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.
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.
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.
Examples of some of the market participants in the global voyage data recorder market identified across the value chain include:
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On the basis of system type, the global Voyage Data Recorders market has been segmented as:
On the basis of product type, the global Voyage Data Recorders market has been segmented as:
On the basis of application, the global Voyage Data Recorders market has been segmented as:
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Voyage Data Recorders Market
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