deep Trekker's expertise and product line of remotely operated vehicles (ROVs). Further, the acquisition aligns with Halma's goal of addressing environmental concerns, improving safety standards, and tapping into new growth opportunities across various industries such as aquaculture, infrastructure, energy, search and recovery, commercial diving, defense, and ocean science. Deep Trekker Inc. is a Canada-based company that manufactures underwater inspection cameras.

North America was the largest region in the underwater camera market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the underwater camera market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the underwater camera market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The underwater camera market consists of sales of action cameras, mirrorless underwater cameras, dslr underwater cameras, and underwater camera lights. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The underwater camera research report is one of a series of new reports from The Business Research Company that provides underwater camera market statistics, including the underwater camera industry's global market size, regional shares, competitors with an underwater camera market share, detailed underwater camera market segments, market trends and opportunities, and any further data you may need to thrive in the underwater camera industry. This underwater camera market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.