RFID Equipment Market is set for a rapid growth and is expected to reach around $25.40 bn by 2022

Zion Market Research has published a new report titled “RFID Equipment Market by Product (Tags, Reader, and Software), Wafer size (200mm, 300mm, and others), Frequency (Low, High, and Ultra-high), Applications (Aerospace, Defense, Healthcare, Animal Tracking, Retail, Sports, Security and Access Control) and Region (North America, South America, Europe, Asia Pacific, the Middle East and Africa): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016-2022’’. According to the report, global RFID Equipment Market was valued at around USD 8.66 billion in 2016 and is expected to reach approximately USD 25.40 billion by 2022, growing at a CAGR of slightly above 19.60% between 2017 and 2022.

 

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Radio Frequency Identification (RFID) is a small electronic device consisting of a small chip, antenna and a two-way transmitter-receiver called interrogator. Radio waves are used to read the electronically stored information on the tags or objects. The technological advancements in RFIDs have resulted in real-time tracking of objects, animals, and other things by using electromagnetic fields. There are two types of RFID tags namely passive and active. The passive RFID tag does not contain a battery and the power is supplied by the reader.

 

RFIDs are used widely in various industries such as healthcare, logistics and transportation, security and access control, automotive, sports, retail, animal tracking, aerospace, defense and others. Due to its widened use, the market is anticipated to witness a significant growth in forecast horizon. Further, the increasing use of RFID technology in various verticals and low cost of RFIDs are expected to be the major factors driving the growth of this market. In addition, use of RFID technology in inventory management is expected to boost the growth of RFID equipment market in coming years. Inventory management involves keeping track of products or objects, storage of components required for production and monitoring the quantity of finished products. This is considered as one of the important drivers of this market because a slight negligence in inventory management can lead to a substantial financial loss.

 

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Furthermore, several governments have made animal tagging mandatory in order to track and monitor the animals using their unique Animal Identification Number (AIN). However, high installation cost and maintenance cost of RFIDs are expected to be the factors restraining the growth of this market. Device inoperability away from the hostile environment is a major challenge for the market. In coming years, the wide use of RFIDs in public transportation, healthcare, animal tracking is expected to provide major potential opportunities for RFID equipment manufacturers.

 

The segmentation of RFID equipment market is made on the basis of product, wafer-size, frequency, applications, and region. On a product basis, the segmentation is tags, reader, and software. Whereas, on the basis of wafer-size RFID equipment market is categorized as 200mm, 300m, and others. Further, frequency wise the classifications are low, high, and ultra-high frequencies. Furthermore, on an application basis, they are divided into aerospace, defense, healthcare, animal tracking, retail, sports, security and access control, transportation and others. Regional segmentation is North America, South America, Europe, Asia Pacific, the Middle East and Africa.

 

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Some of the major players in this market are Savi Technology, Inc., Intermec Inc., Zebra Technologies Corporation, NXP Semiconductors, Avery Dennison, Checkpoint Systems Inc., Gemalto NV, Motorola and Alien Technology amongst others.

 

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