The global voyage data recorder (VDR) market is predicted to garner USD 1,798.2 million, grabbing a CAGR of 2.25% during the forecast period (2017 to 2023) owing to the improved safety standards in the maritime sector, asserts Market Research Future (MRFR). Voyage data recorder or (VDR) is referred to as a record-keeping device which is specifically invented to be installed in a watercraft. A VDR helps to gather information from various sensors on board and later stores it in an externally mounted protective storage unit. The recording is then recovered in a digitized and compressed format and is used for later investigation in the event of accidents.
Drivers and Constraints Impacting the Market
With improved safety standards in the maritime sector, the global voyage data recorder is estimated to flourish during the appraisal period. Organizations like International Maritime Organization (IMO), Safety of Life at Sea (SOLAS), and other regional associations have come up with mandates in order to ensure the safety of the maritime sector. Moreover, as the demand for unmanned undersea vehicles is increasing for mine countermeasures operations, naval intelligence, anti-submarine warfare missions, and ISR roles, it is creating opportunities for the market during the assessment period. The market is also gearing up due to several factors such as the advent of advanced VDR technologies, improved safety standards at sea, and proactive usage of VDRs. Additional factors such as strict government mandates for using diesel exhaust fluid, the growing use of selective catalytic reduction technology, and rising production of vehicles are promoting the market growth. With technological advancements and e-commerce, and industrial revolution in the emerging economies, the marine industry is likely to reshape, thereby contributing to the growth of the market during the appraisal period.
On the flip side, the high cost of next-generation black boxes is one of the major factors considered to impede the market growth during the appraisal period.
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Global Voyage Data Recorder (VDR) Market: Segmental Analysis
The global voyage data recorder (VDR) market has been segmented on the basis of type and application.
By mode of type, the global voyage data recorder (VDR) market has been segmented into general voyage data recorder and simplified voyage data recorder. Among these, the general voyage data recorder segment is considered to occupy the largest market share of 62.8% in 2016. The segment is considered to expand at the highest CAGR of 2.29% throughout the appraisal period.
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