Voyage Data Recorders (VDR) Market Size, Share, Growth, Forecast 2030

Voyage Data Recorders (VDR) Market

Voyage Data Recorders (VDR) Market By Application (Naval Ship, Cargo Ship, and Passenger Ship), By Type (Simplified VDR and General VDR), By Product (Fixed VDR and Float VDR), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030

Category: Heavy Industry Report Format : PDF Pages: 229 Report Code: ZMR-7485 Published Date: Aug-2023 Status : Published
Market Size in 2022 Market Forecast in 2030 CAGR (in %) Base Year
USD 9.21 Billion USD 18.48 Billion 9.22% 2022

Voyage Data Recorders (VDR) Market

Voyage Data Recorders (VDR) Industry Prospective:

The global voyage data recorders (VDR) market size was worth around USD 9.21 billion in 2022 and is predicted to grow to around USD 18.48 billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.22% between 2023 and 2030.

Global Voyage Data Recorders (VDR) Market SizeRequest Free Sample

Voyage Data Recorders (VDR) Market: Overview

Voyage data recorders (VDR) can be considered similar to a black box that is fitted in an airplane. A VDR is considered a complete system as when placed in a ship, it ensures that various types of data related to the ship are recorded. It can be used to reconstruct every aspect of a voyage and is extremely helpful in case of an accident. VDRs are home to secure information that can be easily retrieved when needed and include topics such as physical status, position, command, movement, and control of the ship before the accident. The data thus derived is used to analyze and determine the cause of the accident. Apart from this, VDRs have shown extensive application for other aspects of voyaging including heavy weather damage analysis, performance efficiency, preventive maintenance, training, and accident avoidance. The International Maritime Organization (IMO) mandates that every passenger ship or a ship of 3000 gross tonnage apart from passenger ships that have been constructed after 1st July 2002 should be equipped with voyage data recorders (VDRs). The global voyage data recorders market size has improved over the years and is likely to register higher growth during the forecast period as maritime activities continue to grow across continents.

Key Insights:

  • As per the analysis shared by our research analyst, the global voyage data recorders (VDR) market is estimated to grow annually at a CAGR of around 9.22% over the forecast period (2023-2030)
  • In terms of revenue, the global voyage data recorders (VDR) market size was valued at around USD 9.21 billion in 2022 and is predicted to grow to around USD 18.48 billion, by 2030.
  • The voyage data recorders market is projected to grow at a significant rate due to the growing number of passenger ships
  • Based on application segmentation, the cargo ship was predicted to show maximum market share in the year 2022
  • Based on product segmentation, fixed VDR was the leading product in 2022
  • On the basis of region, Asia-Pacific was the leading revenue generator in 2022

Voyage Data Recorders (VDR) Market: Growth Drivers

Growing number of passenger ships to drive market growth

The global voyage data recorders (VDR) market is expected to grow owing to the rising number of passenger ships across the globe. One of the main reasons for the higher demand for commercial passenger ships is the increase in tourism especially after COVID-19. Since more people are willing to seek and enjoy travel time, there has been a steady growth in the number of companies providing excellent travel itineraries that can be covered through cruises or other forms of passenger ships. In addition to this, the amenities and facilities provided on a cruise have added more value to a cruise vacation. A recent report by GayTravel suggests that more than 50 cruise lines are currently operating spanning over 270 ships globally. Looking at the growing number of travel enthusiasts preferring maritime routes over conventional methods such as railways or roadways, service providers have become more confident and are experimenting with the kind of experience they provide to their guests. For instance, in July 2023, it was reported that Icon of the Seas, a new cruise ship, is set to launch. It is currently considered the world’s largest cruise ship and is 5 times larger than the popular Titanic ship. Icon of the Seas can house around 2,350 crew members and 5,610 passengers.

Since there is a growing number of service providers and IMO mandates that every passenger ship must be equipped with a VDR, the demand and consumption of voyage data recorders is on the rise. They are extremely helpful in the event of an accident. Maritime ships are accident prone and VDRs can act as a saving tool.

Increasing the launch of new and advanced VDRs to promote higher revenue

Market players are ensuring deeper penetration in terms of revenue by investing in research & development which is evident in the number of new VDR launches equipped with advanced technology and systems. In November 2022, a digital solutions provider for the maritime industry, Danelec, launched 2 new web-based VDRs. The company will also provide remote access to the onboard VDR to ship operators and managers.

Voyage Data Recorders (VDR) Market: Restraints

High cost of VDR technology to restrict market growth

Voyage data recorders (VDRs) are advanced technology. They are mainly used in sophisticated maritime operations and since exclusive or high-end instruments are used to make voyage data recorders, the total cost of VDR installation and use is relatively higher. The higher upfront cost may act as a growth barrier for the voyage data recorders industry. In addition to this, VDRs are susceptible to malfunctioning and hence they require regular checks or maintenance to ensure that the device functions as per expectations even in harsh conditions. This could further add to the associated expenses leading to more hesitancy among end-consumers.

Voyage Data Recorders (VDR) Market: Opportunities

Emphasis on passenger safety during marine excursions to support a healthy growth environment

As maritime transport is on the rise led by commercial passenger ships as well as international trade, the risk of accidents has increased simultaneously. This includes accidents caused by extreme sea conditions or changes in weather, piracy, explosions, and mechanical failure to name a few. Research indicates that around 800 sea vessels have been lost between 2013 and 2022. Most of them were cargo ships. In May 2023, a cruise ship called Carnival Sunshine encountered a severe storm while returning. The ship managed to survive the extreme weather conditions but the passengers had to endure more than 10 hours of grueling conditions including rolling, diving, and pitching. These incidents have resulted in international maritime organizations along with regional-level units enacting laws and rules for cargo and passenger ships that ensure people and material safety. VDR is an important part of these protocols. In November 2022, the official website of the Oil Companies International Marine Forum (OCIMF) launched a paper with updated information on the Proactive Use of Voyage Data Recorder Information.

