The voyage data recorder global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Voyage Data Recorder Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The voyage data recorder market size has grown strongly in recent years. It will grow from $2.24 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to enhanced safety and accident investigation, improved data retrieval and analysis capabilities, global trade and shipping growth, industry initiatives for safety enhancement, efforts to standardize vdr specifications.
The voyage data recorder market size is expected to see strong growth in the next few years. It will grow to $3.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to integration of ai and machine learning, enhanced cybersecurity features, advancements in data storage and retrieval, adoption of cloud-based solutions, focus on remote monitoring and diagnostics. Major trends in the forecast period include standardization and compatibility initiatives, remote access and data transmission, comprehensive incident analysis, focus on predictive maintenance, enhanced user interface and accessibility.
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Scope Of Voyage Data Recorder Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Voyage Data Recorder Market Overview
Market Drivers –
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, in 2022, according to the Transportation Safety Board of Canada, a Canada-based independent agency that advances transportation safety, shipping accidents rose to 197 in 2022 from 177 in 2021. Fishing vessels accounted for 30%, and solid cargo vessels for 23% of the incidents. Therefore, the increase in maritime accidents is driving the growth of the voyage data recorder market.
Market Trends –
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.
The voyage data recorder market covered in this report is segmented –
1) By Product: Float Voyage Data Recorder, Fixed Voyage Data Recorder
2) By System Type: Simplified Voyage Data Recorder, Full Voyage Data Recorder
3) By Specialty: Teleradiology, Telecardiology, Telepathology, Emergency Care, Other Specialties
4) By Mode Of Delivery: Cloud-Based, On-Premises
5) By Application: Passenger Ship, Cargo Ship, Naval Ship, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the voyage data recorder market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global voyage data recorder market report during the forecast period. The regions covered in the voyage data recorder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the voyage data recorder market report are Danelec Marine A/S, Furuno Electric Co. Ltd., Japan Radio Co. Ltd., Northrop Grumman Sperry Marine B.V., Netwave Systems B.V, Interschalt Maritime Systems, Consilium AB Publ., L- Communications, Wärtsilä SAM Electronics, Kongsberg Maritime, Beijing Highlander Technology Co. Ltd., Raytheon Anschutz GmbH, Kelvin Hughes Limited, Maretron LLP, Navis LLC, Totem Plus Ltd., Svenska Aeroplan Aktiebolaget, AMI Marine Limited, Hatteland Display AS, Headway Technology Co. Ltd., HEMPEL A/S, Jotron AS, Kongsberg Norcontrol AS, L3Harris Technologies Inc., Maris (UK) Ltd., Martek Marine Ltd., Nauticast GmbH, Radio Holland Group, Rutter Inc., Transas Marine International AB,
Table of Contents
1. Executive Summary
2. Voyage Data Recorder Market Report Structure
3. Voyage Data Recorder Market Trends And Strategies
4. Voyage Data Recorder Market – Macro Economic Scenario
5. Voyage Data Recorder Market Size And Growth
…..
27. Voyage Data Recorder Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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