Underwater Fishing Camera Market to Surge at 13.9% CAGR: North ... - GlobeNewswire

New York, May 10, 2023 (GLOBE NEWSWIRE) -- In terms of revenue, The global Underwater Fishing Cameras market is estimated to exceed USD 18.1 Billion by 2033 from USD 5.1 billion in 2022,  expanding at a CAGR of 13.9% during the forecast period.

The underwater fishing camera market refers to the market for cameras specifically designed for capturing underwater images and videos during fishing activities. These cameras are used by anglers and fishing enthusiasts to monitor fish behavior, locate fish hotspots, and improve fishing techniques.

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Key Takeaway:

• By Type, the DSLR underwater cameras segment dominated the global market in 2022.
• By application, the commercial segment dominated the global underwater fishing cameras market with the highest revenue share in 2022 and is anticipated to expand significantly over the forecast period from 2023 to 2032.
• By Distribution Channel, the offline stores accounted for the largest market share in 2022.
• In 2022, North America dominated the market with the highest revenue share of 45%.

The development of the travel & tourism sector is anticipated to fuel the market growth of underwater fishing cameras. The market growth of underwater fishing cameras is also influenced by their increasing use in commercial applications such as shooting movies, documentaries, underwater sports, and education & research to capture the subject from underwater.

Factors Affecting

There are several factors that can affect the growth of the underwater fishing camera market. Some of these factors include:

• Multiple features: The underwater fishing cameras have several features, such as LED lights for illumination and high-resolution image and video capturing capabilities. This is expected to boost the market growth.
• Increasing tourism: The market growth of underwater fishing cameras is mainly influenced by increasing tourism for underwater activities.
• Social media influence: The market expansion can be attributed to the influence of social media, as it is a great platform for photographers to share images and videos.
• High costs: The market growth is expected to be hampered by the high costs of underwater fishing cameras as individuals are more budget conscious.

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Top Trends

Researchers are constantly innovating AI algorithms that provide clear, colorful images in underwater cameras. This introduction of new algorithm systems is likely to generate curiosity among the marine life science community and marine life researchers. The rising demand for underwater cameras that offers individuals with distortion-free images is the key trend in the global underwater fishing cameras market. Hence, the major companies are increasing the research and development activities in underwater cameras that offer photos with true colors helping marine life researchers to gain a lot more worth out of the current data sets.

Market Growth

The global underwater fishing camera market is anticipated to expand more as a result of rising usage in various commercial applications such as entertainment & broadcasting, education, underwater sports, and other commercial applications. Moreover, the personal use and rising popularity of new advanced technologies will likely surge the market growth during the forecast period.

Regional Analysis

North America held the highest revenue share in 2022. This significant market growth can be attributed to the supportive research & development and deployment of high-quality cameras. Moreover, the growing installations in aquariums and natural water bodies are anticipated to boost the market growth of this region during the forecast period. For instance, the Seattle Aquarium uses the Splashcam range of underwater cameras for educating the students. This camera provides insights into the behavior of rare species. The United States has well-established technology in this region.

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Scope of the Report

Report Attributes	Details
Market Value (2022)	US$ 5.1 Billion
Market Size in 2032	US$ 18.1 Billion
CAGR (2023 to 2032)	13.9%
North America Revenue Share	45%
Historic Period	2016 to 2022
Base Year	2022
Forecast Year	2023 to 2032

Market Drivers

The increased popularity of underwater photography on social media platforms is expected to drive market growth significantly. Instagram, Facebook, and social media platforms have significantly gained popularity among adventure enthusiasts. Also, these cameras are being used increasingly by marine scientists, photojournalists, and professional underwater photographers. Moreover, underwater photography is most popular among scuba divers, snorkelers, and swimmers. Furthermore, the lifestyle of the consumer has changed to be more active, which can be seen through the significant increase in adventure sports. Such factors are expected to boost market growth during the forecast period.

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Market Restraints

The underwater fishing cameras require more battery life to operate, but as these cameras offer limited battery life, it can be a challenge for individuals who are highly involved in underwater fishing sessions and activities for a longer duration. These factors restrict the market growth of underwater fishing cameras. Moreover, the higher costs limit the adoption of underwater fishing cameras as individuals are more budget conscious. Moreover, the competitive pricing of underwater cameras among the key players makes the market highly competitive, thereby leading to poor quality offerings.

Market Opportunities

Rapidly increasing new innovative technologies such as 3D technology and integration of AI in underwater cameras are expected to offer several growth opportunities. The design of the 3D underwater camera is done in such a way as to operate in the 3D reconstruction of underwater scenes as well as objects for structural inspection, archeology, and seafloor mapping. Moreover, the 3D underwater camera is largely used to map the sea bed, monitor fish stocks, and detect the marine population. In the fields of marine research, deepsea mapping, and 3D movies, the 3D ucer water camera has gained huge popularity. Such features of 3D underwater cameras are expected to propel the market growth of underwater fishing cameras in the near future.

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Report Segmentation of the Underwater Fishing Camera Market

Type Insight

DSLR underwater cameras held the largest revenue share in 2022. A DSLR camera is an advanced type of digital camera providing manual control options, better performance levels, and high-level image quality. The growth of this segment is mainly influenced by the rising demand for this product. In addition, the increasing trend toward photography positively drives segment growth. The mirrorless underwater cameras are anticipated to grow at the fastest CAGR during the forecast period. The growth of this segment is likely to influence as it allows travelers to use these cameras more conveniently without the hassle of carrying bulky DSLRs.

Application Insight

The commercial segment accounted for the largest market share in 2022 and is projected to expand more significantly during the forecast period. The shooting of documentaries on the surrounding environment of underwater species is expected to surge the market growth during the forecast period. Moreover, this segment expansion can be attributed to the increasing demand for underwater sports, such as scuba diving, swimming, and snorkeling.

Distribution Channel Insight

The offline stores dominated the global underwater fishing cameras market in 2022. The major driver behind this growth is the camera professionals who prefer to buy these expensive and high-end gadgets from the offline store for better services, a guarantee of product quality, and reliability. Furthermore, the product sold at offline stores limits the risk of fraud and the sale of duplicate products. They also offer more personalized services through sales staff appointed at the store. Moreover, the offline stores solely focus on underwater cameras that help the consumers to buy products that suits their individual needs.

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Market Segmentation

Based on Type

• DSLR Underwater Cameras
• Mirrorless Underwater Cameras
• Other Types

Based on Application

Based on Distribution Channel

• Online Platforms
• Offline Stores

By Geography

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the significant players include

• Canon Inc.
• Nikon Corporation
• GoPro, Inc.
• Panasonic Holdings Corporation
• Sony Group Corporation
• Fujifilm Holdings Corporation
• OM Digital Solutions Corporation
• The Ricoh Company, Ltd.
• Shenzhen Zhiyong Industrial Co., Ltd.
• Scale Aquaculture AS
• Other Key Players

Recent Development of the Underwater Fishing Camera Market

• In March 2023, Innovasea developed a New tagless fish detection technology based on Artificial Intelligence. This will help to bring the task of fish counting into the 21st century.
• In October 2019, "FUJIFILM X-Pro" 3a mirrorless camera was launched by FUJIFILM Corporation, a Japanese multinational imaging company. It is lightweight and has both optical and electrical viewfinders.

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