ID: MRFR/A&D/2492-CR | 134 Pages | Published By Swapnil Palwe on July 2019
Voyage Data Recorder (VDR) Market Size is expected to reach USD 18.74 Billion by 2030, registering a CAGR of 3% during 2020-2030.
Voyage Data Recorder (VDR) Market Overview
Voyage Data Recorder (VDR) Market Size is expected to reach USD 18.74 billion by 2030, registering a CAGR of 3% during 2020-2030.
The Voyage Data Recorder is a technology that is used in all types of vessels. Today, technological advancements are massive. However, many industries are searching for a storage solution for storing all these valuable data. A marine voyage data recorders is an approach to store data in a single unit. The voyage data recorder is an essential part of many industries. The requirement for this technology is growing higher each day. The voyage data recorders are capable to record digitalize and compress the data.
Also, it can exceptionally store the data. The data stored in the recorder is tamper-proof. Even if the data gets lost it is recoverable in this technology. The ease of recovery through sea vessels is the crucial benefits of the marine voyage data recorder. The key end-users of the voyage data recorder are the marine and aircraft industry. Further, plenty of other industries are gradually adopting the VDR technology. The data recording tool is suitable for both marine and aircraft applications. Due to this, the voyage data recorder market will witness a growth rate of 2.25% approximately in the year 2025. The overall market value is projected as 1874.8 million in 2025. Therefore, during the forecast year, there is going to be high demand and profitability for the Voyage Data Recorder (VDR) Market.
Due to covid 19, several global industries are facing plenty of challenges. The voyage data recorder market is also experiencing some difficulties. The supply and demand chain of the market is affected. The demands from the end-users have temporarily slowed down. Also, due to the global pandemic restrictions, the production of the VDR has reduced significantly. The marine voyage data recorder segment has only some challenges. Marine operations have no restrictions in this situation. Therefore, the VDR market is partially affected by the covid 19.
The post covid 19 trends of the market are promising. The demand and market growth is expected to rise in the forecast year. Also, the production rate will reach the highest rate. It is estimated that the key payers of the market will offer more product variation post-pandemic. The applications and versatility of the market will enhance in the upcoming years.
Segmentation of the Global Voyage Data Recorder (VDR) Market
Crucial market drivers
VDR is a crucial technology for the marine sector. The voyage data recorder dataset is capable record the navigational movements of the ship. Also, it can record the recent voice and equipment data of the ship. The increasing safety concerns in the marine sector are a crucial driver for the VDR market. The VDR can record any causality or event in the ship. It is a tool that enables ship owners to increase safety standards to prevent causalities. The improved safety standards in the sea ultimately increase the demand for VDR.
The market has plenty of advancements in full and simplified voyage data recorder. It makes it much more valuable to the marine and aircraft industry. The launch of advanced VDR is another crucial driver for this market. The advanced VDR enables plenty of training programs, improves safety, enhances efficiency and saves fuel. These features of the advanced VDR increase the overall market growth. Plenty of governments approve and certify the use of VDR. There is governmental support for this technology. The governmental backing for the technology is another factor that encourages other secretors to use the VDR. The oil-gas and other crucial industries use the VDR. Governmental support is another crucial driver for the Voyage Data Recorder (VDR) Market.
Market growth opportunities
The voyage data recorder market has plenty of growth opportunities in the forecast year. The use of VDR will rise in the naval sector in 2025. The market players will launch new versions of the VDR suitable for the naval sector. The advancement in the voyage data recorder market will ultimately create more growth opportunities among the end-users. The naval sector will be the important end-user to adapt to this technology. The high-end features of the VDR enable navigational information recording, causalities, events and much more data in these operations. Further, the advanced VDR comes with the feature that can record data in unmanned undersea levels. Even if there is no human intervention the VDR can record the data in vehicles that travel undersea. This technological advancement creates plenty of growth opportunities for the forecast year 2025.
The market restraints
The voyage data recorder is high-end technology. They are used only for sophisticated operations in the marine and aircraft sector. Also, the voyage data recorder rutter is a main element. The use of high end instruments makes the VDR an expensive system. The initial cost of the technology is a major restraint in the market. The applications of the VDR are cost-intensive. The overall marine and aircraft operations are already cost-intensive. The high price of the product may have less effect on the market in the forecast year. In some regions, the product cost may have a significant effect on the market demand and growth.
The market challenges
Yacht voyage data recorder is a technology that can be developed with more R&D. The R&D investments in the market are less. Due to covid 19, the production and the investments on R&D have decreased in the market. The key players of the market are trying to enhance the R&D post the covid 19. It is a significant challenge for the Voyage Data Recorder (VDR) Market. The lack of R&D can affect the development of the market. Also, the market expansion rate is affected due to less R&D.
Cumulative growth analysis
The voyage data recorder is a market with exceptional growth opportunities. The market has crucial drivers that will constantly propel the overall growth. The requirement to increase the safety standards in the marine sector is a crucial driver for the market. The demand for the VDR will grow immensely in the forecast period. The market growth looks stable in the forecast period.
However, there are few limitations in the market. In some regions, market growth can be affected due to the initial cost. There is no serious restraint in this market during the forecast period. The technological developments of the market will be massive during the forecast period. Also, the key players of the market are taking plenty of measures to enhance the market during 2025. The positive growth trend will continue in the upcoming years.
Value chain analysis
The Asia Pacific is the fastest growing voyage data recorder market in the forecast year. The technological development in the VDR Industry is high in the market. This region will dominate the overall market in the forecast period. The voyage data recorder manufacturers will enhance the product in the forecast year. Also, the adoption rate of the technology is immense in the region. The marine, aircraft and plenty of other sectors use the VDR system. The key players in the region are making the product cost-effective in the forecast period. The governmental initiatives are helping the market to increase the R&D in this region. Also, the profitability and the demand will reach the maximum rate in the upcoming years.
By system type
The yacht voyage data recorder is used in plenty of marine applications. The global voyage data recorder market is fragmented into three important regions. North America, Asia Pacific and Europe are the crucial regions. The Asia Pacific holds the largest VDR share. Also, North America is the powerful VDR market. Technological advancement and profitability are high in the region. Heavy capital investments are the crucial reasons for higher market growth. Also, it is a region that will record the highest demand. Europe has plenty of market growth opportunities. The product variation is high in this region. Also, there are impressive growth opportunities that increase the overall profitability of the market. There is increased competition in Europe due to the entry of new market players. The performance of all these regions looks positive during the forecast period.
The voyage data recorder is a competitive VDR market. The entry of new market players will fuel the competition. Moreover, new product version and development possibilities are available in 2025. The market player is making new partnerships, expansions measures and product development measures.
The key players of the voyage data recorder market are.
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 3% 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.