38.3% CAGR Forecasted in SLAM Technology Market Between 2020 and 2030: P&S Intelligence

NEW YORK, March 23, 2021 /PRNewswire/ -- Due to the increasing sale of unmanned aerial vehicles (UAV), also known as drones, the deployment of the simultaneous localization and mapping (SLAM) technology is set to rise at an explosive CAGR of 38.3% between 2020 and 2030. As a result, the global SLAM technology market size will grow from $152.2 million in 2019 to $3,775.3 million by 2030. While the predominant applications of drones have been surveillance, reconnaissance, location mapping, and intruder detection, their adoption is also rising for crop spraying, livestock monitoring, geomagnetic surveys, pedestrian traffic monitoring, aircraft maintenance, and filmmaking.

This is impacting the SLAM technology market positively, as SLAM is one of the key technologies required for drones to function. For path planning, for navigation, and accurate flight control, UAVs require the simultaneous localization and mapping technology. The technology helps the drone identify itself in an unknown environment, by creating a 3D physical space, as well as avoid collisions with objects nearby.

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The COVID-19 situation is ill-affecting the SLAM technology market because the supply of components and the manufacturing of the products that use this technology have stopped. In addition, the interest of the world has shifted to only essential goods, which has brought a slump in the sale of robots and other household appliances with simultaneous localization and mapping capabilities.

In the past, the extended Kalman filter (EKF) category, based on type, held the largest share in the SLAM technology market because the complexity of its algorithms is lower than that of other technologies. In addition, in terms of state variables, EKF offers consistent performance for long durations, which increases its popularity.

Browse detailed report with COVID-19 impact analysis on SLAM Technology Market Research Report: By Offering (Two-Dimensional, Three-Dimensional), Type (Extended Kalman Filter, Fast, Graph-Based), Application (Robotics, Unmanned Aerial Vehicle, Augmented Reality /Virtual Reality, Autonomous Vehicle), End User (Commercial, Military, Agriculture & Forestry, Mining, Automotive, Manufacturing & Logistics, Household Appliance) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/slam-technology-market-report

The augmented reality (AR)/virtual reality (VR) division, under segmentation by application, would observe the highest CAGR in the SLAM technology market, of 44.5%, in the coming years. This is attributed to the high integration rate of the simultaneous localization and mapping technology in AR/VR devices for location recognition and tracking, graphics, display, and interaction. With the growing sale of such products, the market will advance significantly in this division.

North America is the largest SLAM technology market currently, on account of its productive manufacturing sector, high information technology (IT) spending, early integration of advanced technologies, and existence of numerous companies offering such solutions. In addition, with their increasing spending power, regional inhabitants are buying automated land mowers, vacuum cleaners, and other such high-end household appliances. In the coming years, Asia-Pacific (APAC) is expected to grow the fastest in the industry because of its rising manufacturing capacity, economic prosperity, increasing IT spending, and surging procurement of drones by manufacturing and automotive companies.

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In order to better their presence in the SLAM technology market, companies offering such solutions are merging with or acquiring other firms.

The major players in the global SLAM technology market are Google LLC, Intel Corporation, Microsoft Corporation, Apple Inc., NavVis GmbH, Clearpath Robotics Inc., Rethink Robotics GmbH, Parrot Drones SAS, Hi-Tech Robotic Systemz Limited, MAXST Co. Ltd., SMP Robotics Systems Corp., Aethon Inc., Mobile Industrial Robots A/S, Facebook Inc., and Magic Leap Inc.

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