ID: MRFR/A&D/2492-CR | July 2019 | Region: Global | 134 pages
Voyage data recorder (VDR) is a record-keeping device, invented specifically to be installed in a watercraft. It gathers information from different sensors onboard and stores it in an externally mounted protective storage unit. This recording is recovered, in a compressed and digitized format, and is used for investigation in the event of accidents. Improved safety standards in the maritime industry are the primary factor driving the growth of the market. Organizations such as the Safety of Life at Sea (SOLAS), International Maritime Organization (IMO), and several other regional associations, have come up with significant mandates to ensure the safety of the maritime industry. Also, the demand for unmanned undersea vehicles (UUVs) is continuously increasing for naval intelligence, mine countermeasures (MCM) operations, ISR roles, and anti-submarine warfare missions. It creates an opportunity for the market during the forecast period. However, the high cost of next-generation black boxes may hamper the growth of the market.
Factors such as improved safety standards at sea, development of advanced VDR technologies, and growing usage of VDRs is driving the market growth. Furthermore, there are growth opportunities for VDR market in the naval sector and equipment with the unmanned undersea vehicles.
The Global Voyage Data Recorder Market is expected to reach USD 1,880.03 Million by 2025, at a CAGR of 2.25% during the forecast period.
Segmentation of the Global Voyage Data Recorder (VDR) Market
Based on type, the market has been segmented into a general voyage data recorder and simplified voyage data recorder. In 2018, general voyage data recorder accounted for a larger market share and was expected to grow at a higher CAGR during the forecast period. General VDR assists in collecting and storing information throughout a ship’s journey including audio from the ship’s bridge, the ship’s position, and the ship’s direction and speed. Therefore, the segment is expected to propel during the forecast period.
Based on application, the market has been divided into a cargo ship, naval ship, and passenger ship. The cargo ship segment accounted for the largest market share in 2018 and is expected to grow at the highest CAGR during the forecast period. Factors such as the development of advanced cargo ships and growing sea trade across the globe are driving the segment growth.
Based on the region, the market has been categorized as North America, Europe, Asia-Pacific, Middle East & Africa, and Latine America. North America is estimated to acquire the most significant market share in 2018. However, Europe is expected to grow at the highest CAGR during the forecast period from 2019 to 2025. The rapid development of naval vessels and increasing research and development in the manufacture of autonomous ships and connected ships by countries such as France and the UK is driving the market growth in the region.
The key players in the global voyage data recorder market are Danelec Marine A/S (Denmark), FURUNO ELECTRIC CO., LTD (Japan), CARGOTEC CORPORATION (Finland), Japan Radio Co., Ltd (Japan), Northrop Grumman Sperry Marine BV (UK), Orolia Maritime (France), DCSI LTD (Greece), Beijing Highlander Digital Technology Co., Ltd (China), Consilium AB (Sweden), Totem Plus Ltd (Israel), and Wärtsilä (Finland).
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
MRFR offers report customization to valued customers. Below are the options available for customization:
In-depth profiling of additional market players (3 to 4 companies)
Detailed analysis of a country-level market and related segments as per the report scope (subject to data availability)
Frequently Asked Questions (FAQ) :
The North American region is estimated to decide the course of the global market in the upcoming years.
USD 1,880.03 Million earnings are estimated to foster the future growth of the market.
By 2025, a 2.25% CAGR will ensure steady progress for the market.
Orolia Maritime (France), Japan Radio Co., Ltd (Japan), and Northrop Grumman Sperry Marine BV (UK) are estimated to open up avenues for the market.
The expansion of the application of progressive VDR technologies is assessed to reshape the overall market.