SLAM Technology Market To Generate Revenue Worth $3,747.8 Million in 2030
- Published: February 2022
The increasing number of augmented reality (AR) applications, emergence of autonomous vehicles, and rising usage of unmanned aerial vehicles (UAVs) are the major growth drivers for the global SLAM technology market. Due to the aforementioned factors, the market is projected to generate $3,747.8 million revenue in 2030, advancing at a CAGR of 42.2% during 2021–2030.
Due to the COVID-19 pandemic, the global SLAM technology market suffered as the production of SLAM-based robotics and UAVs was delayed for a few months due to recommendations of governments. Moreover, as a result of factory closures, the demand for these robots dropped, which impeded the market growth. However, the market is expected to grow in the coming years due to the emergence of autonomous vehicles and the rising usage of AR.
2D Category Dominated Market
The market is categorized into 2D and 3D, based on offering. Of these two, the 2D category dominated the market during the historical period (2017–2021), mainly due to the increasing usage of the 2D SLAM technology for location mapping in residential and industrial robots, as it is based on red–green–blue-depth (RGB-D) mapping, with which robots use the RGB and depth data from Kinect sensors to map locations effectively.
Moreover, the market for SLAM technology is categorized into robotics, UAV, AR/VR, autonomous vehicle, and others, based on application. Among these, the UAV category is expected to witness the fastest growth during the forecast period (2022–2030) owing to the increasing use of UAVs across all industries. SLAM technology allows UAVs to conduct reconnaissance, surveillance, location mapping, and intruder detection.
Geographically, North America held the largest share in the SLAM technology market in 2021, and it is projected to retain its position in the forecast period as well. This is majorly ascribed to the increase in IT spending, presence of a large manufacturing base, early adoption of emerging technologies, large number of market players, and speedy economic growth in the region.
Moreover, the increasing disposable income and shifting inclination toward advanced technologies are boosting the adoption of automated household appliances, such as vacuum cleaners and lawnmowers, in the region.
Mergers and Acquisitions and Product Launches Are Most-Effective Strategic Measures Taken by Players in the Market
Players in the market have been frequently involved in mergers and acquisitions and product launches to gain a significant position in the market. For instance, in September 2021, Apple Inc. launched the ARKit5, a SLAM-based AR platform for iOS and ipadOS, which improves motion tracking and supports face tracking in the ultra-wide camera on iPad Pro. Additional ARKit5 features are instant AR, scene geometry, people occlusion, motion capture, and simultaneous front and back cameras.
Moreover, in August 2020, Apple Inc. acquired Spaces, a VR startup that began as a DreamWorks Animation project, for developing AR/VR headsets.
Major players operating in the SLAM technology market include Intel Corporation, Alphabet Inc., Apple Inc., Microsoft Corporation, Clearpath Robotics Inc., NavVis GmbH, Parrot Drones SAS, Rethink Robotics GmbH, MAXST Co. Ltd., Hi-Tech Robotic Systemz Limited, Aethon Inc., SMP Robotics Systems Corp., Facebook Inc., Mobile Industrial Robots A/S, Magic Leap Inc., KUKA AGPermatex Inc.