RFID Market Size and Forecast report by Product Type, Tag Type, Application
Posted by edwardzmusso on April 28th, 2022
The global RFID market is estimated to be USD 10.7 billion in 2021 and is projected to reach USD 17.4 billion by 2026, at a CAGR of 10.2% during the forecast period. The key factors fueling the growth of this market include growing market competitiveness leading to availability of cost-effective RFID solutions, high returns on investment, increasing regulations and government initiatives for various industries, and increasing installation of RFID systems in manufacturing units to improve productivity due to COVID-19.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=446
The RFID market has promising growth potential due to several factors, including the growing trend of hybrid RFID solutions, rising adoption of RFID tags for Industry 4.0, IoT, and smart manufacturing and rising need for contact-tracing solutions due to COVID-19. The adoption of remote working practices due to COVID-19 pandemic and growing automotiveand electronics industry in China, Japan, South Korea, and India due to high domestic and export demand for consumer electronics and automobiles has led to the growth of RFID market in manufacturing sector with social distancing norm.
Even, countries in the Americas and Europe region are taking several initiatives to aid the growth of RFID industry. The Americas is home to technology market giants, and the players in this industry focus on R&D activities specifically for the RFID market. Retail, manufacturing, transportation, logistics and supply chain, animal tracking, healthcare, defense, and IT asset tracking are the major applications for the RFID tag market in the US as well as throughout the Americas. The UK, Germany, and France are the major countries contributing to the growth of the RFID tag market in EMEA. Europe is one of the major regions for R&D on location-based solutions. Active RFID and analytics software are deployed by many players in Europe to get real-time data and control of the process in manufacturing plants. These factors are contributing to the growth of RFID market in these regions.
Tags accounted for largest share of RFID market in 2020. A tag is used to identify a particular asset or person. Each tag has its own identity or ID number. These tags are employed to track individuals, equipment, or any other asset of an enterprise. An RFID tag comprises different elements, such as electronic circuitry, battery, and antenna. The electronic circuitry includes semiconductor chips and other electronic components, such as resistors and capacitors. The other 2 elements—integrated antenna and battery—vary according to the requirement and the technology used for communication between the tag and the reader. Various types of tags are, such as ring tags, labels, cards, tickets, wristbands, key fobs, tie wraps, embedded tags, and mountable tags. These tags can be used for standalone monitoring and real-time location tracking.
Passive tags accounted for an estimated 73% market share in 2020. The large share of this segment can primarily be attributed to the low cost of passive tags in comparison with active tags. The most commonly used RFID tags are labels and cards. RFID labels and cards are used for identification, access control, asset labeling, and payment applications.There are new tags that are available in a chipless form; this is a simpler technology than chip-based RFID and does not require memory chips. Chipless (printed) RFID tags are priced lower than chip-based RFID tags. RFID tags are stacked or pasted on the item to be traced.
The ultra-high-frequency (UHF) tags segment of the RFID market is projected to register the highest CAGR during the forecast period. These tags have the longest read range among all tags, i.e., around 150 meters. Active tags are costlier than passive tags as they comprise a battery for continuous powering the tag. Such tags continuously transmit a signal to the reader, and, therefore, are most commonly used for the real-time monitoring of assets, equipment, or personnel.
Logistics and supply chain held largest share of RFID tag market in 2020. The logistics and supply chain segment includes the use of RFID tags in applications such as postal and courier, asset tracking, freight tracking, cargo tracking, container tracking, and other supply chain activities. RFID solutions help industries optimize their supply chain by better managing warehouse inventory, tracking shipments, and streamlining the best route for the supply chain. By adopting an electronic and paperless environment through RFID technology, suppliers and wholesalers can attain inventory accuracy of over 99.9% by avoiding human errors. Using RFID solutions, real-time information can be kept in a database, including information on stocks in warehouses and transit.
The Americas is home to technology market giants, and the players in this industry focus on R&D activities specifically for the RFID market. The Americas accounted for the largest share of ~42% of the global RFID tag market in 2020. Major companies in the market, such as Honeywell, Avery Dennison, Alien Technology, Zebra Technologies, HID Global, and Impinj, are based in this region.The presence of a highly integrated supply chain network in the Americas, linking producers and consumers through multiple transportation modes, results in a high demand for RFID tags
Like it? Share it!
About the Authoredwardzmusso
Joined: February 8th, 2021
Articles Posted: 307
More by this author