SLAM TECHNOLOGY MARKET REPORT OVERVIEW
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The global SLAM technology market size is estimated to be worth US$ 359.9 million in 2021 and is forecast to a readjusted size of USD 5601.86 million by 2031 with a CAGR of 31.6% during the forecast period. In the market study, our analysts have considered SLAM technology players such as Google, Apple ARKit, Facebook, Aethon, Clearpath Robotics, Locus Robotics, Amazon Robotics, Parrot SA, NavVis, GeoSLAM, Ascending Technologies, SLAMcore, KUKA AG, Gestalt Robotics, Omron Adept Technologies and Shanghai Slamtec.
The SLAM technology has witnessed steep development in recent years. The increasing automation across various industries is anticipated to be the key growth driver for the market. The robotics segment is projected to attain the highest growth during the forecast period. The rising adoption of robotics for manufacturing, packaging and assembling, transportation, earth and space exploration, laboratory testing, heavy weaponry, and operations is estimated to augment the global and Japan SLAM technology market growth. Additionally, the SLAM technology is widely incorporated in UAVs. The rising adoption of UAVs to record, analyze, and track multiple applications, including property surveillance, investigations, precise crop tracking, rescue operations, disaster management, and aerial photography, are projected to fuel the market growth.
COVID-19 IMPACT
"Halt on Various Industries to Impact Demand for SPAM Technology "
The humanitarian crisis has created unprecedented challenges on the global economic structure. More than 40 countries have declared a national emergency due to the pandemic. The global pandemic has stagnated the growth of several industries and markets, including the simultaneous localization and mapping market. The closure of manufacturing facilities across automotive, aerospace, and other sectors has hampered the market growth. The high unemployment rates and the low available workforce have further aggravated the situation. The reduced construction activities have also impacted the market growth. Nonetheless, the vaccines are available to the masses, and several nations across the globe have ramped up their vaccination drives. The market is expected to grow monumentally post-pandemic.
LATEST TRENDS
"Development of Autonomous Vehicles to Create Lucrative Growth Opportunities"
The autonomous vehicles are equipped with SLAM technology that uses several sensors, cameras, and software to create a virtual 3D map of the surroundings. The accurate location estimation in GPS is dependent on various factors such as the open sky, number of satellites in proximity, and others. At the same time, SLAM offers a more reliable and accurate estimation of the vehicle’s position than the GPS. The autonomous driving features are already available on cars provided by Tesla. Autonomous vehicles are still in the nascent phase and are gaining immense popularity. The development and adoption of autonomous vehicles are expected to bolster the growth of the market.
SLAM TECHNOLOGY MARKET SEGMENTATION
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Based on type, the market bifurcates into visual SLAM and laser SLAM. Based on application, the market fragments into autonomous vehicles, unmanned aerial vehicles (UAVs), robots, and augmented reality (AR). Out of these, the robot and UAV segments are expected to witness the highest growth in the global and Japan SLAM technology market.
Based on offering, the market segments into 2D and 3D. Geographically, the market is classified into five major regions- North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
DRIVING FACTORS
"Rising Adoption of Automation Across Various Industries to Propel Market Growth"
The rising adoption of automation across various industries is anticipated to fuel the global and Japan SLAM technology market growth. The workforce shortage and high labor costs can be addressed using automation. It also improves the manufacturing process due to reduced errors. The key industries, including manufacturing, mining, defense, and automotive, have increased their process automation to streamline their business processes and garner growth in the market. Moreover, robotic systems are used in many applications such as manufacturing, heavy weaponry, packaging and assembling, laboratory testing, space and earth exploration, and operations. The increasing adoption of high-tech robotic systems based on SLAM technology is expected to fuel the market growth.
"Increasing UAV Adoption to Stimulate Market"
The SLAM technology uses various sensors to take a 3D scan of the surrounding environment with near accurate distance and positions. The UAVs can be operated remotely and help in the security and surveillance applications. Major global businesses such as Amazon, UPS, and DHL have been rigorously invested in developing advanced UAV delivery systems to extend their networks and reduce their logistical costs. The market is expected to witness steep growth due to the increasing adoption of UAVs. Additionally, the technological advancements in UAVs and the global and Japan SLAM technology are likely to boost the market growth.
Restraining Factors
"High Setup Costs to Hinder Market Growth"
The Global and Japan SLAM technology is anticipated to be hindered by the high costs of its high setup cost. Additionally, the issues with the security system and the technological problems associated with these systems may restrain the market growth. Additionally, the negative impact of the COVID-19 pandemic observed by the market is expected to lower the market growth due to the continued repercussions of the pandemic.
