This Voyage Data Recorders market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Voyage Data Recorders market.
Voyage Data Recorders Market: Introduction
Voyage Data Recorders (VDR) are manufactured to be used in marine and ships. Voyage data recorder is a kind of black box which stores information of the voyage and it includes information’s, such as navigation, location, speed, order and feedback responses, and other similar readings. This is especially used to retrieve data in case the ship sinks. Voyage data recorders are usually of two types, i.e. either full or simplified voyage data recorder. They are installed in ships, cargos and naval vessels to collect data from the onboard devices, such as sensors and others.
Voyage Data Recorders Market:Drivers and Challenges
Current initiatives, such as “One Belt, One Road”, initiative for expansion of Suez and Panama Canal, is estimated to potentially affect the global seaborne trade. Growing technological advancement and e-commerce, thus the freight forwarding, coupled with industrial revolution in emerging countries, has the prospectus of reshaping the marine industry and in turn driving the demand for voyage data recorder market.
International Maritime Organization (IMO), the maritime safety committee established certain standards defined under MSC.33 (90), which mandates the installation of voyage data recorders in all the ships. Hence, all the marine vessels abiding IMO standards are mandated to install the VDR systems complying with the international guidelines. This will have a direct effect on the demand of voyage data recorder market.
The ability of a voyage data recorder to store data of a month or more, for a long period of time, is the key driver for the voyage data recorder market. As it helps in receiving and sending notifications in critical situations. Also, they are widely utilized in marine education institutes for training purposes. This technological advancement has enhanced the marine industry performance and reliability to the extent that they are now being involved in the first line of defense in several countries.
Further, the increasing fleet of marine vessels is expected to drive the demand of voyage data recorder over the projected period of time. Furthermore, shipping of goods via cargos is comparatively economical than shipping via air, hence cargo shipping is witnessing significant demand in recent past. This, in turn, will augment the growth of the voyage data recorder market over the forecast period. However, high installation cost could hinder the growth of the voyage data recorder market.
Voyage Data Recorders Market: Regional Overview
During the forecast period, Asia Pacific (China, India and South East Asia Pacific) is expected to hold a greater share of the market owing to the presence of better marine network and freight transport. Also, Asia Pacific being the manufacturing hub of most of the goods, is the major exporter. North America is anticipated to register significant growth after Asia Pacific as a result of the region’s increasing export and import business, and passenger traffic, which in turn will drive the regional market share of the voyage data recorder. Expanding import and export of oil and gas in Middle East Africa via sea-cargos, is stipulated increase the trade of voyage data recorders in coming years.
Global Voyage Data Recorders Market: Key Players
Examples of some of the market participants in the global voyage data recorder market identified across the value chain include:
- DANELEC MARINE
- FURUNO ELECTRIC CO., LTD.
- Japan Radio Co.
- Northrop Grumman Sperry Marine B.V.
- Netwave Systems B.V.
- Beijing Highlander Digital Technology Co., Ltd.
- Consilium AB Publ.
- Totem Plus Ltd.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Global Voyage Data Recorders: Market Segmentation
On the basis of system type, the global Voyage Data Recorders market has been segmented as:
- Simplified Voyage Data Recorder
- Full Voyage Data Recorder
On the basis of product type, the global Voyage Data Recorders market has been segmented as:
- Fixed Voyage Data Recorder
- Float Voyage Data Recorder
On the basis of application, the global Voyage Data Recorders market has been segmented as:
- Naval Ships
- Cargo Ships
- Passenger Ships
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Voyage Data Recorders Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Voyage Data Recorders Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
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In addition to up-to-date market figures and customized of the Voyage Data Recorders Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.