Global Chipless RFID Market Estimates Steady Growth in the Coming Years

Posted on 2018-05-21 by Mark Hub in Technology // 0 Comments

Albany, USA, 2018-May-21 — /EPR Network/ —A recent offering by Market Research Reports Search Engine (MRRSE) focusing on the exclusive updates and opportunities in the global Chipless RFID market has been broadcasted to its mega-repository. This page study is titled as “Global Market Study on Chipless RFID: RFID Tags Segment Projected to Record Double Digit CAGR over the Forecast Period”, which acts as an essential tool for various players involved in the manufacturing of Chipless RFID. Besides, the report can support them to gain incisive insights into the market with which they can make informed decisions and also frame effective key strategies. With an extensive forecast to 2016-2024 the study aims to provide a holistic perspective on the market’s growth in terms of revenue in US$ Mn and CAGR, across different geographical regions namely North America, Europe, Asia Pacific excluding Japan, Middle East & Africa, Japan and South America.

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Adoption of RFID tags is expected to increase over the forecast period owing to rising demand for asset tracking

The RFID tags segment was valued at more than US$ 100 Mn in 2015 and is expected to be valued in excess of US$ 1500 Mn by the end of 2024. Revenue generated from the RFID tags segment is expected to expand at a CAGR of 31.4% over the forecast period. The RFID tags segment is projected to create incremental opportunity of more than US$ 1,000 Mn between 2015 and 2024. In terms of revenue, this segment is projected to be the most attractive segment in the global chipless RFID market during the forecast period.

Adoption of chipless RFID tags in banking and healthcare sectors is likely to boost the growth of the RFID tags segment

Several industries such as banking and healthcare are increasingly adopting chipless RFID tags to track products. These chipless RFID tags are relatively cheaper as they do not have silicon chips and do not require any maintenance, owing to which there is an increasing adoption of chipless RFID tags for applications such as banking cards, e-Passport, etc. Increasing usage of these tags has created potential opportunities for asset management as per the business requirement. Several companies have started adopting chipless RFID tags due to their cost-effectiveness and anti-counterfeiting features, thus driving the growth of this particular segment over the forecast period.

Rising need for efficient supply chain management is expected to support the growth of the chipless RFID tags segment during the forecast period. Chipless RFID stores give detailed information of products up to 2KB, which are tagged with chipless RFID. Products with RFID tags benefit from automatic recording of prices and other details when the customer approaches the counter without the requirement of scanning each and every product, which ultimately saves the time of the customer. Moreover, it allows cost tally in one scan, which saves the time of the customer as well as of the product retailer. These advantages have encouraged retail and manufacturing companies to adopt chipless RFID for tagging their products.

Chipless RFID tag is a component of chipless RFID technology. This technology is termed as low-cost manufacturing technology because it does not require any batteries or silicon chips within the tag for asset tracking, which reduces the prices of these tags. Moreover, chipless RFID tags are not application specific due to which they can be used for applications in multiple industries. Furthermore, these tags are printed with the help of ink jet printers, which are relatively cheaper and allow multiple tag printing at the same time, due to which these tags can be manufactured easily. This is another factor expected to drive the growth of the RFID tags segment.

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Advancement in printed electronics is a new trend likely to create a positive impact on the RFID tags segment

Advancement in printed electronics is aiding RFID developers in creating thin and flexible RFID tags. These tags can be integrated with printed sensors, thin-film photo voltaic solar cells, and other technologies. Moreover, rising usage of electronic printing and ink technologies is aiding RFID vendors to print their own chipless RFID tags on site as per the requirements.

RFID tags segment is projected to be the most attractive segment in the North America chipless RFID market during the forecast period

In terms of revenue, the RFID tags segment is projected to be the most attractive segment in the North America chipless RFID market during the forecast period. By 2016 end the RFID tags segment was valued at more than US$ 70 Mn and is expected to remain dominant in terms of revenue contribution throughout the forecast period. Currently, key players in the retail sector in the U.S such as Wal-Mart are implementing chipless RFID tags technology in their supply chains. Retail companies are increasingly adopting chipless RFID tags to improve the asset tracking process in a cost-effective way.

By 2016 end, the RFID tags segment in Europe was valued at more than US$ 50 Mn and is expected to remain dominant in terms of revenue contribution throughout the forecast period. In Europe, chipless RFID tags are used for high-value product tagging, which is creating good market opportunities for manufacturers of RFID tags and RFID readers. In the Europe market, fashion apparel, consumer electronics, and cultural goods manufacturers are increasingly adopting chipless RFID technology for improving store inventory management.

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