Transparency Market Research observes that the competitive landscape in the global underwater camera market is significant fragmented. Analysts state that increasing number of players are expected make new product launch in order to acquire a share in the overall market. Furthermore, companies are also trying to incorporate features such as GPS, Bluetooth, and Wi-Fi to appeal to the various demands of the end users. Companies are also trying to manufacture versatile cameras at competitive prices to lure in a younger population that has limited disposable income. Some of the key players operating in the global underwater camera market are Panasonic Corporation, Nikon Corporation, GoPro Inc., Canon Inc., Brinno Inc., Sony Corporation, and Garmin Ltd.
According to Transparency Market Research, the global underwater camera market was valued at US$2109.9 mn in 2015 and is expected to reach up to US$8946.1 mn by the end of 2025. During the forecast period of 2017 and 2025, the global market is expected to exhibit a significant CAGR of 15.63%. In terms of sales channel, the online segment is projected to lead the global market as it surges at a CAGR of 16.84%. Geographically, Asia Pacific is poised to do exceptionally well as it is expected to register a CAGR of 16.89% during the forecast period.
New-age Travelers Spike Demand for Underwater Cameras
An increasing number of individuals especially the young population is taking adventure trips in order to experience nature closely. They are keen to observe as well as capture the underwater elements such as ship wrecks, sponges and fishes, among others while experiencing the underwater life. Also, the growing popularity of the social media platforms is impacting the underwater camera market positively. This is owing to the fact that people are eager to share their experiences with their friends and family through the social media platforms. Furthermore, the growing internet penetration is another factor that is driving the growth of the market upwards.
According to Trip Advisor, an online travel review website, the internet is the second most popular source of inspiration for leisure travel among the masses. The commercial segment includes the camera being used by professionals to capture and study underwater life. Additionally, underwater cameras are also used by the professionals of travel channel brands which broadcast travel shows to inspire and provide information to the masses regarding the various travel destinations across the globe.
Development of Robust Underwater Cameras Proves Integral in Research and Surveillance
Availability of sturdy underwater cameras is expected to drive sales in the near future as they serve an important purpose of surveillance of the underwater life. Over the years scientists have studied underwater life that includes ship wrecks, corals, and sponges among others through diving. However, advent of cameras has allowed them explore the uncharted parts of the aquatic world. Underwater cameras have played an integral role in research and study of the water world. Today, robust designs of these underwater cameras has enabled several end users to capture high quality images despite poor natural light. Features such as shockproof and freeze
proof are an added advantage while using these gadgets. Analysts expect that addition of features such as Wi-Fi, built-in GPS, compass, 4-K video recording, and Bluetooth are likely to augment the demand of underwater camera market in the forthcoming years.