RFID Equipment RFID Equipment Market

Market Overview    

The global RFID Equipment market accounted for USD 14.5 Billion in 2020 and is expected to reach USD 63.7 Billion by 2028, growing at a CAGR of 20.1% from 2021 to 2028.  

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.

COVID-19 Impact Analysis:

The global RFID Equipment market has witnessed a slight decline during the pandemic as the restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and theirs a surge in demand.

The market would remain lucrative in upcoming year.  The decrease in the global RFID Equipment market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.     

Growth Factors

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. 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.

Report Scope:

Segment Analysis Preview  

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.

On the basis of product type, RFID tags segment is expected to dominate the global market owing to the increasing demand for RFID tags in the healthcare sector for the tracking and classification of medical instruments. In addition to this, upsurge in penetration of advanced technologies such as RAIN RFID tag in various industry verticals drives growth of this segment. Moreover, the aerospace and automotive industry is adopting the RFID technologies for inventory management of spare parts, the tracking of vehicles, and visibility in logistics operations. However, software segment is expected to witness highest growth rate during the forecast period.

Regional Analysis Preview  

The region that is having an influential share in the Global RFID Equipment Market is North America region. Owing to the huge developments and a higher rate of adoption, North America RFID Equipment market contributes the highest market in 2020. In addition, the large automotive tires market in the region drives growth of the market.  

Whereas huge demand for the RFID devices from retail and consumer goods industry verticals are like to boost the RFID Equipment market in the Asia Pacific. The RFID Equipment market in this region is likely to grow at a highest CAGR over the forecast period.

Key Market Players & Competitive Landscape

Some of key players in RFID Equipment Market are Savi Technology, Inc., Intermec Inc., Zebra Technologies Corporation, NXP Semiconductors, Avery Dennison, Checkpoint Systems Inc., Gemalto NV, Motorola and Alien Technology among others.

The global RFID Equipment Market is segmented as follows:   

By Product Type

• Tags
• Readers
• Software

By Wafer-size Type

• 200mm     
• 300mm   
• Others      

By Frequency Type

• Low       
• High        
• Ultra-high    

By Application

• Healthcare
• Aerospace
• Defense, Logistics and transportation, and Retail
• Security and access control application
• Automotive
• Animal Tracking

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa