RFID Sensor Market Size Estimated to Surpass $10.7 Billion Mark by 2026

RFID Sensor Market Size Estimated to Surpass $10.7 Billion Mark by 2026

“RFID Sensor Market”
The Growing Applications and Increased Adoption in this Segment is Set to Boost the RFID Sensor Market.

The global RFID Sensor Market size is estimated to surpass $10.7 billion mark by 2026 growing at an estimated CAGR of more than 8.1% during the forecast period 2021 to 2026. RFID is a technology that identifies the present location of targets like vehicles, items in a manufacturing plant, equipment, or a person. RFID tags are attached to objects and in most RFID, fixed reference points receive wireless signals from tags to determine their location using Automatic identification and data capture. Driven by lower prices of radio-frequency identification (RFID) tags, proliferation of IoT and increasing penetration of RFID technology in various industries, the RFID Sensor Market is likely to witness high growth in coming years. RFID is growing rapidly in the APAC region due to increased penetration in this region and growing number of applications in sports, retail, and livestock management. The function of RTLS sensors is to detect signals emitted by the tags and to calculate the location of each tag. Precision in location is decided by the technology used in sensors. Readers are also used to detect the conditions of the objects being detected through real time intelligence. They detect environmental conditions such as temperature, humidity, and pressure as well as the state of the object. Various technologies used by RTLS readers are Bluetooth, Wi-Fi, GPS, UWB, infrared, ultrasound, and Zigbee.

RFID Sensor Market Segment Analysis – By End Use Industry

Vehicle tracking is an application in which the location of a vehicle is tracked using various tracking technologies in particular RFID based RTLS solutions which offer real time intelligence through Automatic identification and data capture. In fleet tracking, the data of each individual vehicle is collected to track complete fleet location data. With the real time data about vehicles which carry assets, functions such as routing, monitoring the schedule adherence, on-board information & security, triggering pre-recorded announcement for passengers, and dispatching can be carried out efficiently. It is also used to monitor driving behaviour. In consumer vehicles, vehicle tracking can be used as a theft prevention device, retrieval device, and monitoring device. The logistics industry involves challenges every day. It aims at reducing the fuel cost, adhering to safety regulations, avoiding underutilization of vehicles, and so on. Vehicle/Fleet management helps the logistics industry in managing the driver’s schedule, managing fuel, and reducing fixed and variable expenses associated with transportation. It also plays an important role in maintaining the shelf life of perishable products.

RFID Sensor Market Segment Analysis – By Technology

Active RFID is set to dominate the market for RFID. Active RFID systems are used to continuously transmit the location information of the asset. Active RFID devices consist of an active tag and a reader. An active tag includes a battery that generates power required to transmit the information continuously. Active RFID devices are primarily used in asset and personnel tracking. These devices are also used in conjunction with Wi-Fi and UWB Technology. Active RFID devices function over large distances of up to 300 feet, and thus, can be used in large hospitals and warehouses for tracking the assets. These devices are battery powered, and thus, can function without additional infrastructure that is required for the other RTLS technologies. The proliferation of IoT and need for real time intelligence will drive the demand. Active RFID devices also have large memory and can be used for storing large amount of data. These devices offer improved security for the data due to the standardization of the Active RFID technology. Active RFID devices have product life of around 5–8 years due to the requirement of reader replacement after this period. Active RFID devices have found increased utilization in hospitals for asset tracking.

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RFID Sensor Market Segment Analysis – By Geography

Based on geography, the report has been segmented into North America, Europe, APAC, and RoW. Developed countries in North America and Europe account for a major share of the total market with 34.8% and 29.7% in 2020, followed by the APAC region. The U.S. is the largest market for RFID, not just in the Americas but worldwide. The U.S. market is expected to maintain its dominance in the RFID Sensor Market through 2020. The growing utilization of RFID in the healthcare industry is projected to be the major driver for the growth of this market. RFID solutions along with analytical software and services are in high demand in this market for tracking patients as well as temperature in environment controlled situations. The increased demand for asset tracking of medical equipment is also estimated to drive the market.

