NEW YORK, United States, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Voyage Data Recorders (VDR) Market By Application (Naval Ship, Cargo Ship, And Passenger Ship), By Type (Simplified VDR And General VDR), By Product (Fixed VDR And Float VDR), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global Voyage Data Recorders (VDR) Market size was valued at about USD 9.21 billion in 2022. The market is expected to grow at a CAGR of 9.22% and is anticipated to reach USD 18.48 billion by 2030.”
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Voyage Data Recorders (VDR) Market Overview:
Similar to an airplane's black box, voyage data recorders (VDR) are comparable to black boxes. A VDR is considered a complete system because, when installed on a ship, it ensures that multiple categories of data pertaining to the ship are recorded. It is extremely helpful in the event of an accident and can be used to reconstruct every aspect of a voyage. VDRs contain secure information that can be quickly retrieved, such as the ship's physical condition, position, command, movement, and control prior to the disaster. This information is then analyzed and used to ascertain the cause of the accident.
Aside from this, VDRs have proven useful in a variety of other facets of travel, such as severe weather damage analysis, performance efficiency, preventive maintenance, training, and accident prevention. The International Maritime Organization (IMO) mandates that all ships constructed after July 1, 2002 must be equipped with voyage data recorders (VDR). The global voyage data recorders market size has improved over the years and is likely to register higher growth during the forecast period as maritime activities continue to grow across continents.
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 9.21 Billion |
| Market Forecast in 2030 | USD 18.48 Billion |
| Growth Rate | CAGR of 9.22% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Netwave Systems B.V., DANELEC MARINE, Totem Plus Ltd., INTERCHALT, Consilium AB Publ., Japan Radio Co., FURUNO ELECTRIC Co. Ltd., Beijing Highlander Digital Technology Co. Ltd., and others. |
| Segments Covered | By Application, By Type, By Product, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Key Insights from Primary Research
- The voyage data recorders market is projected to grow at a significant rate due to the growing number of passenger ships
- As maritime transport is on the rise led by commercial passenger ships as well as international trade, the risk of accidents has increased simultaneously. This includes accidents caused by extreme sea conditions or changes in weather, piracy, explosions, and mechanical failure to name a few.
- Based on application segmentation, the cargo ship was predicted to show maximum market share in the year 2022
- Based on product segmentation, fixed VDR was the leading product in 2022
- On the basis of region, Asia-Pacific was the leading revenue generator in 2022
Voyage Data Recorders (VDR) Market: Growth Drivers
- Growing number of passenger ships to drive market growth
The global voyage data recorders (VDR) market is expected to grow owing to the rising number of passenger ships across the globe. One of the main reasons for the higher demand for commercial passenger ships is the increase in tourism especially after COVID-19. Since more people are willing to seek and enjoy travel time, there has been a steady growth in the number of companies providing excellent travel itineraries that can be covered through cruises or other forms of passenger ships. In addition to this, the amenities and facilities provided on a cruise have added more value to a cruise vacation.
Voyage Data Recorders (VDR) Market: Restraints
- High cost of VDR technology to restrict market growth
Voyage data recorders (VDRs) are advanced technology. They are mainly used in sophisticated maritime operations and since exclusive or high-end instruments are used to make voyage data recorders, the total cost of VDR installation and use is relatively higher. The higher upfront cost may act as a growth barrier for the voyage data recorders industry. In addition to this, VDRs are susceptible to malfunctioning and hence they require regular checks or maintenance to ensure that the device functions as per expectations even in harsh conditions. This could further add to the associated expenses leading to more hesitancy among end-consumers.
Browse the full “Voyage Data Recorders (VDR) Market By Application (Naval Ship, Cargo Ship, And Passenger Ship), By Type (Simplified VDR And General VDR), By Product (Fixed VDR And Float VDR), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/voyage-data-recorders-vdr-market
Voyage Data Recorders (VDR) Market: Segmentation
The global voyage data recorders (VDR) market is segmented based on application, type, product, and region.
Based on application, the global market segments are naval ship, cargo ship, and passenger ship. The voyage data recorders industry registered the highest demand in the cargo ship segment in 2022 due to a significant increase in international trade through waterways. Based on type, the global market is divided into simplified VDR and general VDR.
Based on product, the global voyage data recorders market is divided into fixed VDR and float VDR. The highest revenue is generated by the fixed VDR segment since voyage data recorders are generally a main part of the ship or carrier and hence are installed as permanent parts.
Regional Analysis:
- Asia-Pacific to hold dominance during the forecast period
Asia-Pacific led the global voyage data recorder (VDR) market in 2022 and will continue to do so throughout the forecast period. According to research, China is currently the leading maritime nation in the globe and owns close to 7000 vessels. Together with Hong Kong, the region is home to the largest Container fleet in terms of value and number of vessels. Shanghai Port in China is renowned for managing approximately 25.1% of the world's shipping. It is one of the world's busiest terminals. South Korea, on the other hand, is the most preeminent shipbuilding nation in the world and exerts enormous control over the marine shipping industry worldwide.
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Competitive Players:
The report contains qualitative and quantitative research on the global Voyage Data Recorders (VDR) market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Voyage Data Recorders (VDR) market include;
- Netwave Systems B.V.
- DANELEC MARINE
- Totem Plus Ltd.
- INTERCHALT
- Consilium AB Publ.
- Japan Radio Co.
- FURUNO ELECTRIC Co. Ltd.
- Beijing Highlander Digital Technology Co. Ltd.
The global Voyage Data Recorders (VDR) market is segmented as follows:
By Application
- Naval Ship
- Cargo Ship
- Passenger Ship
By Type
- Simplified VDR
- General VDR
By Product
- Fixed VDR
- Float VDR
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Voyage Data Recorders (VDR) industry?
- What are the main driving factors propelling the Voyage Data Recorders (VDR) Market forward?
- What are the leading companies in the Voyage Data Recorders (VDR) Industry?
- What segments does the Voyage Data Recorders (VDR) Market cover?
- How can I receive a free copy of the Voyage Data Recorders (VDR) Market sample report and company profiles?
Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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