NEW YORK, February 8, 2022 /PRNewswire/ — According to the market research report published by P&S Intelligence, the SLAM technology market size should grow to $3,747.8 million by 2030 based on an estimate $157.5 million in 2021, at a monumental CAGR of 42.2% between 2021 and 2030. After experiencing a slump in 2020 due to the COVID-19 pandemic, the industry is now forging ahead as companies focus on increasing productivity and efficiency of manufacturing and warehousing, in order to make up for lost revenue due to shutdowns.
Indeed, this technology allows robots, autonomous vehicles, drones, automatic forklifts and robot cleaners to map the area around them and locate their destination themselves. To capitalize on these opportunities, technology vendors are incorporating advances in visual SLAM, which uses 3D technology for localization and mapping. For example, visual SLAM makes it more efficient to project virtual objects into the real environment in augmented reality (AR) applications.
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Key Findings of the SLAM Technology Market Report
- The rapid adoption of drones is a key industry driver, as SLAM technology is used in these platforms for navigation, flight control, and collision avoidance.
- Even though the 2D version is more popular in the SLAM technology market, the demand for the 3D version is increasing rapidly, as the latter makes AR/VR devices more accurate.
- Currently, the technology is most widely used in robotics due to the high demand for robots in manufacturing, transportation, assembly and packaging, earth and space exploration, weaponry, surgery and research in laboratory.
- North America is the biggest user of the technology owing to its high IT spending, advanced military, huge manufacturing sector, rapid economic growth and presence of numerous market players.
- In addition, a large number of autonomous vehicle development and testing projects are underway in the United States, which is driving the demand for SLAM technology.
- The highly competitive SLAM technology market has several companies engaging in mergers and acquisitions and collaborations to gain an advantage.
Browse the detailed report to Simultaneous Location and Mapping Technology Market Size, Trend and Industry Growth Forecast to 2030
The most important companies working on offering products based on SLAM technology are Intel Corporation, Apple Inc., Alphabet Inc., Microsoft Corporation, NavVis GmbH, Clearpath Robotics Inc., Parrot Drones SAS, MAXST Co. Ltd., Rethink Robotics GmbH. , Hi-Tech Robotic Systemz Limited and Aethon Inc. In addition to mergers, acquisitions and collaborations, they are launching AR platforms, robots and mobile mapping systems integrated with SLAM.
In the coming years, lucrative opportunities for all these Simultaneous Location and Mapping Technology market players will arise in the Asia Pacific region experiencing rapid economic growth and technological advancement. Additionally, the burgeoning Industry 4.0 revolution is driving demand for autonomous mobile industrial robots, which rely on SLAM technology to move around the factory floor.
SLAM Technology Market Segmentation Analysis
Based on supply
- Expanded Kalman filter (EKF)
Based on demand
- Autonomous vehicle
Based on end user
- Manufacturing & Logistics
- Household device
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
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