Verifiable observations conducted by researchers and analysts have claimed that global voyage data recorders market which stood at a valuation of USD 879 million in 2021 is estimated to grow at a steady CAGR of 1.6% through 2028, and subsequently amass a valuation of USD 982.3 million by the end of the forecast timeline.
The purpose of the research study on ‘Global Voyage Data Recorders (VDR) Market’ highlights key factors such as growth drivers, restraints, and opportunities that impact market scenario during the analysis period of 2022-2028. It also talks about the various market segmentations such as type and application spectrum that are likely to generate strong returns throughout the forecast period.
Furthermore, an exhaustive evaluation of regional markets, in terms of current & past trends, and profitable prospects are included in the document. Lastly, the competitive framework of this business sphere is discussed to enable a clear understanding of key players, their business profile, product & service portfolio, and expansion strategies.
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Since the onset of the COVID-19 pandemic, in light of the various lockdown mandates that were put in place across the globe, and in an attempt to curb the spread of the virus, trade channels including maritime operations took a severe hit as social distancing norms resulted in stoppages over movement which also led to disruptions in the supply chain.
However, global voyage data recorders industry is steadily gaining momentum over the past few months, owing to a significant reduction in the number of infections coupled with an augmented focus on kickstarting international trade through marine lines.
Segmentation & Regional Overview:
Speaking of type, the marketplace is bifurcated into simplified voyage data recorder and general voyage data recorder. Considering the application spectrum, voyage data recorders can be seen across a host of ships including naval ship, cargo ship, passenger ship among others.
From a regional frame of reference, the major regions that account for a sizeable portion of the global market's revenue are North America, South America, Europe, Asia Pacific, and Middle East and Africa. The report also encompasses a thorough rundown of the latest trends within each country in the region, to enable readers in thoroughly identifying the major avenues for business expansion.
The competitive landscape analysis provides an impressive breakdown of parameters such as profitability margins, market share, and pricing structure of companies like Maretron, Hensoldt UK (formerly Kelvin Hughes), Danelec Marine, Raytheon Anschutz, Beijing Highlander Digital Technology Co. Ltd., Kongsberg Maritime, Wartsila Sam Electronics GmbH, L3 Technologies Inc. (formerly L3 Communications), Consiliuim NZ, Navis, Furuno Electric Co. Ltd., and Japan Radio Co. Ltd. These are assessed based on the different strategic improvements such as mergers, acquisitions, and partnership agreements, to retain a strong place in the global voyage data recorders (VDR) market environment, despite the rapidly changing economic situation.
- Which are the different segments in global voyage data recorders (VDR) market?
- What is the impact of the COVID-19 pandemic on global voyage data recorders (VDR) market revenue?
- Which are the key geographical boundaries that are analyzed thoroughly in global voyage data recorders (VDR) market report on the basis of their countries?
- How is global voyage data recorders (VDR) market likely to perform during 2022-2028?
- Which are the key players influencing global voyage data recorders (VDR) market dynamics?
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