The Global Voyage Data Recorders Market to grow from USD 421.57 Million in 2019 to USD 612.10 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 6.41%.
Market Segmentation & Coverage:
The research report categorizes the Voyage Data Recorders Market to forecast the revenues and analyze the trends in each of the following segments:
Based on System Type, the Voyage Data Recorders Market studied across Full Voyage Data Recorder and Simplified Voyage Data Recorder.
Based on Product Type, the Voyage Data Recorders Market studied across Fixed and Float.
Based on Application, the Voyage Data Recorders Market studied across Cargo Ship, Naval Ship, and Passenger Ship.
"The Asia-Pacific is projected to witness the highest growth during the forecast period"
Based on Geography, the Voyage Data Recorders Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded the largest size in the Voyage Data Recorders Market in 2019, followed by the Americas. On the other hand, the Asia-Pacific expected to grow at the fastest CAGR during the forecast period, followed by the Europe, Middle East & Africa.
Market Dynamics:
The factors attributing to the growth of the market are government regulation pertaining to the safety of ships such as solas and imo and significant incidences of ship failure and accidents. However, some factors such as high initial cost of the product may hinder the market growth. The Voyage Data Recorders Market expected to showcase the opportunities such as growing deployment of ships worldwide and rising requirements with growing e-commerce, and other seaborn trades. Soon market may face the possible challenges in the growth due to technological constraint and updating regulations for the voyage data recorders. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the market.
Cumulative Impact of COVID-19:
COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward. The report is delivering insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market.
360iResearch Competitive Strategic Window:
The 360iResearch Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth.
360iResearch FPNV Positioning Matrix:
The 360iResearch FPNV Positioning Matrix evaluates and categorizes the vendors in the Voyage Data Recorders Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Company Usability Profiles:
The Voyage Data Recorders Market is highly competitive and characterized by the presence of a large number of international and regional players in the market. The market has witnessed increased competition between vendors based on the pricing model, technology differentiation, brand name, quality of service, price differentiation, and technical expertise.
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Voyage Data Recorders Market, including Beijing Highlander Digital Technology Co., Ltd., Cargotec Corporation, Consilium AB Publ., Danelec Marine, Furuno Electric Co., Ltd., Interschalt maritime systems AG, Japan Radio Co., Kelvin Hughes Ltd., Kongsberg Maritime, Northrop Grumman Sperry Marine B.V., Orolia Maritime, Radio Holland, Raytheon Anschütz, Syberg AS., Telemar UK Ltd, Totem Plus Ltd., and Wärtsilä.
