SLAM Technology Market To Reach $3,747.8 Million in 2030 with Adoption of Autonomous Vehicles

Globally, in 2021, the simultaneous localization and mapping technology market generated revenue of around $157.5 million, and it is predicted to grow at a robust CAGR of 42.2%, ultimately reaching $3,747.8 million by 2030. The adoption of UAVs, surging number of AR applications, and emergence of autonomous vehicles are the key factors driving the market. The demand for autonomous vehicles is rising as customers are inclining toward safe and efficient driving options.

Essentially, these automobiles reduce human error, which causes the majority of road accidents. These vehicles are integrated with the SLAM technology, a laser rangefinder, an inertial navigation system, and radar. These features make the vehicle capable of navigating and sensing the environment itself. With the surging demand for autonomous vehicles, the adoption of the SLAM technology will grow in the automotive industry, ultimately propelling the market in the coming years. 

Of the bifurcations based on offering, the 2D category held the larger share in the SLAM technology market in 2021. It is attributed to the increasing use of the 2D technology in residential robots and for location mapping in industrial sectors. It is based on red–green–blue depth (RGB-D) mapping, and it can enable robots to use RGB data, along with the depth data, from Kinect sensors for location mapping. Location mapping in industries is majorly required by mobile collaborative robots, which travel around the factory floor without any human involvement.

Geographically, the APAC SLAM technology market will witness the swiftest advance around the world in the coming years. This will be because countries such as India and China are witnessing an increment in the usage of robots. Aided by government initiatives, the regional manufacturing industry is procuring robots, which use this technology. The expansion of manufacturing facilities, rapid economic growth, advance of the IT industry, and increase in the adoption of drones by the automotive industry are also propelling the market in the APAC region.

Hence, the demand for the SLAM technology will surge sharply in the coming years due to the increasing adoption of autonomous vehicles, UAVs, and industrial robots worldwide.