New York, USA, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global radio frequency identification (RFID) market. According to the report, the global market is projected to garner $21,361.9 million by 2027, growing at a CAGR of 9.9% in the 2020-2027 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the radio frequency identification (RFID) market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Factors Impacting the RFID Market Growth:
The key factor increasing the growth of the global radio frequency identification (RFID) market is the mounting use of RFID technology in several manufacturing industries for seamless processing of different processes. Additionally, RFID technology is extensively used in retail industries for keeping a track of inventory products until they are delivered to the intended departmental stores. This factor is anticipated to unlock doors to favorable opportunities for the growth of the market in the projected period. However, the high costs involved in the manufacturing of RFID tags and their readers is likely to hinder the growth of the global market.
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Impact of the COVID-19 Pandemic on the Radio Frequency Identification (RFID) Market:
The outbreak of the COVID-19 pandemic in 2020 has had a positive impact on the growth of the global radio frequency identification (RFID) market. During the pandemic, RFID tags were used in many ways in the healthcare sector; for example, in tracking medical equipment and other valuable medical equipment for helping medical professionals quickly identify the required tools and systems in hospitals and healthcare centers. The massive demand for RFID technology during the pandemic is foreseen to drive the global market growth in the upcoming years.
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The report segments the global radio frequency identification (RFID) market into product, type, material, frequency, end-user, and region.
Tag Sub-Segment to Witness Extensive Growth
Among the product segment, the tag sub-segment is expected to grow massively with a CAGR of 10.3% during the forecast period. This growth is mainly due to the increasing demand for RFID tags for seamless tracking of various products in different industries.
Passive Sub-Segment to Grab Highest Market Share
Among the type segment, the passive sub-segment is anticipated to grow significantly with a CAGR of 8.9% in the forecast period. This growth is mainly owing to the mounting demand for passive RFID tags for tracking products in several end-use industries. Passive RFID tags are powered by energy from radio waves and hence, do not need any battery, and are comparatively inexpensive.
Plastic Sub-Segment to Witness Marvelous Growth
Among the material segment, the plastic sub-segment is predicted to grow with a CAGR of 10.6% during the forecast period. This growth is mainly due to the growing use of plastic material in RFID tags as plastic is easier to be screened by any reader and can capture massive amounts of data that is useful in production processes.
Ultra-High Sub-Segment to Dominate the Market
Among the frequency segment, the ultra-high sub-segment is estimated to grow with a 10.3% CAGR in the forecast period. This growth is mainly owing to the rising adoption of ultra-high frequency RFID tags, as they offer a high read range as compared to both low frequency as well as high-frequency RFID.
Retail Sub-Segment to Grab Leading Market Share
Among the end-user, the retail sub-segment is expected to perceive significant growth with a CAGR of 8.9% during the forecast period. This is mainly owing to the increasing demand for RFID tags in the retail sector for tracking different products.
Asia-Pacific Market to Observe Speedy Growth
The report analyzes the global RFID market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific radio frequency identification (RFID) market is projected to witness accelerated growth with a CAGR of 10.6% in the forecast period. The growth of the regional market is primarily because a number of businesses in this region are significantly investing in the upgrading of advanced product tracking systems.
Broader Insights Pertaining of Specific Segments or Regions of RFID Market & Avail Benefits of Amazing Discount
Key Players of the RFID Market
The report lists some of the leading players operating in the global industry including
- HID Global
- Impinj
- Honeywell
- Nedap
- Zebra Technologies
- NXP Semiconductors
- Avery Dennison
- GAO RFID
- Identiv
- Invengo, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire Here to buy the Full Report
For instance, in June 2022, the Indira Gandhi International Airport in Delhi, India introduced radio-frequency identification (RFID) enabled baggage tags which will help passengers in obtaining real-time information regarding the location of their baggage.
More about RFID Market:
- Global RFID Market to Experience Accelerating Growth by 2027, Due to Massive Demand of RFID in Retail Sector
- Significance of RFID Technology in Business Applications
- RFID: Future Alternative to Barcode Technology
