Increasing Adoption in Manufacturing Units to Boost Radio-Frequency Identification Market Growth
New York, US, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “RFID Market, By Product Type, Wafer size, Components, Frequency, & End-User - Forecast 2030”, the market is anticipated to flourish at a robust CAGR of approximately 13.20% to reach USD 40.2 billion during the assessment timeframe.
Demand for effective store handling
The major key growth of the RFID Market outlook is the healthcare industry, manufacturing, and warehouse, The increased usage of security & access control applications
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RFID Market Drivers
Increasing Adoption in Manufacturing Units to Boost Market Growth
The increasing adoption of RFID systems in the manufacturing unit to improve productivity will boost market growth over the forecast period. Manufacturing facilities must integrate specialized tools and apply quality management methods to ensure predictive maintenance of equipment and systems and to monitor equipment condition and performance, process flaws, and system failures. The management of plant assets using RFID technology aids firms in achieving this objective. For a variety of places in a production facility, including conveyors, cameras, boilers, tanks, pipes, etc., a combination of RFID tags and sensors is the appropriate solution to manage and maintain the quality and output of a manufacturing process.
RFID Market Opportunities
Growing Demand in Healthcare Industry to offer Robust Opportunities
The healthcare sector has a significant demand for radio frequency identification (RFID) tags, which is driving the global market. A growing focus on radio frequency identification technology for patient tracking, parking, surgery asset management, prescription verification and control, and sorting medical equipment is boosting the market for RFID tags globally. The market for RFID tags in the healthcare sector is also being propelled by rising demands to lower operational costs in the sector, rising worries about the safety and security of medications, and a rise in incidents of medical device theft. The technology has great promise for improving supply chain effectiveness, upholding patient safety, and reducing human error in medical procedures.
Data Security to act as Market Restraint
The high initial installation cost of RFID systems, dearth of backup for huge volumes of data, consumer privacy issues, and data security may act as market restraints over the forecast period.
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Radio Frequency Identification Market Segmentation
The global radio-frequency identification market is bifurcated based on type, wafer size, components, frequency, and end user.
By product type, tags will lead the market over the forecast period.
By wafer size, the radio-frequency identification market is segmented into 200mm, 300mm, and 450mm.
By components, the radio-frequency identification market is segmented into active RFID, passive RFID, and others.
By frequency, the radio-frequency identification market is segmented into Low Frequency, High Frequency, Ultra-high Frequency and Active Ultra-High Frequency.
By end users, the radio-frequency identification market is segmented into BFSI, Animal Tracking/Agriculture, Transportation, Commercial, Healthcare, Aerospace, Logistics and Supply Chain, Defense, Retail, Security and Access Control, Sports and Others.
Like any other industry, the covid-19 impact causes a standstill in the radio-frequency identification (RFID) market. Various sectors around the world are hampered by this pandemic. The cheap investment costs and labor shortage limited the demand for sales and production of RFID technology. This industry is impacted by the epidemic in various ways. The leading players in the industry and the government agencies develop and adopt new safety measures as a result of taking these considerations into account. They generate fresh concepts for the expansion and development of the RFID market. The RFID market is expanding more quickly than in previous years as a result of its concepts and methods. By focusing on the correct market, they create creative concepts that increase the industry's sales rate for RFID technology. Because of the creative ideas, COVID-19 restricted the market for Radio-Frequency Identification (RFID) technology and caused financial losses, which are now steady.
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Radio Frequency Identification Market Regional Analysis
APAC to Lead Radio-Frequency Identification Market
The RFID market has a lot of potential in the Asia Pacific region, where it is anticipated to develop at the fastest CAGR over the next years. Businesses are utilizing the advantages of RFID technologies to obtain visibility into the supply chain due to the expanding trade network among Asia Pacific nations. RFID is the perfect tool for real-time asset or person tracking in businesses. During the projection period, Asia Pacific is likely to see a surge in the adoption of RFID solutions across a range of industries, including manufacturing, sports & entertainment, logistics and supply chain, and retail. Along with the introduction of new technologies, the region is seeing improvements in the manufacturing, retail, & healthcare industries. Due to its low cost and potential long-term benefits, nations including Japan, South Korea, India, China, Australia & New Zealand (ANZ), & ASEAN are also exhibiting interest in RFID technology. The players in the Japanese healthcare industry have substantially embraced RFID technology. China dominated the Asia Pacific market for RFID tags in 2021. RFID solutions are in high demand in China as a result of the country's expanding manufacturing sector, which is driving down costs and increasing operational efficiency through monitoring inventory, assembly lines, safety, and distribution in factories. This element is projected to fuel market expansion in the nation.
North America to Have Favorable Growth in RFID Market
40% of the market's growth over the projection period will come from North America. The expansion of the industrial manufacturing sector in the area, for example, has fueled the growth of this market segment. Additionally, this region's market growth will outpace that of other regions' markets. Due to the rising need for the storage and tracking solutions offered by radio-frequency identification (RFID) in the region, North America now holds a monopoly on the RFID market. In 2021, North America dominated the global RFID tag market, and during the forecast period, this trend is anticipated to hold. This is due to the expansion of regional government programs to promote the use of RFID tags. Additionally, the expanding retail and logistics sectors are probably going to help the market expand regionally. The region's market is also anticipated to increase as a result of the presence of major players.
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Eminent market players profiled in the global radio-frequency identification market report include –
NXP Semiconductors N.V (Netherlands)
Axcess International, Inc. (U.S)
Checkpointt System Inc. (U.S)
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