There's no doubt that the photography industry has had some major setbacks. The industry has been in decline for a number of years and the pandemic has done it no favors. However, a new report is suggesting that we might be about to see a massive boom in one part of the industry – underwater cameras.
Fior Markets (opens in new tab) is a consulting company that produces in-depth market reports. The company is predicting a huge boom in underwater cameras, expecting the market to reach a staggering $15.3 billion by 2027.
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Underwater photography is currently quite a niche, with several of the major manufacturers not having any real offerings for this kind of photography. The few cameras that are waterproof are mostly action cameras such as the GoPro (opens in new tab) or the Olympus Tough TG-6 (opens in new tab).
Due to its highly niche status, the market size is currently $4.8 billion, based on figures from 2019. However, Fior Markets is expecting this to grow by more than three times over the next 6 years. This level of predicted growth might cause the major manufacturers to consider entering the waterproof camera industry more seriously.
Fior explains (opens in new tab) its reasoning by saying, “this growth is attributed to the rapid urbanization and increasing consumer spending capacity of the consumers, increasing penetration of the internet and the rising influence of social media, and rising adoption of underwater cameras.
“The global underwater camera market is expected to witness significant growth, owing to the growing trend of sharing videos and photos over networking sites, advancements in technology, and the growing popularity of smart action underwater camera. "
Fior expects the major companies in this industry to be companies such as Sony, Canon, Nikon, Fujifilm, Panasonic, Ricoh, GoPro and OM Digital Solutions (formerly known as Olympus).
It will certainly be interesting to see how much truth there will be to Fior's prediction. With camera phones (opens in new tab) and action cameras (opens in new tab) already beginning to incorporate waterproof technology, we wouldn't be surprised to see a stronger focus on this in the future as consumers start to return to beach and adventure holidays.
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