28.10.2021 Бизнес

SLAM Technology Market Analysis by Trends, Size, Share, Growth Opportunities, and Emerging Technologies

The advent of autonomous vehicles has created an extensive requirement for simultaneous localization and mapping (SLAM) technology, due to the increasing deployment of this technology in wireless communication devices and global positioning systems (GPS), which are used in autonomous vehicles. The surging adoption of autonomous vehicles can be attributed to the rising requirement for greater vehicle safety. Autonomous vehicles have the potential to reduce injuries and deaths occurring from road accidents, owing to their improved sensing capabilities.

These automobiles also help in curtailing air pollution, on account of their lesser fuel consumption and carbon dioxide (CO2) generation characteristics. Moreover, the escalating use of augmented reality (AR) technology across end-use industries will drive the SLAM technology market at a robust CAGR of 38.3% during the forecast period (2020–2030). The market was valued at $152.2 million in 2019 and it is projected to generate $3,775.3 million revenue by 2030.

For example, the healthcare sector uses AR technology in surgery, vein visualization, training, and 3D medical imaging. SLAM technology is used to identify the surrounding environment, which allows AR devices to recognize 3D objects and scenes, overlay digital interactive augmentations, and instantly track the world. Various types of SLAM technology find widescale applications in the military, mining, commercial, automotive, household appliances, agriculture and forestry, and manufacturing and logistics industries. Key application areas of SLAM technologies are robotics, autonomous vehicle, unmanned aerial vehicle (UAV), reef monitoring, AR/virtual reality (VR), and terrain mapping.

At present, these technologies are mostly used in robotics applications due to the surging deployment of SLAM-enabled autonomous robots for accurate indoor and outdoor location mapping for manufacturing, transport, surgery, assembly and packing, weaponry, earth and space exploration, and laboratory research. According to P&S Intelligence, North America accounted for the largest share in the SLAM technology market in 2019, due to the mounting investments that were made in the robotics industry, increasing AR applications, and surging adoption of automated household appliances, such as lawnmowers and vacuum cleaners, owing to the escalating disposable income of people in the region.

Whereas, Asia-Pacific (APAC) is expected to demonstrate the fastest growth throughout the forecast period, owing to the growing penetration of UAVs, accelerating digitalization rate, and soaring household expenditure on advanced technologies in the region. Therefore, the burgeoning demand for autonomous vehicles and increasing use of AR technology will boost the adoption of SLAM technology in the forthcoming years.