Chipless RFID Market 2022
“The US$ 477.7 Million chipless RFID market is estimated to reach US$ 3,058.2 Million by 2024-end, reflecting a robust CAGR of 26.1% during the forecast period (2016-2024).
The global Chipless RFID Market is expected to evolve on an innovative front in the upcoming period. With Arm’s architecture coming through requirement for low-power chips to suffice vertical applications, it is being tabled as a low-power solution as well as one of the high-performance contenders, thereby countering the well-established x86 players. This would be one of the dimensions of semiconductor vertical going forward. With manufacturing facilities needing monitoring of equipment’s performance and condition, systems’ failures, and defects in the processes so as to ascertain predictive maintenance, RFID market is bound to scale new heights going forward. The future scenario would be such that RFID solution could be configured with PAM (Plant Assessment Management) software solution to monitor and diagnose equipment and devices.
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The retail sector will play a crucial role in driving the market growth globally over the next couple of years. Adoption of chipless RFID is expected to remain high in stores for smart shelves and item-level tagging.” — Persistence Market Research (PMR)
Global Chipless RFID Market: Key Stakeholders
US-based chipless RFID manufacturers will continue their dominance with companies such as Xerox Corporation and Zebra technologies leading the pack on a global level. PMR’s analysis reveals that strategic partnerships amongst players will remain a key trend throughout the forecast period in order to penetrate narrower channels of the market. Thin Film Electronics ASA, Spectra System, Tag Sense, Politronica, and Molex are some of the other companies who have significantly increased their footprints in the global chipless RFID market in recent years.
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Bottlenecks
According to PMR’s latest report on the global market for chipless RFID, issues associated with data characteristics is likely to inhibit the overall growth of the market during the assessment period. Further, technological stringency is translating into operational restrictions of chipless RFID. Tags developed using chipless RFID technology are susceptible to various physical and virtual attacks, which increases the possibilities of data misuse. These tags are easily accessible making any private information stored in them prone to malignant threats. On the other hand, factors such as cost effective manufacturing technology, rapid adoption in sectors such as banking and healthcare and growing need for efficient supply chain management are expected to define the market growth over the next couple of years.
Usage of Chipless RFID Will Remain High In Retail & Consumer Goods Industry
Based on industry type, the retail & consumer goods segment is set to expand at a significant CAGR of 29.3% in terms of value over the forecast period. In 2016, the segment stood at a market valuation of US$ 194.2 Million and is expected to remain dominant in terms of revenue share throughout the forecast period. The logistics & manufacturing is expected to remain the second largest segment of the market, surpassing a market valuation of US$ 984 Million by 2024 end.
Global Chipless RFID Market: Regional Outlook
In terms of revenue, North America is projected to be the most attractive market for chipless RFID market during the forecast period. In 2016, the region dominated the overall global chipless RFID market and is expected to reach US$ 1,217.5 Million by 2024 end, reflecting a CAGR of 27.3%. The chipless RFID market in Asia Pacific (APAC) is foreseen to expand at the highest CAGR over the forecast period, followed by North America and Europe respectively. The growth of the market in APAC is primarily attributed to the growing investment by various industries in modernizing data maintenance technology in order to improve their business efficiency.
Key geographies evaluated in this report are:
North America – U.S, Canada
Europe – France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC – China, India, Japan, Australia, Others
Latin America – Argentina, Brazil, Others
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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