Simultaneous Localization and Mapping Technology Market by Industry Trends, Growth and Regional Forecast To 2024

The 2D motion segment dominated the simultaneous localization and mapping technology market in 2017. 2D motion is being widely used in robot mapping technologies but is unable to produce 3D information. Landmarks not falling within their measurement plane cannot be observed, leading to a growth in the demand for 3D motion SLAM. In 2014, Google introduced Cartographer for performing real-time SLAM in 2D and 3D across numerous platforms and sensor configurations. The cartographer is used in a large number of applications from mapping transit hubs and museums to enabling new visualizations of buildings, expanding its use in the simultaneous localization and mapping technology market.

Various companies operating in the simultaneous localization and mapping technology market are also entering into strategic partnerships to expand their 3D SLAM mapping technology. For instance, in July 2017, NavVis, a leading indoor mapping, navigation, and visualization company partnered with Engie, a leading facility management service provider. This partnership will enable Engie to deliver a comprehensive digital solution using the NavVis advanced technology in its facility management service portfolio. Engie will provide 3D mapping and scanning using the company's M3 Trolley, providing customers an access to a 3D digital model using the SLAM technology.

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The International Data Corporation had projected that by 2021, the spending on robotics worldwide would reach USD 230.7 billion, driven by increased utilization in areas such as manufacturing and resource industries, besides healthcare, education and retail. The resource industry, consisting of mining, oil & gas and agriculture has the potential to become a key target segment for the simultaneous localization and mapping technology market. Mining, in particular, offers immense prospects for the use of new technologies as it is a business filled with dangerous exposure for humans, and requires a lot of capital to carry out mining operations. Inaccuracy of underground maps pose serious threats to the safety of miners and robotic exploration is seemingly a more feasible option in regard to this.

In the imminent future, integrating simultaneous localization and mapping technology with autonomous mobile robots would be an effective way to build accurate 3D maps of underground mines, helping to plan the overall operations. Aside from mining robots that would replace humans in hazardous environments, companies are also building robots that would work alongside people to assist them in analyzing quality of ore samples, carrying loads and other necessary devices. The simultaneous localization and mapping technology market will consequently experience a prolific growth rate over the next few years, with solutions being developed to automate mining activities. Key factors for the industry propagation would definitely be elimination of safety hazards, reduction in overall costs and time saving.

Benefitting from higher commodity prices, the top 40 mining companies globally had recorded earnings of nearly USD 496 billion in 2016, demonstrating the massive scale of mining activities and the potential to improve bottom lines. As old mines get exhausted, these companies are expected to start exploring new mines to keep the mineral supply flowing, indicating the possibility of significant expansion for the simultaneous localization and mapping technology market. For instance, the Victoria Gold’s Eagle mine, under development in Canada, would become the biggest mine in the territory of Yukon with production anticipated to at 12.5 million tons per year across a 10-year life span. Further, the USD 2.9 billion South Flank iron ore mine in Australia being constructed by BHP is slated to commence production in 2021 and supply ore until at least 2046.

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With many such mines being explored to fulfil the global requirement of essential minerals like copper, gold, silver, coal and uranium, the simultaneous localization and mapping technology market could establish a strong hold due to the need for safe mapping of underground mines as well as open quarries. Increasing production of consumer electronics has elevated the demand for minerals like silver, strengthening the global mining industry. The SLAM technology market is expected to grow at a CAGR of 71% over 2018-2024, influenced by the rising need for mitigating safety risks and improving bottom lines.

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