The Business Research Company’s report on the Voyage Data Recorder Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the voyage data recorder market in recent years?
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.
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What is the projected market size of the voyage data recorder industry, and how is it expected to grow?
The voyage data recorder market size has grown strongly in recent years. It will grow from$2.4 billion in 2024 to $2.59 billion in 2025 at a compound annual growth rate (CAGR) of 8.0%. 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 “$3.55 billion in 2029 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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Who are the key players driving competition in the voyage data recorder market?
Major companies operating in the voyage data recorder market include 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,
What key trends are expected to drive the vitreoretinal surgery devices market during the forecast period?
Major companies operating in the voyage data recorder (VDR) market are focusing on developing innovative solutions to enhance maritime safety, streamline data management, and improve incident response through advanced data recording and analysis technologies. A modern VDR is an essential device that captures critical information about a vessel’s operations, including navigation, communication, and engine performance, providing vital insights for post-incident investigations and regulatory compliance. For instance, in November 2022, Danelec, a Denmark-based marine technology company, launched two new web-based VDR services designed to optimize data accessibility and improve fleet monitoring. These services provide ship operators with real-time access to recorded data, enabling enhanced analysis and reporting capabilities that support safety and operational decision-making. By utilizing cloud-based technology and user-friendly interfaces, Danelec’s new VDR services address significant challenges in the Voyage Data Recorder market, offering vessel operators streamlined solutions that enhance safety protocols and regulatory adherence.
Which key geographies are driving the growth of the voyage data recorder market?
Asia-Pacific was the largest region in the voyage data recorder market in 2024.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
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What are the key segments driving growth in the voyage data recorder market?
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
Subsegments:
1) By Float Voyage Data Recorder: Automatic Float Systems, Manual Float Systems
2) By Fixed Voyage Data Recorder: Standard Fixed Voyage Data Recorders, Advanced Fixed Voyage Data Recorders
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What defines the structure and scope of the voyage data recorder market?
A voyage data recorder (VDR) or a simplified voyage data recorder (S-VDR) is a device that records and stores information in a secure and retrievable form concerning the position, movement, physical status, command, and control of a vessel. The primary purpose of these devices is to maintain a record of information leading up to and following an incident, which can be used during subsequent investigations to identify the cause (s) of the incident.
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