US & Canada, Nov. 19, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global simultaneous localization and mapping market is observing significant growth. Development of the simultaneous localization and mapping market is driven by the growing application of various localization, tracking, and mapping techniques in oil & gas, utility, automotive, mining, construction, agriculture, and manufacturing industries.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. The increasing application of factory automation and robotic technologies across different sectors for optimum utilization of resources to boost energy efficiency and time management is propelling the growth of the simultaneous localization and global mapping market.
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Market Overview and Growth Trajectory:
Simultaneous Localization and Mapping Market Growth: According to an exhaustive report by The Insight Partners, the Simultaneous Localization and Mapping Market is experiencing significant growth, driven by increasing advent of industrial mobile robotics and surging significance of small unmanned systems for cargo deliveries. The market, valued at $481.52 million in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 35.8% during 2023–2031.
Technological Innovations: Simultaneous localization and mapping (SLAM) is a technological mapping method that allows autonomous vehicles to fabricate a map and localize themselves on the map at the same time. Localization and mapping are required to be combined to get an updated estimate of the map along with an efficient location of the vehicle. SLAM solutions can help autonomous vehicles locate themselves where maps are not available currently or have low connectivity. Moreover, using SLAM, the vehicle can autonomously navigate an unfamiliar environment by developing a map and simultaneously localizing itself. Thus, the growing development in the automotive sector with the advancement of autonomous vehicles propels the growth of the global simultaneous localization and mapping market.
Increasing Advent of Industrial Mobile Robotics: The rapid advancement of factory automation is thrusting industries to adopt smarter and more efficient technologies. Among these advances, industrial mobile robots have high applications across industrial setups, such as warehouse robots, assembly line automation, and inspection in power lines in smart grids. Localization and mapping are essential technologies of mobile robots, and SLAM is considered a crucial aspect in the overall process. Thus, the growing advent of automation and the application of robotic technology in the industrial setup is driving the growth of the simultaneous localization and mapping market.
Surging Significance of Small Unmanned Systems for Cargo Deliveries: SLAM solutions have crucial applications in unmanned aerial vehicles (UAVs). The technology primarily supports autonomous drone operation in real time, allowing UAVs of all kinds to modify their flight paths instantly based on landmarks, objects, and obstacles in their way. Technological advancements in air mobility boost the development of small, UAVs or drones for cargo deliveries. Increasing demand for same-day delivery of shipments and mounting requirements for delivering essentials in unreachable and remote locations propel the demand for small, UAVs. The UAVs can be utilized to deliver a range of cargo, which primarily includes spare parts, commercial goods, medical supplies, food items, and vaccines. Thus, the growing development of small, UAVs for cargo deliveries is driving the growth of the global simultaneous localization and mapping market.
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Geographical Insights: North America dominated the simultaneous localization and mapping market in 2023. Europe is the second-largest contributor to the global simultaneous localization and mapping market, followed by Asia Pacific.
Simultaneous Localization and Mapping Market Segmentation, Applications, Geographical Insights:
- Based on offering, the simultaneous localization and mapping market is bifurcated into 2D SLAM and 3D SLAM. The 2D SLAM segment held the largest share in the simultaneous localization and mapping market in 2023.
- By system type, the simultaneous localization and mapping market is categorized into camera based and LiDAR based. The camera-based segment held the largest share in the simultaneous localization and mapping market in 2023.
- In terms of application, the simultaneous localization and mapping market is segmented into robotics, UAV, AR/VR, automotive, RTLS, and others. The robotics segment held the largest share in the simultaneous localization and mapping market in 2023.
- The simultaneous localization and mapping market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Simultaneous Localization and Mapping Market is characterized by the presence of several major players, including:
- Sevensense Robotics AG
- Rethink Robotics GmbH
- NavVis GmbH
- Kudan Inc
- Exyn Technologies Inc
- Slamcore Ltd
- MAXST Co Ltd
- FARO Technologies Inc
- ANAVS GmbH
- Nexxis
- Kuka AG
- Leica Geosystems AG
- Applanix
- Leishen Intelligent System Co., Ltd.
- Visimind AB
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Simultaneous Localization and Mapping Market Recent Developments and Innovations:
- "Kudan and XGRIDS have agreed to enter into a business partnership to further accelerate the development of the digital twin and autonomous mobile robot markets through mutual cooperation.”
- “Sandvik and Exyn expanded the strategic partnership they signed in 2020, using Exyn’s on-board 3D mapping technology with Sandvik’s OptiMine Mine Visualizer solution for analysis and optimisation of underground mining production and processes.”