SLAM TECHNOLOGY MARKET REGIONAL INSIGHTS
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"Increasing Use of AR in Vehicles to Skyrocket Growth in Europe"
Europe is anticipated to attain the largest global and Japan SLAM technology market share. Europe occupied about 42% share in the global market in 2018 and is expected to continue expanding in the forthcoming years. The rising automation across various industries and the expanding automotive industry are likely to surge the market growth. The increasing use of AR in vehicles for mapping and navigation is expected to escalate the demand for SLAM technology and foster growth for the market. Additionally, the increasing investments in the development of autonomous vehicles are anticipated to fuel market growth.
North America is projected to gain the second rank in the global market. The mounting investments in robotics and the increasing AR applications are expected to boost the region's market growth. The expanding technical propensity and personal disposable incomes are likely to augment the development of the market. Additionally, the key players present in the region are expected to stimulate market growth.
Asia Pacific is expected to witness rapid growth in the upcoming years. Japan is expected to lead the growth in the region due to the increasing investments in household technology. The growing scanning on the agricultural sector is likely to surge the global and Japan SLAM technology demand. Besides that, the growing terrorist activities fuel the demand for SLAM technology-equipped drones and UAVs. The increasing adoption of UAVs for security and surveillance in countries like India and China is expected to fuel market growth.
The Middle East & Africa, and South America are anticipated to garner considerable growth in the global market due to rapid industrialization and robotics adoption. Additionally, improving personal disposable incomes are likely to foster growth for the market.
KEY INDUSTRY PLAYERS
"Key Players Emphasize on Innovative SLAM Technology to Strengthen their Industry Stance "
The key players in the market are extensively invested in the research and development activities to improve the precision of the SLAM technology-equipped products such as robots and UAVs. They emphasize the incorporation of AR technology for enhanced mapping and locating features. The global and Japan SLAM technology is likely to emerge as a game-changer in locating and mapping technologies due to high accuracy and precision. The key players in the market focus on ingenious growth strategies such as new product launches, technological advancements, partnerships, mergers, acquisitions, collaborations, and others to garner growth and strengthen their market positions.
List of Key Market Players Profiled:
- Apple ARKit
- Aethon
- Clearpath Robotics
- Locus Robotics
- Amazon Robotics
- Parrot SA
- NavVis
- GeoSLAM
- Ascending Technologies
- SLAMcore
- KUKA AG
- Gestalt Robotics
- Omron Adept Technologies
- Shanghai Slamtec
KEY INDUSTRY DEVELOPMENTS
October 2020: Apple Inc. acquired Vilynx Inc. to solidify its AI solutions integrated with its applications and iPhones.
February 2020: Facebook Inc. acquired Scape Technologies Ltd. to gain opportunities in the SLAM-based AR sector.
REPORT COVERAGE
The global and Japan SLAM technology market is fairly consolidated and comprises several key players operating globally and domestically. The global and Japan SLAM Technology market report features an in-depth analysis of the market and focuses on vital factors, such as components, end-users, applications, and leading companies. Other than this, the report offers crucial insights into the current market trends and highlights key industry developments. In addition to the factors mentioned above, the report envisages significant factors contributing to the market’s growth in recent years.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 359.9 Million in 2021 |
Market Size Value By |
US$ 5601.86 Million by 2031 |
Growth Rate |
CAGR of 31.6% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions ON SLAM Technology Market
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What is the expected CAGR of SLAM Technology by the end of 2031?
The SLAM technology market is projected to grow at a CAGR of 31.6% during the forecast period (2024-2031).
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How much revenue will the SLAM technology market attain with the largest generating category?
The SLAM technology market is estimated to hit USD 5601.86 million by 2031, with robotics as the largest generating category.
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What points are covered in this SLAM technology market report?
The SLAM technology market highlights the impact of the COVID-19 pandemic and showcases the competitive landscape along with the latest trends, drivers, and restraints for the SLAM technology market.
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What are the types of SLAM technology market?
SLAM technology comprises two types- visual SLAM and laser SLAM.
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What are the growth statistics for the SLAM technology market?
The global SLAM technology market size is estimated to be worth US$ 359.9 million in 2021 and is forecast to a readjusted size of USD 5601.86 million by 2031 with a CAGR of 31.6% during the forecast period.