Trend of underwater photography, rise in usage in media and entertainment, and emergence of camera rental services drive the growth of the global underwater camera market.
PORTLAND, Ore., Aug. 11, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Underwater Camera Market By Type (Digital Single Lens Reflex [DSLR], Mirrorless, and Compact), Distribution Channel (Online and Offline), and Application (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global underwater camera industry generated $5.65 billion in 2020, and is estimated to reach $18.81 billion by 2030, witnessing a CAGR of 13.9% from 2021 to 2030.
Prime Determinants of Growth
Trend of underwater photography, rise in usage in media and entertainment, and emergence of camera rental services drive the growth of the global underwater camera market. However, expensive nature of cameras hinders the market growth. On the other hand, surge in popularity of smart action underwater camera present new opportunities in the coming years.
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Electronics manufacturing hubs have been closed down temporarily to restrict the spread of the Covid-19 among employees and workers. This led to shortage of components and finished goods.
Electronic components and other devices have been majorly imported from China. Owing to the closedown of manufacturing units and ban on import-export activities, the prices of components used in manufacturing underwater cameras raised with shortage of supplies.
Owing to restrictions on travel during lockdown restrictions, the demand for underwater cameras reduced considerably. However, the demand is expected to rise during the post-lockdown.
The Digital Single-Lens Reflex (DSLR) segment to maintain its lead position during the forecast period
Based on type, the digital single-lens reflex (DSLR) segment contributed to the highest share in 2020, accounting for more than half of the global underwater camera market, and is expected to maintain its lead position during the forecast period. This is due to features such as enhanced pictures, interchangeable lenses, HD video capture, depth-of-field control, and wide-angle of view. However, the mirrorless segment is projected to manifest the highest CAGR of 16.6% from 2021 to 2030, owing to incorporation of advanced features such as live view, no mirror, contrast detection for focusing, and others.
The Offline segment to continue its leadership status throughout the forecast period
Based on distribution channels, the offline segment accounted for the largest share in 2020, holding more than two-thirds of the global underwater camera market, and is projected to continue its leadership status throughout the forecast period. This is due to factors such as ease in ordering at short notice, creation of impressive exhibition, and assurance of product quality and reliability. However, the online segment is expected to witness the fastest CAGR of 15.0% from 2021 to 2030, owing to rise in digitalization, surge in the e-commerce sector, low business overhead and operating costs, huge sales reach & customer accessibility, improved communications channels, and ability to integrate valuable reporting tools.
North America to maintain its dominant share in terms of revenue by 2030
Based on region, North America accounted for the largest share in terms of revenue in 2020, contributing to nearly two-fifths of the global underwater camera market, and is expected to maintain its dominant share in terms of revenue by 2030. This is due to surge in trend toward underwater photography and rise in usage in the commercial sector. However, Asia-Pacific is expected to grow at the largest CAGR of 15.9% during the forecast period, owing to high demand from several industries such as media & entertainment, security & surveillance, and travel & tourism along with advancements in technology.
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Leading Market Players
Canon Inc. (Japan)
GoPro Inc. (U.S.)
Nikon Corporation (Japan)
OM Digital Solutions Corporation (Japan)
Panasonic Corporation (Japan)
Sony Corporation (Japan)
Fujifilm Holdings Corporation (Japan)
Ricoh Company Ltd. (Japan)
Scale Aquaculture AS (Norway)
Shenzhen Zhiyong Industrial Co. Ltd (China)
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