RFID Market Worth $19.47 Billion, Globally by 2028: Verified Market Research™
03 May 2021: Verified Market Research recently published a report, “RFID Market” by Product Type (Tags, Readers, & Software and Services), by Tag Type (Active Tags & Passive Tags), by Application (Animal Tracking/Agriculture, Commercial, Transportation, Logistics and Supply Chain, Retail, & Others) and by Geography. According to Verified Market Research, the Global RFID Market was valued at USD 9.22 Billion in 2020 and is projected to reach USD 19.47 Billion by 2028, growing at a CAGR of 9.79% from 2021 to 2028.
Increasing installation of RFID systems in manufacturing units to improve productivity is the main driving factors that propel the market growth. Manufacturing facilities need to monitor equipment condition and performance, defects in processes, and system failures, and ensure predictive maintenance of equipment and systems through the integration of specialized tools and adoption of quality management practices. The use of RFID technology for plant asset management helps manufacturers achieve this goal.
A combination of RFID tags and sensor solutions is an ideal solution for various locations in a manufacturing facility, such as conveyors, cameras, boilers, tanks, pipes, etc., to manage and maintain the quality and output of a manufacturing process. RFID tags are attached to movable assets in the industries such as tools, manufacturing equipment, and process components (e.g., doors, engine, wheels, mirrors, and other parts of an automobile) that are part of a final product to track them in the process.
The use of RFID solutions not only helps track the parts but also helps understand the lifecycle of manufacturing equipment. The increase in penetration of these solution is projected to increase worldwide with the growth of the RFID market. In the current scenario of the COVID-19 pandemic, many companies have faced a slowdown in operations due to the lockdown and restrictions on working norms from governments. Companies need to ensure adherence to social distancing mandates within the plant. Using RFID technology with industrial automation solutions, companies can revive faster than what was predicted during mid-2020.
The major players in the market are Checkpoint Systems, Invengo, Smatrac, Avery Dennison, Alien Technology, NXP Semiconductors, Impinj, Mojix, Nedap and Zebra Technologies.