Published Thu, May 17th 2018
Voyage Data Recorder (VDR) Market Information Report by Type (General Voyage Data Recorder (VDR), and Simplified Voyage Data Recorder (S-VDR)), by Application (Passenger Ship, Cargo Ship and Naval Ship), and by Regions (Americas, APAC, and EMEA) - Forecast To 2023
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, and stores it in an externally mounted protective storage unit. This recording is recovered, in a compressed and digitized format, and is used for investigation in the event of accidents. Improved safety standards in maritime industry is the primary factor driving the growth of the market. Organizations such as the Safety of Life at Sea (SOLAS), International Maritime Organization (IMO), and several other regional associations, have come up with major mandates to ensure safety of maritime industry. In addition, the demand for unmanned undersea vehicles (UUVs) is continuously increasing for naval intelligence, mine countermeasures (MCM) operations, ISR roles, and anti-submarine warfare missions. It creates an opportunity for the market during the forecast period. However, the high cost of next-generation black boxes, may hamper the growth of the market.
The market is driven by various factors such as improved safety standards at sea, introduction of advanced VDR technologies, and proactive usage of VDRs. The VDR market also has various opportunities such as tapping into the naval sector, and equipment with the unmanned undersea vehicles.
The global voyage data recorder is expected to grow at 2.25% CAGR during the forecast period. In 2016, the market was led by North America, with a 40.4% share, followed by Europe, China, Japan and ROW with shares of 33%, 11.6%, 8.4% and 6.7%, respectively.
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Major key Players
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).
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.
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.
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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