Voyage Data Recorder Market Forecast, An Overview and Key players
Market Overview:
Voyage Data Recorder Market Forecast Size is expected to reach USD 18.74 Billion by 2030, registering a CAGR of 3% during 2020-2030.
Voyage data recorder or (VDR) is referred to as a record-keeping device which is specifically invented to be installed in a watercraft. A VDR helps to gather information from various sensors on board and later stores it in an externally mounted protective storage unit. The recording is then recovered in a digitized and compressed format and is used for later investigation in the event of accidents.
With improved safety standards in the maritime sector, the global voyage data recorder is estimated to flourish during the appraisal period. Organizations like International Maritime Organization (IMO), Safety of Life at Sea (SOLAS), and other regional associations have come up with mandates to ensure the safety of the maritime sector. Moreover, as the demand for unmanned undersea vehicles is increasing for mine countermeasure’s operations, naval intelligence, anti-submarine warfare missions, and ISR roles, it is creating opportunities for the market during the assessment period.
The market is also gearing up due to several factors such as the advent of advanced VDR technologies, improved safety standards at sea, and proactive usage of VDRs. Additional factors such as strict government mandates for using diesel exhaust fluid, the growing use of selective catalytic reduction technology, and rising production of vehicles are promoting the market growth. With technological advancements and e-commerce, and industrial revolution in the emerging economies, the marine industry is likely to reshape, thereby contributing to the growth of the market during the appraisal period.
On the flip side, the high cost of next-generation black boxes is one of the major factors considered to impede the market growth during the appraisal period.
Key Players:
The prominent players operating the global Voyage Data Recorder Market Forecast are
Danelec Marine A/S (Denmark), Northrop Grumman Sperry Marine B.V. (UK), Netwave Systems B.V. (The Netherlands), Beijing Highlander Digital Technology Co. Ltd. (China), Digital Control Systems International Ltd. (Greece), INTERSCHALT maritime systems GmbH (Germany), Furuno Electric CO. Ltd. (Japan), Totem Plus Ltd. (Israel), Japan Radio Co. Ltd. (Japan), and Consilium AB (Sweden).
Market Segmention:
The global Voyage Data Recorder Market Forecast has been segmented on the basis of type and application.
By mode of type, the global Voyage Data Recorder Market Forecast has been segmented into general voyage data recorder and simplified voyage data recorder. Among these, the general voyage data recorder segment is considered to occupy the largest market share of 62.8% in 2016. The segment is considered to expand at the highest CAGR of 2.29% throughout the appraisal period.
By mode of application, the global Voyage Data Recorder Market Forecast has been segmented into cargo ship, passenger ship, and naval ship. Among these, the cargo ships segment is likely to occupy the largest market share of 67.0% in 2016. The segment is considered to expand at the highest CAGR with 2.42% in the coming years. The segment growth is credited to the rising investment in the port infrastructure coupled with globalization.
Regional Analysis:
Geographically, the Voyage Data Recorder Market Forecast span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the North American region is considered to dominate the global voyage data recorders market grabbing a share of 40.4%. The region leads in terms of technological advancements and expenditure, thereby generating high demand for VDRs. The market in this region is mainly dominated by the U.S., although Canada makes some investments in the development of such systems. Moreover, growing expenditure on naval ships will further add impetus to the market growth.
Europe is the second largest region as some of the major European countries like France, the UK, Russia, and Germany, with vast coastlines, are home to marine industries and organizations, besides their large naval forces.
Industry News:
March 03, 2018: Danelec Marine along with global distributor Mackay Marine is almost completing their Voyage Data Recorder retrofit program for Diamond S Shipping’s fleet of 30 medium-range product tankers. Mackay has installed Danelec’s new-generation DM100 VDRs on their ships as replacements for the existing VDRs.
Full report @ https://www.marketresearchfuture.com/reports/voyage-data-recorder-market-3757
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