RFID Sensor Market Drivers

Growing Applications in Manufacturing Sector

The manufacturing segment is projected to offer major growth opportunities for companies in the RFID segment. The growing applications and increased adoption in this segment is set to boost the RFID Sensor Market. The growing demand for operational efficiency is leading to an increased adoption of RFID systems. RFID systems have found increased adoption mainly in process, automotive, and aerospace industries. The industrial segment of the APAC and Latin American RFID Sensor Markets is projected to witness significant growth due to rise of IoT and need for real time intelligence. There is an increased adoption of RFID devices in the enterprise segment for asset and staff tracking. RFID systems have been used to improve work efficiency, and to track Work in Progress (WiP). The presence of Wi-Fi infrastructure in most enterprises has resulted in growing adoption of this technology over others as installation costs are decreased due to existing infrastructure. The growing technological advancements, which result in lower price and improved efficiencies, are set to propel this market. Therefore, the increased adoption of RFID, particularly in enterprise and manufacturing applications, is projected to drive the market.

Rising Awareness in APAC market

APAC has a lot of potential for RFID, but it still remains untapped due to low level of technology adoption and automation. The growing awareness about RFID in this region can lead to increased adoption in the years to come.  Accuracy and precision in tracking and locating assets appeal to firms, and thus, leads to adoption of RFID solutions. Companies that look for cost reduction realize that it can only be achieved by efficiently managing the assets and processes in place. To manage the assets and process in real time, firms seek the help of Real Time Location Systems. The industries that can drive the adoption of RFID in this region are Defense, Logistics, healthcare and manufacturing. The countries that could be major customers for RFID from APAC region are Japan, China, Singapore, South Korea, and Australia.

RFID Sensor Market Challenges

Security and Privacy Concerns

Privacy and security are the major issues faced by the RFID Sensor Market. Concerns have already been raised about these issues in the consumer market, especially in the application of patient tracking. Customers are apprehensive about RFID possibly being used for remote monitoring and other reprehensible utilizations. The major privacy concerns are with regard to the collection and sharing of data with third party corporations. Unless privacy concerns are allayed, a significant portion of the potential customers will be unattainable. Another major concern restraining the growth of RFID Sensor Market is the security of data. Despite the growth of IoT and need for real time intelligence, customers are concerned about the security of the RFID network that is utilized to transmit data and the possibility of third parties being able to obtain this data. This issue is particularly prevalent in the healthcare industry, where patient tracking is performed. There are concerns that patient data can be breached, allowing third parties to attain these records. To overcome these challenges, companies have increased focus on deployment of increasingly secure networks for transmission of RFID data, thus partially allaying these concerns.

Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the RFID Sensor Market. Impinj, NXP Semiconductors, Alien Technology, Avery Dennison, Smatrac, Invengo, Checkpoint Systems, Mojix, GAO RFID, Nedap, Zebra Technologies and HID Global are considered to be the key players of the RFID Sensor Market

Acquisitions/Technology Launches/Partnerships

In November, 2019, Avery Dennison Corporation announced a definitive agreement to acquire Smartrac’s Transponder (RFID Inlay) Division, for the purchase price of $254 million,

Commercial vehicles sans RFID tags won’t be allowed entry in Delhi, India from Jan 1, 2021 as per the Air Quality Panel and Air Quality Ministry showcasing continued efforts to reduce air pollution.

Key Takeaways

RFID prices have exhibited decline in the recent years and are expected to drop in the next few years. Drop in prices has resulted in increased adoption of RFID systems as customers overcome their price sensitivity. Markets are hindered by price sensitivity, and thus, the declining prices is an excellent prospect for the RFID Sensor Market.

The APAC market had exhibited low adoption due to the high price sensitivity and lack of awareness regarding the RFID products. The growing applications of IoT and efficiency of RFID have resulted in increased awareness. RFID systems, particularly in the healthcare industry, have offered quick return on investments, and are thus, driving the adoption in the APAC region.

RFID has evolved over the years and now caters to new applications in fields such as sports, retail, and livestock management. In retail, RFID is used to capture the customer data so as to understand their shopping pattern. Customers are either given tags when they enter stores or tags are attached to the shopping carts which transmit data to the receivers placed at different locations, thereby tracking interests of the customers.

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B. Rfid Market

https://www.industryarc.com/Research/Rfid-Market-Research-509796

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