Voyage Data Recorder (VDR) Market – Overview:
Voyage data recorder (VDR) is a record-keeping device, invented specifically to be installed in a watercraft. It gathers information from different sensors on board the ship. This recording is recovered and is used for investigation, in a compressed and digitized format, in the event of accidents. Tapping the naval sector is one of the major factors fueling the growth of the market. In recent years, the demand for voyage data recorders (VDRs) is increasing, primarily, due to the stringent regulations from various organizations. Hence, many key players invest, extensively in the R&D and come up with more technologically advanced VDR solutions. For example, in September 2016, Danelec Marine unveiled a VDR remote access platform for data collection and transfer from ships systems and sensors to shore offices. In addition, INTERSCHALT Maritime Systems unveiled a maritime data engine (MDE) for the collection, normalisation, and provision of data from ship systems. Information from voyage data recorders (VDRs) is fed to the data engine, for ship operators and managers to analyse in real-time. Such technological advancements in the market fuel the demand for VDR systems and solutions.
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On the basis of region, global voyage data recorder (VDR) market is segmented as North America, Europe, Asia Pacific, and ROW. Out of them, North America dominates the global voyage data recorder market. The US has an advanced maritime industry and infrastructure, which translates into its potential in the market. Furthermore, the increased expenses on naval ships by US and Canada, would add impetus to the market. Europe is the second largest region in the market. Some major European countries such as the UK, France, Germany, and Russia, with vast coast lines, are home to a number of marine industries and organizations, apart from their large naval forces.
Asia Pacific region is also expected to contribute significantly, primarily, due to the countries such as China, India, and Japan. The Chinese government has, extensively invested into water transport infrastructure, constructing new ports, and rebuilding & expanding the older facilities. In addition, the Japanese shipping companies are planning to double the number of their registered vessels. These are some of the factors driving the growth of the market in Asia Pacfic region.
According to MRFR, Global Voyage Data Recorder Market is expected to reach USD 1,798.2 million by 2023, at a CAGR of 2.25% during the forecast period.
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The key players of global voyage data recorder market are Danelec Marine A/S (Denmark), INTERSCHALT maritime systems GmbH (Germany), Furuno Electric Co., Ltd. (Japan), Japan Radio Co. Ltd. (Japan), Northrop Grumman Sperry Marine B.V. (UK), Netwave Systems B.V. (The Netherlands), Digital Control Systems International Ltd. (Greece), Beijing Highlander Digital Technology Co. Ltd. (China), Consilium AB (Sweden), and Totem Plus Ltd. (Israel).
This research report provides insights, on various levels of analysis such as industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the voyage data recorder market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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- Naval authorities
- VDR manufacturers
- Government as well as Independent Regulatory Authorities
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