Voyage Data Recorder Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Voyage Data Recorder Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Voyage Data Recorder Global Market Report 2024, 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.

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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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

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 report table of contents includes: