Voyage Data Recorder Global Market Report 2024

The voyage data recorder market has grown strongly in recent years. It will grow from $2.24 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The historical period's growth can be credited to advancements in safety and accident investigation, heightened capabilities for data retrieval and analysis, the expansion of global trade and shipping, industry-driven initiatives to enhance safety, and endeavors to standardize specifications for voyage data recorders (VDRs).

The voyage data recorder market is expected to see strong growth in the next few years. It will grow to $3.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be ascribed to the incorporation of artificial intelligence (AI) and machine learning, the augmentation of cybersecurity features, progress in data storage and retrieval technologies, increased adoption of cloud-based solutions, and a heightened emphasis on remote monitoring and diagnostics. Noteworthy trends expected during the forecast period include initiatives aimed at standardization and compatibility, the facilitation of remote access and data transmission, comprehensive analysis of incidents, a focus on predictive maintenance, and improvements in user interface and accessibility.

The anticipated growth of the voyage data recorder market is driven by the escalating number of maritime accidents. Maritime accidents, defined as incidents causing damage to vessels or related structures, prompt the need for thorough investigation. Voyage data recorders (VDRs) play a crucial role in such investigations by providing a recorded account of procedures and instructions leading up to the incident. In 2022, the Transportation Safety Board of Canada reported an increase in shipping accidents from 177 in 2021 to 197 in 2022. Notably, fishing vessels contributed to 30%, while solid cargo vessels accounted for 23% of these incidents, highlighting the importance of VDRs in addressing maritime accidents.

The growth of the voyage data recorder market is further fueled by the expansion of the cruise industry. The cruise industry involves the operation and management of passenger cruise ships, offering travel and leisure experiences at sea. Voyage data recorders (VDRs) play a vital role in ensuring safety, monitoring vessel performance, and aiding accident investigations within the cruise industry. According to Cruise Mummy, a Liberia-based news provider, the global cruise industry experienced significant growth, with the final count of passengers reaching 20.4 million in November 2023, indicating a substantial increase compared to 2021. This surge in the cruise industry is a key factor driving the growth of the voyage data recorder market.

Technological advancements are becoming increasingly prominent in the voyage data recorder market, with major companies introducing innovative solutions to maintain their market position. For example, in November 2021, Lloyd’s Register (LR), a UK-based technical and professional services organization, launched the AI Register, featuring an AI-enabled digital twin of the voyage data recorder. This resource assists maritime stakeholders in identifying LR-certified AI providers and solutions, minimizing risks, challenges, and costs associated with investing in AI technology.

Prominent companies in the voyage data recorder market are prioritizing innovative product solutions, such as voyage data recorder (VDR) services, to enhance operational safety, ensure continuous compliance monitoring, facilitate seamless incident investigation, and improve service planning. Web-based VDR services provide ship managers and operators with secure remote access to onboard VDRs and VDR status information. For instance, in November 2022, Denmark-based digital solutions provider Danelec Ltd. launched two new web-based VDR services. The VDR Monitoring Service offers an online health status overview of VDRs, while the VDR Management Service enables remote extraction of VDR recordings, downloading of alarm logs, and conducting VDR Pre-Annual Performance Tests (Pre-APT). Both services leverage the DanelecConnect IoT infrastructure for data collection, supporting shipowners in their digital transformation.

In December 2021, Danelec Marine, a Denmark-based maritime communication and navigation company, completed the acquisition of Kyma for an undisclosed amount. This strategic move allows Danelec Marine to expand its offerings with Kyma's cutting-edge technology, including the Kyma Hub for remote monitoring and management of onboard systems and its proprietary analytics platform. Kyma, based in Norway, specializes in marine performance monitoring solutions, including voyage data recorders.

Major companies operating in the voyage data recorder market report are Danelec Marine A/S, Furuno Electric Co. Ltd., Japan Radio Co. Ltd., Northrop Grumman Sperry Marine B.V., Netwave Systems B.V, Interschalt Maritime Systems, Consilium AB Publ., L- Communications, Wärtsilä SAM Electronics, Kongsberg Maritime, Beijing Highlander Technology Co. Ltd., Raytheon Anschutz GmbH, Kelvin Hughes Limited, Maretron LLP, Navis LLC, Totem Plus Ltd., Svenska Aeroplan Aktiebolaget, AMI Marine Limited, Hatteland Display AS, Headway Technology Co. Ltd., HEMPEL A/S, Jotron AS, Kongsberg Norcontrol AS, L3Harris Technologies Inc., Maris (UK) Ltd., Martek Marine Ltd., Nauticast GmbH, Radio Holland Group, Rutter Inc., Transas Marine International AB.

Asia-Pacific was the largest region in the voyage data recorder market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global voyage data recorder market report during the forecast period. The regions covered in the voyage data recorder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the voyage data recorder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Voyage data recorders come in two main types float voyage data recorders and fixed voyage data recorders. The float voyage data recorder comprises a tamper-proof storage unit and a floating unit that can be recovered. The system types encompass both simplified voyage data recorders and full voyage data recorders, each offering various specialties such as teleradiology, telecardiology, telepathology, emergency care, among others. These recorders are delivered through different modes, including cloud-based and on-premises solutions, and find applications across various vessels such as passenger ships, cargo ships, naval ships, and others.

The voyage data recorder market research report provides voyage data recorder market statistics, including voyage data recorder industry global market size, regional shares, competitors with a voyage data recorder market share, detailed voyage data recorder market segments, market trends and opportunities, and any further data you may need to thrive in the voyage data recorder industry. This voyage data recorder market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The voyage data recorder market consists of sales of simplified voyage data recorder and general voyage data recorders. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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