Sony has been aggressively coming after the camera market for several years now, and it seems their efforts are paying off, as they have now overtaken Nikon for the second position behind Canon.

Nikkei is reporting that Sony is projected to have overtaken Nikon in digital camera sales for this fiscal year.

This comes on the heels of reports that the company is projecting a loss of $92 million, revised down from projections of a $110 million profit.

Much of this bad news for the company has been attributed to their hesitancy to enter the mirrorless market, which allowed Sony a lot of time to jump ahead in market share and innovation.

In the meantime, the company plans to invest approximately $92 million to restructure in an attempt to turn the ship around.

All this being said, all three major companies are still trending downward; Sony is simply trending downward at a slower rate.

It is likely that these numbers will eventually level out however, as there will still be steady demand from professionals and advanced amateurs, and Sony has said in the past that they intend to be the number one camera brand by 2021. It looks like they’re on their way.