RFID Market to Witness the Highest Growth in Asia Pacific Region

The RFID Market is estimated to be USD 14.5 billion in 2022 and expected to reach USD 35.6 billion by 2030, it is expected to grow at a CAGR of 11.9% from 2022 to 2030.

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RFID technology uses radio waves to identify/detect people or objects. RFID tags are small electronic devices that send/receive data to/from RFID readers. RFID tags can be incorporated into products, animals, or humans for identification and data collection. According to the Food and Drug Administration (FDA), "Radio frequency identification (RFID) refers to a wireless system composed of two components: tags and readers. The reader is a device that has one or more antennas that emit radio waves and receive signals back from the RFID tag. Tags that use radio waves to communicate their identity and other information to nearby readers, can be passive or active. Passive RFID tags are powered by the reader and do not have a battery. Active RFID tags are powered by batteries." RFID technology is a modern solution for industrial and consumer applications due to the increasing adoption of information technologies. An RFID solution involves a label or tag and a reader to communicate with the tags.

In offering segment, the tags sub-segment is expected to hold the largest market share during the forecast period

The tags segment accounted for the highest market share of the total RFID market, by value, in 2021. Tags are the key components in an RFID solution and are used in multiple applications in large quantities, owing to which the segment captured the largest market share in 2021. The number of tags installed is much higher than the number of readers and software used in a complete RFID system of an organization. Additionally, with the rising number of assets, the number of tags installed increases; however, old readers can scan new tags. This is the main reason due to which the market size for tags is larger. A tag is used to identify a particular asset or person. Each tag has its own identity or ID number. These tags are used to track individuals, equipment, or any other asset of an enterprise. An RFID tag comprises different elements, such as electronic circuitry, battery, and antenna.

The electronic circuitry includes semiconductor chips and other electronic components, such as resistors and capacitors. The other two elements-integrated antenna and battery-vary according to the requirement and the technology used for communication between the tag and the reader. Various types of tags are ring tags, labels, cards, tickets, wristbands, key fobs, tie wraps, embedded tags, and mountable tags. These tags can be used for standalone monitoring and real-time

In tag type segment, passive tags is expected to grow at higher CAGR and hold the largest market share during the forecast period

Passive tags is expected to hold higher market share and grow at a higher CAGR during the forecast period. The large share of this segment can primarily be attributed to the low cost of passive tags in comparison with active tags. The most commonly used RFID tags are labels and cards. RFID labels and cards are used for identification, access control, asset labeling, and payment applications. Passive RFID tags do not require an external power source, e.g., battery, and are instead powered by electromagnetic waves transmitted by RFID readers. The readers transmit a low-power radio signal through the antenna, which is received by the tag to activate it. The tag then verifies and exchanges the data with the reader. Passive tags can transmit information over a shorter distance (10 feet or less) than active tags. Passive tags do not require an external power source. These are inexpensive and smaller, and easier to manufacture than active tags. Passive RFID tags can be used in various applications and are commonly used to track goods in pharmaceuticals, retail, supply chain, enterprise, and other industries. Based on the range of frequency, passive tags are further segmented into low-frequency (LF), high-frequency (HF), and ultra-high-frequency (UHF) tags.

The Asia Pacific RFID market is projected to have the highest market share during the forecast period

The Asia Pacific region is expected to witness the highest growth in the RFID tag market during the forecast period. In 2021, China was the largest RFID tag market in Asia Pacific. The market in Japan is expected to grow at the highest CAGR during the forecast period. The healthcare and retail industries in Japan are among the early adopters of RFID solutions. In addition to the adoption of RFID in healthcare and industrial sectors, the sports & entertainment vertical is showing heightened interest in RFID technology. The presence of baseball leagues in Japan and South Korea, along with various sports organizations and associations in Australia and New Zealand, is expected to boost the adoption of RFID technologies in the sports industry. Catapult Sports is one of the prominent RFID solutions providers from Australia operating in the sports industry. The manufacturing, retail, healthcare, oil & gas, and mining industries are expected to contribute majorly to the growth of the RFID market in Asia Pacific. Automotive manufacturing, heavy equipment manufacturing, and other ancillary manufacturing are the major industries in the region. These industries present massive growth opportunities for the RFID market, owing to the increasing awareness about the benefits of RFID such as cost efficiency, asset visibility, less waste of time, and ease of auditing. All these benefits are expected to lead to increased adoption of RFID solutions, especially in countries such as Japan, China, and India.

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Key Players of RFID Market:

Zebra Technologies (US), Alien Technology (US), CAEN RFID (Italy), Impinj (US), Avery Dennison (US), Honeywell (US), NXP Semiconductors (Netherlands), GAO RFID (Canada), HID Global (US), Invengo (China), Infotek Software & Systems (P) Ltd (i-TEK) (India), Bartronics India Ltd. (India), Bartech Data Systems Pvt. Ltd., Bar Code India Ltd. (BCI) (India), ORBCOMM Inc. (US), GlobeRanger (US), Mojix (US), Securitag Assembly Group (SAG) (Taiwan), Linxens (France), Checkpoint Systems (US), Identiv (US), Confidex (Finland), Datalogic (Italy), Nedap (Netherlands), ThingMagic (Jadak Company) (US), and Omni-ID (US).

News also covered: https://www.globenewswire.com/en/news-release/2022/07/08/2476627/0/en/RFID-Market-worth-35-6-billion-by-2030-Exclusive-Report-by-MarketsandMarkets.html

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This release was published on openPR.