New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Voyage Data Recorder Global Market Report 2023" - https://www.reportlinker.com/p06479964/?utm_source=GNW
, Ltd., Consilium AB Publ., Cargotec Corporation, Kelvin Hughes Limited, Maretron, LP, Digital Control Systems International, Inc., Kongsberg Maritime AS (formerly Kongsberg Simrad AS), L-3 Communications Corporation, and Radio Holland Group B.V.
The global voyage data recorder market is expected to grow from $2.05 billion in 2022 to $2.24 billion in 2023 at a compound annual growth rate (CAGR) of 9.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The voyage data recorder market is expected to reach $3.07 billion in 2027 at a CAGR of 8.2%.
The voyage data recorder market consists of sales of simplified voyage data recorder and general voyage data recorder.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A voyage data recorder (VDR) or a simplified voyage data recorder (S-VDR) is a device that records and stores information in a secure and retrievable form concerning the position, movement, physical status, command, and control of a vessel. The primary purpose of these devices is to maintain a record of information leading up to and following an incident, which can be used during subsequent investigations to identify the cause(s) of the incident.
Asia-Pacific was the largest region in the voyage data recorder market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in voyage data recorder report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of voyage data recorders are float voyage data recorders and fixed voyage data recorders.A float voyage data recorder is a type of device that consists of a tamper-proof storage unit and a floating unit that can be retrieved.
The various system types include simplified voyage data recorder, and full voyage data recorder with various specialties such as teleradiology, telecardiology, telepathology, emergency care, and others. The various mode of delivery include cloud-based, and on-premises and are used in various applications such as passenger ships, cargo ships, naval ships, and others.
The increase in maritime accidents is expected to propel the growth of the voyage data recorder market going forward.A marine accident refers to any incident that results in damage to a vessel or other structures involved in maritime operations.
Voyage data recorders (VDRs) make it possible for accident investigators to review procedures and instructions that were recorded leading up to an incident.For instance, according to the Transportation Safety Board of Canada, a Canada-based independent agency that advances transportation safety, the number of shipping accidents increased in Canada to 219 in 2020, compared to a total of 207 in 2019.
Therefore, the increase in maritime accidents is driving the growth of the voyage data recorder market.
Technological advancements are a key trend gaining popularity in the voyage data recorder market.Major companies operating in the voyage data recorder market are introducing innovative solutions to sustain their position in the market.
For instance, in November 2021, Lloyd’s Register (LR), a UK-based technical and professional services organization, launched an Artificial Intelligence (AI) Register. This includes an AI-enabled digital twin of the voyage data recorder of LR-certified AI providers and solutions applicable for maritime stakeholders that would assist them in searching for appropriate providers and solutions by minimizing the risk, challenges, and cost of investing in AI technology.
In December 2021, Danelec Marine, a Denmark-based maritime communication and navigation company acquired Kyma for an undisclosed amount.With this acquisition, Danelec Marine expands its offerings to include Kyma’s cutting-edge technology, including its Kyma Hub, which enables remote monitoring and management of onboard systems, and its proprietary analytics platform.
Kyma is a Norway-based provider of marine performance monitoring solutions including voyage data recorders.
The countries covered in the voyage data recorder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The voyage data recorder market research report is one of a series of new reports that provides voyage data recorder market statistics, including voyage data recorder industry global market size, regional shares, competitors with a voyage data recorder market share, detailed voyage data recorder market segments, market trends and opportunities, and any further data you may need to thrive in the voyage data recorder industry. This voyage data recorder market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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