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/EIN News/ -- Chicago, June 06, 2022 (GLOBE NEWSWIRE) -- According to the report by MarketsandMarkets™, the "RFID Market by Product Type (Tags, Readers, and Software and Services), Wafer Size, Tag Type (Passive Tags and Active Tags), Frequency, Applications, Form Factor, Material, and Region - Global Forecast to 2026", will grow to USD 17.4 billion by 2026 from USD 10.7 billion in 2021, at a CAGR of 10.2% between 2021 and 2026. The key drivers contributing towards the growth of the RFID market include growing competitiveness leading to availability of cost-effective RFID solutions, increasing regulations and government initiatives for various industries, and high returns on investment (RoI). Moreover, increasing installation of RFID systems in manufacturing units and cold chain for asset tracking to improve productivity and reduce OPEX can play a key role in driving the growth of the RFID market.
Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=446 The RFID Fixed Reader segment to register moderate growth rate during the forecast period
Fixed readers are generally placed on the entrance or within the vicinity at critical points to identify the assets or items. Fixed readers need additional antennas to transmit the data. An antenna comprises metallic conductors that are electrically conducted to the receiver or transmitter. The electrical power is converted into radio waves through the antenna, which is designed to transmit and receive radio waves equally in all directions. Antennas such as UHF antennas, patch antennas, and linear or circular polarized antennas with readers of different specifications can help in proper and accurate detection of the location of assets within a facility. Invengo and Zebra are some of the major antenna suppliers for RFID solutions.
Fixed readers are usually more robust than handheld readers. Various applications in manufacturing require fixed readers. For instance, product scanning at conveyors can be done easily by fixed readers than handheld, which requires staff to read the tag. This results in a waste of resources and time; therefore, fixed readers are the best choice in such a scenario. Additionally, fixed readers are less expensive than handheld readers, making them affordable for budget-conscious customers. Impinj, ThingMagic, Alien Technology, and Zebra technologies are some of the players providing handheld readers.
Browse in-depth TOC on “RFID market” 153 - Tables 60 - Figures 235 - Pages
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The active tags segment to account for substantial share of the RFID Tags market
Benefit of real-time monitoring of assets is expected to boost active tag market as readers gather the location data from each tagged device and send it to the cloud. A location-based algorithm is then used to determine the position of the equipment being tracked. Auto dealerships, auto manufacturing, hospitals (asset tracking), construction, mining, laboratories, remote monitoring, and IT asset management are the prominent application areas of active tags. Stanley Healthcare, Zebra Technologies, CenTrak, Impinj, Intermec, Confidex, NXP Semiconductors, Omni-ID, and Guard RFID Solutions are some of the leading vendors offering active RFID tags.
Animal tagging, access control, and ticketing applications are mainly contributing to growth of low frequency segment
Low-frequency passive RFID tags work in the frequency range of 125–134 KHz. These tags have a short read range of about 1–10 cms. Such tags are most used for access control, smart cards or payment cards, ticketing, inventory management, animal tags, and asset tracking in various industries. Low-frequency tags are costlier to manufacture than high-frequency and ultra-high-frequency passive tags; therefore, the adoption of low-frequency tags in many application areas and industries is low. However, industries that do not need long-distance reading and have security concerns prefer low-frequency tags. The market for low-frequency RFID tags is expected to grow at the highest CAGR for animal tracking during the forecast period. Low-frequency tags use for animal tracking include ear tags, implant tags, ring tags, and a few more. The rising adoption in animal tracking, ticketing, retail, and access control applications is expected to boost the market of low-frequency RFID tags.
A few key players operating in the RFID market
These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, collaborations, and acquisitions to increase their market share.
Use of RFID tags for cold chain monitoring is expected to drive agriculture segment
The agriculture segment includes the use of RFID systems in applications such as farm automation, food traceability, meat tracking, processed animal food tracking, and cold chain. The agriculture segment majorly deals with foodstuff and other perishable food and beverage products that need to be kept in a temperature-controlled environment, i.e., refrigerated system or cold storage, to avoid contamination and wastage. The use of RFID tags in cold storage provides complete visibility over the products. RFID tags are also embedded with sensor technology to monitor and control environmental factors such as temperature and humidity levels in cold storage. The concerned personnel are notified of any change in the temperature and humidity levels to prevent wastage of food products. The use of RFID solutions in cold storage helps minimize human errors in cold storage monitoring and save time and energy by reducing the need to open the door multiple times for manual inspection. RFID tags used in cold chain are robust in design to suit the low temperatures involved.
Americas is stipulated to account for high market share in RFID tag market in 2026
The logistics and transportation industry in the US is highly competitive and represented ~10% of the annual gross domestic product (GDP) in 2019. The growth of the market in the Americas is fueled by primarily consumer behavior. Shoppers now make purchases using their phones and tablets and expect to schedule a pick-up or receive products quickly following the purchase. Customer expectations have pushed retailers to treat their physical stores as distribution centers from which online purchases can be fulfilled. This has encouraged the launch of online retailers that have no physical store presence at all. Such retailers are instead looking to quickly distribute goods in areas where the purchases are being made. Rising incomes, better education, and increasing urban population have boosted the demand for high-quality and high-value products. Aided by the fast-paced construction of commercial centers in cities and suburban areas, retailers will increasingly target the upper-middle-class segment by offering popular and premium imported products in premium formats. This is likely to result in a need for item-level tagging of retail items and demand for more RFID tags for easy tracking.
Asset Management System Market With Covid-19 Impact by Solution (GPS, RFID, RTLS, Barcode), Asset Type (Electronic Assets, Returnable Transport Assets, In-Transit Equipment, Manufacturing Assets, Staff), Industry, Geography - Global Forecast to 2025
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