Pune, India -- (SBWIRE) -- 02/02/2018 -- Market Highlights:
Voyage data recorder (VDR) is a record-keeping device, invented specifically to be installed in a watercraft. It gathers information from different sensors on board, and stores it in an externally mounted protective storage unit. This recording is recovered, in a compressed and digitized format, and is used for investigation in the event of accidents. Improved safety standards in maritime industry are the primary factor driving the growth of the market. Organizations such as the Safety of Life at Sea (SOLAS), International Maritime Organization (IMO), and several other regional associations, have come up with major mandates to ensure safety of maritime industry. In addition, the demand for unmanned undersea vehicles (UUVs) is continuously increasing for naval intelligence, mine countermeasures (MCM) operations, ISR roles, and anti-submarine warfare missions. It creates an opportunity for the market during the forecast period. However, the high cost of next-generation black boxes, may hamper the growth of the market.
The market is driven by various factors such as improved safety standards at sea, introduction of advanced VDR technologies, and proactive usage of VDRs. The VDR market also has various opportunities such as tapping into the naval sector, and equipment with the unmanned undersea vehicles.
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The key players of global voyage data recorder market are Danelec Marine A/S (Denmark), INTERSCHALT maritime systems GmbH (Germany), Furuno Electric CO., Ltd. (Japan), Japan Radio Co. Ltd. (Japan), Northrop Grumman Sperry Marine B.V. (UK), Netwave Systems B.V. (The Netherlands), Digital Control Systems International Ltd. (Greece), Beijing Highlander Digital Technology Co. Ltd. (China), Consilium AB (Sweden), and Totem Plus Ltd. (Israel).
Global Voyage Data Recorder Market is expected to reach USD 1,798.2 million by 2023, at a CAGR of 2.25% during the forecast period.
The global voyage data recorder is expected to grow at 2.25% CAGR during the forecast period. In 2016, the market was led by North America, with a 40.4% share, followed by Europe, China, Japan and ROW with shares of 33%, 11.6%, 8.4% and 6.7%, respectively.
The voyage data recorder market has been segmented based on types, applications, and regions. On the basis of type, general voyage data recorder segment accounted for the largest market share of 62.8% in 2016; projected to grow at the highest CAGR of 2.29% during the forecast period. On the basis of application, cargo ships accounted for the largest market share of 67.0% in 2016; projected to grow at the highest CAGR of 2.42% during the forecast period.
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North America is dominating market for the voyage data recorders with a share of 40.4% of the global market in 2016. North America leads the global market in terms of expenditure and technological advancements, and thus generates very high demand for the VDRs. Although, Canada makes some investments in the development of such systems, the market is primarily dominated by the U.S. In addition, U.S. has an advanced maritime industry and infrastructure, which signify its potential in the market. Furthermore, the increased expenditures on naval ships by both the countries (US and Canada), would add impetus to the market. Therefore, it is expected that the market for VDR in North America would grow at a CAGR of 2.00%, during the forecast period. Europe is the second largest region in the voyage data recorder market. Some major European countries such as the UK, France, Germany, and Russia, with vast coast lines, are home to a number of marine industries and organizations, apart from their large naval forces.
- Naval authorities
- VDR manufacturers
- Government as well as Independent Regulatory Authorities
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