Voyage Data Recorders (VDR) Market: Challenges

Lack of workforce with expertise in VDR data analysis could challenge further growth

The voyage data recorders industry growth rate is affected due to the lack of a sufficient workforce with expertise in retrieving, analyzing, and interpreting the data obtained from VDR. Since these systems are advanced tools, proper and accurate functioning of VDR demands the presence of a group of skilled individuals who can create meaningful and accurate results from the information available. However, there is a significant gap in the supply and demand for such a workforce which is a challenge that directly impacts the industry performance.

Voyage Data Recorders (VDR) Market: Segmentation

The global voyage data recorders (VDR) market is segmented based on application, type, product, and region.

Based on application, the global market segments are naval ship, cargo ship, and passenger ship. The voyage data recorders industry registered the highest demand in the cargo ship segment in 2022 due to a significant increase in international trade through waterways. A report published by the Bureau of Transportation Statistics states that nearly 40% of the US international trade value is accounted for by Maritime vessels. The same trend in terms of the importance of maritime trade is observed in other countries. Factors such as changing political dynamics and investment exploration activities undertaken in developing countries could promote further segmental growth.

Based on type, the global market is divided into simplified VDR and general VDR.

Based on product, the global voyage data recorders market is divided into fixed VDR and float VDR. The highest revenue is generated by the fixed VDR segment since voyage data recorders are generally a main part of the ship or carrier and hence are installed as permanent parts. They are stored in an environment for survival and accurate functioning even in harsh conditions. A typical VDR stores information every 12 hours before being overwritten for the next set of 12 hours.

Voyage Data Recorders (VDR) Market: Report Scope

Report Attributes Report Details
Report Name Voyage Data Recorders (VDR) Market
Market Size in 2022 USD 9.21 Billion
Market Forecast in 2030 USD 18.48 Billion
Growth Rate CAGR of 9.22%
Number of Pages 229
Key Companies Covered Netwave Systems B.V., DANELEC MARINE, Totem Plus Ltd., INTERCHALT, Consilium AB Publ., Japan Radio Co., FURUNO ELECTRIC Co. Ltd., Beijing Highlander Digital Technology Co. Ltd., and others.
Segments Covered By Application, By Type, By Product, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 - 2030
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Voyage Data Recorders (VDR) Market: Regional Analysis

Asia-Pacific to hold dominance during the forecast period

The global voyage data recorders (VDR) market was led by Asia-Pacific in 2022 and will continue the same trend during the forecast period. Research shows that China is currently the world’s top-ranking maritime nation and owns close to 7000 vessels. The region, along with Hong Kong, is home to the largest Container fleet in terms of values and vessels. Shanghai Port in China is known to manage nearly 25.1% of global shipping. It is one of the busiest ports worldwide. South Korea, on the other hand, is the world’s most dominant shipbuilding country and has massive control over the global marine shipping industry.

Global Voyage Data Recorders (VDR) Market ShareRequest Free Sample

The growing number of international trades undertaken by Asian countries with other nations globally is a primary reason for higher regional growth. Countries such as China, South Korea, and China are major suppliers of technical and non-technical products including food products. As of July 2023, India has identified an investment scope of INR 10 lakh crores in the country’s maritime sector. The industry is expected to generate more than 15 lakh jobs.

Voyage Data Recorders (VDR) Market: Competitive Analysis

The global voyage data recorders (VDR) market is led by players like:

  • Netwave Systems B.V.
  • DANELEC MARINE
  • Totem Plus Ltd.
  • INTERCHALT
  • Consilium AB Publ.
  • Japan Radio Co.
  • FURUNO ELECTRIC Co. Ltd.
  • Beijing Highlander Digital Technology Co. Ltd.

The global voyage data recorders (VDR) market is segmented as follows:

By Application

  • Naval Ship
  • Cargo Ship
  • Passenger Ship

By Type

  • Simplified VDR
  • General VDR

By Product

  • Fixed VDR
  • Float VDR

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Voyage data recorders (VDR) can be considered similar to a black box that is fitted in an airplane. A VDR is considered a complete system as when placed in a ship, it ensures that various types of data related to the ship are recorded.

The global voyage data recorders (VDR) market is expected to grow owing to the rising number of passenger ships across the globe.

According to study, the global voyage data recorders (VDR) market size was worth around USD 9.21 billion in 2022 and is predicted to grow to around USD 18.48 billion by 2030.

The CAGR value of voyage data recorders (VDR) market is expected to be around 9.22% during 2023-2030.

The global voyage data recorders (VDR) market was led by Asia-Pacific in 2022 and will continue the same trend during the forecast period. Research shows that China is currently the world’s top-ranking maritime nation and owns close to 7000 vessels.

The global voyage data recorders (VDR) market is led by players like Netwave Systems B.V., DANELEC MARINE, Totem Plus Ltd., INTERCHALT, Consilium AB Publ., Japan Radio Co., FURUNO ELECTRIC Co. Ltd., and Beijing Highlander Digital Technology Co. Ltd. among many others.

The report explores crucial aspects of the voyage data recorders (VDR) market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.

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