- “Leica Geosystems, part of Hexagon, announced a strengthening of its partnership with Boston Dynamics, the world leader in mobile robots. This announcement makes the Leica BLK ARC the first certified reality capture device for Boston Dynamics’ Spot. It also includes software integrations to deliver a new seamless laser scanning workflow for the agile mobile robot.”
- NavVis opens its fourth global office located in Birmingham to meet the growing demand in the UK market and beyond for scan-based digital twin technology. (Source: NavVis, Press Release, September 2022)
- As part of this strategic partnership, NavVis will bring NavVis VLX and NavVis IVION Enterprise to Magic Leap’s new and existing enterprise customers with an initial focus on manufacturing. Magic Leap customers will be able to leverage NavVis’s expansive visualization capabilities to generate photorealistic, accurate digital twins of their facilities at unprecedented speed and scale. (Source: NavVis, Press Release, July 2022)
- Kudan Inc. announced that it has signed a Memorandum of Understanding (MOU) for a strategic partnership with STS Engineering & Construction Kft. This partnership aims to transform asset management for European municipalities and utility customers by combining Kudan’s SLAM technology and mapping productization package with STS Group’s 15-plus years of market expertise and experience in energy infrastructures. (Source: Kudan Inc., Press Release, November 2023)
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Simultaneous Localization and Mapping Market Drivers, Opportunities, Challenges and Future Outlook:
SLAM is usually resource-intensive and requires high-fidelity sensors to effectively navigate an environment. These autonomous machines navigate manufacturing environments, executing critical tasks with precision. Industrial mobile robots are employed in manufacturing and industrial environments for handling delicate parts, transporting materials, inspecting products for quality control, and assisting in logistics. These robots operate autonomously and adapt to changing environments, making them highly valuable in industries such as electronics, automotive, and pharmaceuticals. In mobile robotics, SLAM has high significance because of its applications in the exploration of hard-to-reach places and surveillance in remote industrial setups.
In May 2023, Oishii collaborated with Yaskawa Electric Corporation for automation solutions. Further, in March 2024, ABB inaugurated its renovated US robotics headquarters and manufacturing facility in Auburn Hills, Michigan. In May 2024, ABB launched IRB 7710 and IRB 7720 robots that support industrial applications. The facility is expanded to support ABB Robotics' development and manufacturing of advanced robotic solutions in the US. In 2022, ABB opened a robotics factory in Kangquiao, Shanghai, China.
North America is one of the primary adopters of autonomous vehicle technology, owing to the adoption of high-end technological integration and the presence of key market players such as Ford Motor Company, Tesla Inc., The Lucid Group Inc., and General Motors Company. These players drive the automotive industry's development through strategic initiatives such as new product introduction and advancing features of existing products through research and development and collaborations. The automotive market in North America is demonstrating a positive indication with the rising autonomous vehicle production. The automotive industry is observing a rapid evolution toward electrification and integrating smart technologies such as localization and mapping.
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The growing healthcare infrastructure in terms of building new multi-specialty hospitals and care centers, along with a rising focus on advanced healthcare facilities such as integration of advanced technologies and the Internet of Things (IoT), is expected to boost the growth of the simultaneous localization and mapping market in North America. Growing industrialization across the region boosts the market growth substantially. The surging building and construction investments, including government funding toward infrastructure developments, are further driving the demand for industrial automation and robotics technology.
Germany, France, Italy, the UK, and Russia are among the major economies in Europe. The increasing industrialization across the region propels the application of industrial robotics across Europe. The Europe simultaneous localization and mapping market is driven by the collaborative initiatives facilitated by organizations such as the European Space Agency (ESA). Partnerships that foster research and development encourage the exchange of knowledge and expertise regarding space-related technologies and developments among member states. The region's commitment to space exploration is evident in projects such as the Copernicus program, which emphasizes Earth observation and environmental monitoring. As the demand for small satellites and satellite consortiums rises, the Europe simultaneous localization and mapping market is positioned to thrive. This contributes to the advancements in space technology and reinforces Europe's position as a key region in the global space sector.
Conclusion:
Rising number of oil & gas plants, increasing government initiatives to build renewable power plants, and rising industrialization are fueling the demand for technologies to monitor, track, and map plant environment and provide a complete view of the plant. This, in turn, helps mitigate some of the major operational challenges. The growing number of oil & gas, mining, and construction projects in remote areas is boosting the expansion of the simultaneous localization and mapping market across the globe. The increase in substantial investments in the automotive and advanced air mobility sectors boosts the simultaneous localization and mapping market growth. The growing use of simultaneous localization and mapping software in space technologies and unmanned aerial vehicles bolsters the growth of the simultaneous localization and mapping market globally.
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With projected growth to $5,572.53 Million by 2031, the Simultaneous Localization and Mapping Market represents a significant opportunity for solution providers, system integrators, investors, industry stakeholders, and end users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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