Global Voyage Data Recorders (VDR) Market Expected to Witness a Sustainable Growth over 2023

New report published by Market Research Report Store (MRRS) which offers insights on the global Voyage Data Recorders (VDR) market.

Voyage data recorder, or VDR, is a data recording system designed for all vessels required to comply with the IMO's International Convention SOLAS Requirements (IMO Res A861(20)) in order to collect data from various sensors on board the vessel. It then digitizes, compresses and stores this information in an externally mounted protective storage unit. The protective storage unit is a tamper-proof unit designed to withstand the extreme shock, impact, pressure and heat, which could be associated with a marine incident (fire, explosion, collision, sinking, etc.).

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Global Voyage Data Recorders (VDR) Market: Forecast by Type / Application / Region

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.

Over the next five years, LPI(LP Information) projects that Voyage Data Recorders (VDR) will register a 0.3% CAGR in terms of revenue, reach US$ 1530 million by 2023, from US$ 1500 million in 2017.

Global Voyage Data Recorders (VDR) Market: Key Players
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

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Related Information:
United States Voyage Data Recorders (VDR) Market Research Report 2018
Europe Voyage Data Recorders (VDR) Market Research Report 2018
North America Voyage Data Recorders (VDR) Market Research Report 2018
Asia-Pacific Voyage Data Recorders (VDR) Market Research Report 2018
China Voyage Data Recorders (VDR) Market Research Report 2018
EMEA Voyage Data Recorders (VDR) Market Research Report 2018
Global Voyage Data Recorders (VDR) Market Research Report 2018

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