• May 29, 2024

Voyage Data Recorders (VDR) Market Report Focus On Landscape | Current And Future Development 2023-2030

The global voyage data recorders (VDR) market size was worth around USD 9.21 billion in 2022 and is predicted to grow to around USD 18.48 billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.22% between 2023 and 2030.

Airplanes are equipped with what is essentially a black box, and voyage data recorders (VDRs) serve a similar purpose. When installed on a ship, a VDR ensures that a wide variety of data about the vessel is captured, making it what is known as a “complete system.” In the event of an accident, it can be utilized to piece together every detail of the trip.

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The State of the Voyage Data Recorder (VDR) Industry

VDRs store confidential records that can be quickly accessed in the event of an emergency. These records may detail the ship’s pre-accident physical condition, location, command, movement, and control. The information gleaned from this helps investigate what went wrong. In addition to this, VDRs have shown promising potential in a variety of other maritime contexts, such as the evaluation of performance efficiency, preventative maintenance, education and the avoidance of accidents brought on by extreme weather. The International Maritime Organization (IMO) requires all ships built after July 1, 2002, with a gross tonnage of 3,000 or more (other than passenger ships) to have voyage data recorders (VDRs). As maritime operations expand across continents, the worldwide voyage data recorders market has grown and is expected to expand more over the forecast period.

Important Takeaways:

• Our research analyst has revealed that the worldwide market for VDRs is expected to expand at a CAGR of roughly 9.22% between the years 2023 and 2030.

• The worldwide market for VDRs was worth about $9.21 billion in 2022, and it is expected to be worth around $18.48 billion by 2030.

• As the number of ships carrying paying passengers increases, so too will the demand for trip data recorders.

➤ Market growth will be spurred by an increase in the number of passenger ships

With more ships carrying passengers around the world, the demand for VDRs is projected to increase. Post-COVID-19 tourist growth is a key factor driving up the need for commercial passenger ships. The number of companies offering first-rate travel itineraries that may be covered by cruise ships or other types of passenger ships has increased steadily as more individuals are willing to seek out and appreciate vacation time spent away from home. The value of a cruise holiday has also increased as a result of the ship’s amenities and facilities. According to GayTravel’s latest study, there are currently more than 50 cruise lines with a combined total of over 270 ships sailing the world’s oceans. Providers have gained self-assurance and are experimenting with the kind of experience they offer visitors as they observe an increase in the number of people who favor nautical routes over more traditional ones like railways or automobiles.

There are more companies offering VDR services, and the International Maritime Organization now requires all passenger ships to have one installed. They prove invaluable in the event of a mishap. VDRs can be an essential lifesaving device on ships, which are prone to accidents.

➤ Increasing the introduction of cutting-edge VDRs is expected to result in increased earnings

By spending more money on R&D, market players are able to ensure greater revenue penetration, as evidenced by the proliferation of new VDR launches featuring cutting-edge technology and systems. Danelec, a developer of digital solutions for the maritime industry, introduced two new cloud-based VDRs in November 2022. The company will also enable ship operators and managers with remote access to the VDR onboard.

➤ VDR technology’s high price will slow market expansion

VDRs, or voyage data recorders, are cutting-edge gadgets. The entire cost of VDR installation and use is significantly greater due to their exclusive or high-end instruments utilized to create them, which are thus mostly used in complex maritime operations. The greater initial investment may hinder the development of the voyage data recorders market. Furthermore, VDRs are prone to malfunction, necessitating regular checks or maintenance to guarantee the device continues to operate as intended, even in extreme environments. This could add to the already high price tag, making potential buyers wary.

➤ Protecting tourists on boat trips is essential for a flourishing economy

With a growth in commercial passenger ships and international trade, marine transportation is on the rise, and with it comes an increasing danger of accidents. Things like piracy, explosions, and mechanical failure are also on the list of potential causes of a disaster at sea. From 2013 through 2022, around 800 ships were lost at sea, according to the available data. Cargo ships predominated. In May of 2023, the Carnival Sunshine was returning from a cruise when it was caught in a violent storm. Passengers had to suffer more than 10 hours of rolling, diving, and pitching until the ship finally made it through the harsh weather. As a result of these disasters, regional and global maritime authorities have enacted regulations for cargo and passenger vessels to protect both human lives and valuables at sea. A vital component of these protocols is VDR. An new paper on the Proactive Use of Voyage Data Recorder Information was released in November 2022 on the official website of the Oil Companies International Marine Forum (OCIMF).

➤ Growth may be hampered by a dearth of workers capable of analyzing VDR data

The shortage of skilled workers able to retrieve, analyze, and interpret VDR data is slowing the expansion of the voyage data recorders sector. Due to the complex nature of VDR systems, it is essential to have access to a team of experts who can interpret the data and provide useful conclusions. However, the business is struggling due to a severe talent gap between the supply and demand for workers in this area.

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The Global Voyage Data Recorders (VDR) Market is segmented based on product, application and region

Global Voyage Data Recorders (VDR) Market: Product Segment Analysis

● Simplified VDR

● General VDR

Global Voyage Data Recorders (VDR) Market: Application Segment Analysis

● Naval Ship

● Cargo Ship

● Passenger Ship

The global voyage data recorders (VDR) market is led by players like:

● 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.

➤ Foreseenly, Asia-Pacific will be the most influential region

Asia-Pacific will maintain its dominance in the worldwide voyage data recorders (VDR) market throughout the forecasted period. According to studies, China has more ships than any other country in the world. Both in terms of dollar value and number of vessels, this area is home to the world’s largest Container fleet, second only to Hong Kong. The Chinese city of Shanghai is home to the world’s busiest port, handling 25.1% of all shipping. It is among the world’s busiest ports. However, South Korea has a stranglehold on the international maritime market as the world’s leading shipbuilder.

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Asia’s rising prosperity can be attributed in large part to the region’s increasing participation in global trade. Countries like China, South Korea, and China are significant producers and exporters of both technical and non-technical goods, including food. As of July 2023, India’s maritime sector is expected to attract investments of INR 10 lakh crores. Over 15 lakh new jobs could be created by the sector.

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