Global Voyage Data Recorder Market
Posted by chetana on April 30th, 2021
Global voyage data recorder market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of ~2.5% during the forecast period.
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Voyage data recorder (VDR) is a two-part data recording system which consists of a protected storage unit and data collecting unit to store the retrieved data. VDR system is basically designed for modern vessels to maintain or protect details regarding the status of the ship and to provide information to investigators about any critical situations such as marine accidents.
An increasing installation of voyage data recorders on passenger ships, naval ships, cargo ships and in many other ships to assist in investigations in the case of accidents is major driving factor behind the growth of the market. A surge in the adoption of various vessel management systems, a rising adoption of safety standards in the maritime industry, increasing government stringent regulation regarding passenger ship safety and growing implementation of mandatory regulations provided by international maritime organization (IMO) are expected to improve growth of the market during the forecast period.
However, high initial costs associated with the VDR system along with its installation cost is the major restraining factor that could hamper the growth of the market.
By system type, simplified voyage data recorder (S-VDR) segment dominated the market in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. S-VDR is defined by the demands of IMO Performance Standard MSC.163 (78). It is a simplified version of VDR with very low cost. It is basically used to record information which is extremely essential for marine investigators. S-VDR provides the comprehensible reason of the accident to marine community and also provides various protective methods to enhance future marine safety. Thus, rising adoption and installation of S-VDR on passenger ships is accredited to the growth of the market.
By application, naval and cargo ship segments are dominating the market in 2019 and is projected to witness fast growth at a CAGR of XX% during the forecast period. Rising sea trade across the world and growing advancements in the cargo ships are attributed to the growth of the market. In addition, surge in the adoption of VDR on naval and cargo vessels as it provides detailed information about the accidents and also provides benefits such as performance efficiency monitoring, preventive maintenance, reduced running costs, analysis of the heavy weather damage and enhanced safety are expected to expand growth of the market during the forecast period.
Region-wise, Asia Pacific held the largest market share in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. The countries such as China, Japan, India and South Korea are the major key contributors behind the growth of the market. The growth is attributed to the increasing adoption of various vessel management systems across the region.
Rapidly growing market for marine industry, wide adoption of efficient marine navigation systems and marine safety protocols, escalating demand to provide safety to life at sea, rising activities related with maritime transport, vast presence of improved freight transport and marine network, increasing support from governments to improve costal and port security and rising need to avoid marine accidents are driving the growth of the market in the Asia Pacific region.
The objective of the report is to present a comprehensive analysis of the Global Voyage Data Recorder Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Voyage Data Recorder Market dynamics, structure by analyzing the market segments and projects the Global Voyage Data Recorder Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Voyage Data Recorder Market make the report investor’s guide.
Global Voyage Data Recorder Market, By System Type
• Simplified Voyage Data Recorder
• Fixed Voyage Data Recorder
• Naval Ships
• North America
• DANELEC MARINE
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About the Authorchetana
Joined: February 27th, 2020
Articles Posted: 152
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