Global Voyage Data Recorder Market
Electrical And Electronics Manufacturing

Understand How The Voyage Data Recorder Market Is Set To Grow In Through 2024-2033

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

Market Overview

  • Current Market Size: The voyage data recorder market has seen robust growth, with market size increasing from $2.24 billion in 2023 to $2.44 billion in 2024, at a CAGR of 9.1%.
  • Historical Growth Drivers: Enhanced safety and accident investigation capabilities, improved data retrieval and analysis, global trade and shipping growth, industry safety initiatives, and standardization efforts have driven growth.

 

Future Market Projections

  • Future Market Size: The market is expected to reach $3.33 billion by 2028, growing at a CAGR of 8.1%.
  • Future Growth Drivers: Integration of AI and machine learning, enhanced cybersecurity, advancements in data storage and retrieval, adoption of cloud-based solutions, and focus on remote monitoring and diagnostics.

 

Key Trends

  • Standardization and Compatibility Initiatives: Efforts to standardize VDR specifications and ensure compatibility across devices.
  • Remote Access and Data Transmission: Increasing focus on remote access and real-time data transmission.
  • Comprehensive Incident Analysis: Enhanced capabilities for thorough incident analysis and reporting.
  • Predictive Maintenance: Adoption of predictive maintenance to improve operational efficiency.
  • Enhanced User Interface and Accessibility: Improvements in the user interface and overall accessibility of VDR systems.

 

Read The Full Voyage Data Recorder Market Report Here:

https://www.thebusinessresearchcompany.com/report/voyage-data-recorder-global-market-report

 

Maritime Accident Surge Fuels Market Growth

  • Increase in Maritime Accidents: The rise in maritime accidents is a significant driver for the VDR market.
  • Accident Statistics: According to the Transportation Safety Board of Canada, shipping accidents increased from 177 in 2021 to 197 in 2022. Fishing vessels and solid cargo vessels accounted for a significant portion of these incidents.
  • Role of VDRs: VDRs play a crucial role in accident investigation by providing recorded data for review.

 

Major Companies in the Market

  • Leading Players: 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., and others.

 

Technological Advancements

  • AI Integration: Lloyd’s Register introduced an AI Register in November 2021, featuring an AI-enabled digital twin of the voyage data recorder.
  • Innovative Solutions: The AI Register helps maritime stakeholders find suitable AI providers and solutions, reducing risk and cost.

 

Strategic Acquisitions

  • Danelec Marine Acquires Kyma: In December 2021, Danelec Marine acquired Kyma, enhancing its technology portfolio with remote monitoring and proprietary analytics platforms.

 

Market Segmentation

  • By Product: Float Voyage Data Recorder, Fixed Voyage Data Recorder
  • By System Type: Simplified Voyage Data Recorder, Full Voyage Data Recorder
  • By Specialty: Teleradiology, Telecardiology, Telepathology, Emergency Care, Other Specialties
  • By Mode of Delivery: Cloud-Based, On-Premises
  • By Application: Passenger Ship, Cargo Ship, Naval Ship, Other Applications

 

Regional Insights

  • Largest Region: Asia-Pacific was the largest region in the voyage data recorder market in 2023.
  • Fastest-Growing Region: Asia-Pacific is expected to be the fastest-growing region during the forecast period.

 

Conclusion

The voyage data recorder market is poised for significant growth, driven by advancements in technology, increased safety measures, and rising maritime accidents. Major players continue to innovate and expand their offerings, ensuring the market remains dynamic and competitive. With Asia-Pacific leading the growth charge, the future looks promising for the voyage data recorder industry.

 

Get A Free Sample On The Global Voyage Data Recorder Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=10502&type=smp

 

The Voyage Data Recorder Global Market Report 2024  provides an overview of the voyage data recorder market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The voyage data recorder market forecast analyzes voyage data recorder market size, voyage data recorder market share, leading competitor and their market positions.

 

Explore Similar Reports From The Business Research Company:  

Data Center Cooling Global Market Report 2024

Data Center Accelerator Global Market Report 2024

Data Center Services Global Market Report 2024

 

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas
+1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

 

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:

Leave a Reply

Your email address will not be published. Required fields are marked *