Global Voyage Data Recorder (VDR) Market Expected to Exhibit Steady Growth over 2023
According to Market Research Future (MRFR), the global voyage data recorder (VDR) market has been projected to strike a CAGR of 2.25% during the forecast period. In addition, the global market is presumed to touch a valuation of USD 1,798.2 Mn towards the end of 2023. The market is on the verge of entering the phase of maturity and is likely to be driven by the national and international mandates issued for assured safety. Some of the major organizations that are responsible for the issue of mandates are Safety of Life at Sea (SOLAS), and International Maritime Organization (IMO) among others.
The important players of the voyage data recorder (VDR) market profiled in this MRFR report INTERSCHALT maritime systems GmbH (Germany), Danelec Marine A/S (Denmark), Furuno Electric CO., Ltd. (Japan), Consilium AB (Sweden), Northrop Grumman Sperry Marine B.V. (UK), Japan Radio Co. Ltd. (Japan), Netwave Systems B.V. (The Netherlands), Beijing Highlander Digital Technology Co. Ltd. (China), Digital Control Systems International Ltd. (Greece), and Totem Plus Ltd. (Israel).
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VDRs are stored in a protective storage unit for the recovery of information in cases of accidents. Thus, the frequent naval disasters such as the USS Fitzgerald and MV ACX Crystal collision are likely to augment the voyage data recorder (VDR) market over the next couple of years.
A drastic increase in demand for unmanned undersea vehicles (UUVs) is being observed with the accelerating adoption of technological advancements. The defense sector is focusing on the developments in the maritime sector for intelligence, ISR roles, mine countermeasures (MCM) operations, and anti-submarine warfare missions. This, in turn, is expected to propel the expansion of the global voyage data recorder (VDR) market over the next few years.
South China Sea dispute is likely to unleash developmental opportunities to the market in the upcoming years. The direct and indirect involvement of the major countries is expected to attract massive inflow of investments towards the naval sector. This, in turn, is anticipated to catalyze the growth of the Voyage Data Recorder (VDR) Market. On the flip side, the high cost of the next-gen black boxes is anticipated to check the expansion of the market through the review period.
In April 2019, Furuno, a leading electronics company, aims at improving worldwide waterways navigation with the launch of FR1918 VBB, a 12-kW radar. It comes equipped with a direct link to a voyage data recorder.
- Ship manufacturers
- Naval authorities
- VDR manufacturers
- Naval organizations
- Government authorities
- Naval companies
- Research institutes
- Regulatory bodies
By type, the global voyage data recorder (VDR) market has been segmented into general voyage data recorder and simplified voyage data recorder. Among these, the general voyage data recorder segment held the lion’s share of the market which accounted for 62.8% market share in 2016. It is also anticipated to thrive at the highest CAGR of 2.29% during the assessment period.
By application, the voyage data recorder (VDR) market has been segmented into passenger ship, cargo ship, and naval ship. Among these, the cargo ships segment had control over 67% share of the market in 2016. It is presumed to retain its position through the forecast period reflecting a CAGR of 2.42% over the review period.
By region, the global voyage data recorder (VDR) market has been segmented into four regions, viz. North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected held a 40.4% share of the market in 2016 and is poised to retain its dominance through the assessment period. The U.S. and Canada are likely to invest in the development of the regional market. The regional voyage data recorder (VDR) market is forecasted to expand at 2% CAGR over 2023. Meanwhile, Europe is presumed to trail North America market in terms of market size. The U.K., France, Germany, and Russia are the major sub-markets of the region.
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
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Table of Contents
1 Executive Summary
1.1. Market Attractiveness Analysis
1.1.1. Global Voyage Data Recorder (Vdr) Market, by Type
1.1.2. Global Voyage Data Recorder (Vdr) Market, by Application
1.1.3. Global Voyage Data Recorder (Vdr) Market, by Region
2 Market Introduction
2.1. Market Definition
2.2. Scope of the Study
2.3. Market Structure
2.4. Key Buying Criteria
2.5. Market Factor Indicator Analysis
3 Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List of Assumptions
List of Tables
Table 1 Global Voyage Data Recorder (Vdr) Market, by Region, 2019–2025
Table 2 North America: Voyage Data Recorder (Vdr) Market, by Country, 2019–2025
Table 3 Europe: Voyage Data Recorder (Vdr) Market, by Country, 2019–2025
Table 4 Asia-pacific: Voyage Data Recorder (Vdr) Market, by Country, 2019–2025
Table 5 Middle East & Africa: Voyage Data Recorder (Vdr) Market, by Country, 2019–2025
Table 6 Latin America: Voyage Data Recorder (Vdr) Market, by Country, 2019–2025
Table 7 Global Voyage Data Recorder (Vdr) Market Size, by Region, 2019–2025
Table 8 North America: Voyage Data Recorder (Vdr) Market Size, by Country, 2019–2025
Table 9 Europe: Voyage Data Recorder (Vdr) Market Size, by Country, 2019–2025
List of Figures
Figure 1 Research Process of Mrfr
Figure 2 Top-down & Bottom-up Approaches
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
Figure 8 Global Voyage Data Recorder (Vdr) Market Share, by Type, 2018 (%)
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