Prime Minister David Cameron said on Twitter: "I am saddened to hear of the death of cameraman Mick Deane, covering Egyptian violence. My thoughts are with his family and SkyNews team."
Head of Sky News John Ryley described Mr Deane as "the very best of cameramen, a brilliant journalist and an inspiring mentor to many at Sky".
Mr Deane, who had worked for the broadcaster for 15 years including stints in Washington and Jerusalem, was with Middle East correspondent Sam Kiley when he was shot.
Sky said the rest of the team covering the outbreak of violence in Cairo with him were unhurt.
Egyptian officials said 95 people have been killed and 874 injured in clashes between the security forces and supporters of ousted president Mohammed Morsi, but independent observers put the death toll much higher.
A month-long state of emergency has been declared in the country.
Mr Ryley said: "Everyone at Sky News is shocked and saddened by Mick's death. He was a talented and experienced journalist who had worked with Sky News for many years. The loss of a much-loved colleague will be deeply felt across Sky News. Our thoughts and prayers are with his wife and family. We will give them our full support at this extremely difficult time."
Channel 4 News reporter Matt Frei said on Twitter: "So shocked and sad to hear that my old friend Mick Deane has been killed in Cairo. Great friend, great cameraman. He survived cancer."
Speaking on Sky News, its Foreign Affairs Editor Tim Marshall said he was "a gentleman".
He said: "Yeah, he was a cameraman-journalist but more than anything the guy was funny, he was wise, he kept his counsel, when he gave his counsel it was well worth listening to and he was just a guy you liked being around.
"That's pretty high tribute".
He added: "Micky Deane was a great cameraman, but he was - which is far more important - a great human being."
Foreign Secretary William Hague condemned the use of force against protesters opposed to the army and said he was "deeply concerned" about the escalating violence.
He said: "The UK has been closely involved in intensive diplomatic efforts directed at reaching a peaceful resolution to the stand-off. I am disappointed that compromise has not been possible.
"I condemn the use of force in clearing protests and call on the security forces to act with restraint. Leaders on all sides must work to reduce the risk of further violence. Only then will it be possible to take vital steps towards dialogue and reconciliation."