Overview and Scope
A voyage data recorder (VDR) or a simplified voyage data recorder (S-VDR) is a device that records and stores information in a secure and retrievable form concerning the position, movement, physical status, command, and control of a vessel. The primary purpose of these devices is to maintain a record of information leading up to and following an incident, which can be used during subsequent investigations to identify the cause(s) of the incident.
Sizing and Forecast
The voyage data recorder market size has grown strongly in recent years. It will grow from $2.24 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to enhanced safety and accident investigation, improved data retrieval and analysis capabilities, global trade and shipping growth, industry initiatives for safety enhancement, efforts to standardize vdr specifications.
The voyage data recorder market size is expected to see strong growth in the next few years. It will grow to $3.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to integration of ai and machine learning, enhanced cybersecurity features, advancements in data storage and retrieval, adoption of cloud-based solutions, focus on remote monitoring and diagnostics. Major trends in the forecast period include standardization and compatibility initiatives, remote access and data transmission, comprehensive incident analysis, focus on predictive maintenance, enhanced user interface and accessibility.
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Segmentation & Regional Insights
The voyage data recorder market covered in this report is segmented –
1) By Product: Float Voyage Data Recorder, Fixed Voyage Data Recorder
2) By System Type: Simplified Voyage Data Recorder, Full Voyage Data Recorder
3) By Specialty: Teleradiology, Telecardiology, Telepathology, Emergency Care, Other Specialties
4) By Mode Of Delivery: Cloud-Based, On-Premises
5) By Application: Passenger Ship, Cargo Ship, Naval Ship, Other Applications
Asia-Pacific was the largest region in the voyage data recorder market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global voyage data recorder market report during the forecast period. The regions covered in the voyage data recorder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in maritime accidents is expected to propel the growth of the voyage data recorder market going forward. A marine accident refers to any incident that results in damage to a vessel or other structures involved in maritime operations. Voyage data recorders (VDRs) make it possible for accident investigators to review procedures and instructions that were recorded leading up to an incident. For instance, in 2022, according to the Transportation Safety Board of Canada, a Canada-based independent agency that advances transportation safety, shipping accidents rose to 197 in 2022 from 177 in 2021. Fishing vessels accounted for 30%, and solid cargo vessels for 23% of the incidents. Therefore, the increase in maritime accidents is driving the growth of the voyage data recorder market.
Key Industry Players
Major companies operating in the voyage data recorder market report are Danelec Marine A/S, Furuno Electric Co. Ltd., Japan Radio Co. Ltd., Northrop Grumman Sperry Marine B.V., Netwave Systems B.V, Interschalt Maritime Systems, Consilium AB Publ., L- Communications, Wärtsilä SAM Electronics, Kongsberg Maritime, Beijing Highlander Technology Co. Ltd., Raytheon Anschutz GmbH, Kelvin Hughes Limited, Maretron LLP, Navis LLC, Totem Plus Ltd., Svenska Aeroplan Aktiebolaget, AMI Marine Limited, Hatteland Display AS, Headway Technology Co. Ltd., HEMPEL A/S, Jotron AS, Kongsberg Norcontrol AS, L3Harris Technologies Inc., Maris (UK) Ltd., Martek Marine Ltd., Nauticast GmbH, Radio Holland Group, Rutter Inc., Transas Marine International AB,
The voyage data recorder market report table of contents includes:
- Executive Summary
- Voyage Data Recorder Market Characteristics
- Voyage Data Recorder Market Trends And Strategies
- Voyage Data Recorder Market – Macro Economic Scenario
- Global Voyage Data Recorder Market Size and Growth
- Voyage Data Recorder Market Segmentation
- Voyage Data Recorder Market Regional And Country Analysis
………..
- Key Mergers And Acquisitions In The Voyage Data Recorder Market
- Voyage Data Recorder Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Voyage Data Recorder Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Voyage Data Recorder Market, Segmentation By System Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Voyage Data Recorder Market, Segmentation By Specialty, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……….
Table 76: Danelec Marine A/S Financial Performance
Table 77: Furuno Electric Co. Ltd. Financial Performance
Table 78: Japan Radio Co. Ltd. Financial Performance
Table 79: Northrop Grumman Sperry Marine B.V. Financial Performance
Table 80: Netwave Systems B.V Financial Performance
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