Passenger ships and ships other than passenger ships of 3000 gross tonnage and upwards constructed on or after 1 July 2002 must carry voyage data recorders (VDRs) to assist in accident investigations, under regulations adopted in 2000, which entered into force on 1 July 2002. The mandatory regulations are contained in chapter V on Safety of Navigation of the International Convention for the Safety of Life at Sea, 1974. Like the black boxes carried on aircraft, VDRs enable accident investigators to review procedures and instructions in the moments before an incident and help to identify the cause of any accident.
The market for Voyage Data Recorders (VDR) is not fragmented with players such as Japan Radio Co, Furuno, Interschalt, Maritime Systems, Consilium, L-3 Communications, Wärtsilä SAM Electronics, Kongsberg Maritime, Beijing Highlander, Raytheon Anschutz, Danelec Marine, Kelvin Hughes, Maretron, etc.
The industry is expected to remain innovation-led, with frequent acquisitions and strategic alliances adopted as the key strategies by the players to increase their industry presence. Meanwhile, optimize product mix and further develop value-added capabilities to maximize margins. Manufacturers can take advantage of this situation by reinforcing their production units and supply-chains to avoid any delay in production turn-around-times (TAT) and supply-lead-times.
All manufactures in the world are committed to the improvement of product. These two years, some of Chinese manufactures can almost catch up with the world's leading technology too. Most technologies are developed by the manufacturers instead of importing from other companies. With the recovery of world shipbuilding industry and the increased proportion of output for high technology and high added - value ships, China will enter into the list of world powerful shipbuilding countries.
Significant and lasting barriers make entry into this market difficult. These barriers include, but are not limited to: (i) product development costs; (ii) capital requirements; (iii) intellectual property rights; (iv) regulatory requirement; and (v) Transitions’ unfair methods of competition.
Despite the presence of competition problems, due to the global recovery trend is clear, investors are still optimistic about this area, the future will still have more new investment enter the field. Even so, the market is intensely competitive .The study group recommends the new entrants just having money but without technical advantage and upstream and downstream support do not to enter into this field.
According to this study, over the next five years the Voyage Data Recorders (VDR) market will register a 0.3% CAGR in terms of revenue, the global market size will reach US$ 1530 million by 2024, from US$ 1500 million in 2019. In particular, this report presents the global revenue market share of key companies in Voyage Data Recorders (VDR) business, shared in Chapter 3.
This report presents a comprehensive overview, market shares, and growth opportunities of Voyage Data Recorders (VDR) market by product type, application, key manufacturers and key regions and countries.
This study considers the Voyage Data Recorders (VDR) value generated from the sales of the following segments:
Segmentation by product type:
General Voyage Data Recorder
Simplified Voyage Data Recorder
Segmentation by application:
This report also splits the market by region:
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report:
Japan Radio Co
Interschalt Maritime Systems
Wärtsilä SAM Electronics
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
To study and analyze the global Voyage Data Recorders (VDR) market size by key regions/countries, product type and application.
To understand the structure of Voyage Data Recorders (VDR) market by identifying its various subsegments.
Focuses on the key global Voyage Data Recorders (VDR) players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Voyage Data Recorders (VDR) with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the size of Voyage Data Recorders (VDR) submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.