Press release
Soaring Demand Set to Propel Radio Frequency Identification (RFID) Enabled Returnable Drum Market to $1.78 Billion by 2029
Radio Frequency Identification RFID Enabled Returnable Drum Market
What Is the Expected CAGR for the Radio Frequency Identification (RFID) Enabled Returnable Drum Market Through 2025?
The market size for returnable drums equipped with radio frequency identification (RFID) has seen notable expansion in recent years, growing from a value of $1.12 billion in 2024 and projected to rise to $1.28 billion in 2025. This represents a compound annual growth rate (CAGR) of 14.3%. The remarkable growth observed in the historic period is a result of several factors. These include escalating adherence to sustainable packaging, a burgeoning demand for effective supply chain management systems, progressively emphasized circular economy practices, an uptick in the usage of returnable transport packaging, and an increased necessity for product traceability.
What's the Projected Size of the Global Radio Frequency Identification (RFID) Enabled Returnable Drum Market by 2029?
Anticipations for the market size of returnable drums equipped with radio frequency identification (RFID) foresee a swift expansion in the near future, escalating to $2.16 billion in 2029 with a compound annual growth rate (CAGR) of 14.0%. This progression over the forecast period is ascribed to the rising demand for intelligent logistics systems, augmented regulatory emphasis on minimizing waste, deepening use of IoT for asset monitoring, a mounting necessity for operational cost efficiencies, and a burgeoning focus on achieving sustainability targets. Key trends shaping the forecast period encompass enhancements in RFID sensing technology, amalgamation of blockchain platforms with RFID, adoption of refined technology in smart returnable packaging, progressions in asset management based on cloud technology, and breakthroughs in reusable container pooling systems.
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Top Growth Drivers in the Radio Frequency Identification (RFID) Enabled Returnable Drum Industry: What's Accelerating the Market?
The upward trend in sustainable packaging solutions is anticipated to accelerate the expansion of the radio frequency identification (RFID) enabled returnable drum market. These eco-friendly alternatives, referring to recyclable, biodegradable or renewable resource-based packaging, are becoming increasingly popular due to a growing emphasis on environmental sustainability among consumers and businesses. By shifting to enviro-friendly solutions, companies are able to reduce their carbon footprint. In the context of sustainable packaging, RFID-enabled returnable drums play a crucial role in effective container tracking, reuse, and lifecycle management, thereby contributing to a decrease in single-use packaging and a corresponding reduction in overall environmental impact. Protega Global Ltd., a packaging company based in the UK, in January 2023, highlighted that 81% of customers in 2023 demanded eco-friendly packaging, a notable spike from previous years, emphasizing the rapid transition away from plastic waste. Therefore, this escalating demand for sustainable packaging solutions is fueling the expansion of the radio frequency identification (RFID) enabled returnable drum market. The integration of Internet of Things (IoT) technology is anticipated to supercharge the progress of the radio frequency identification (RFID) enabled returnable drum market in the future. The incorporation of IoT represents the ability to connect devices and systems to the internet, allowing for data collection, sharing, and analysis, consequently boosting automation, monitoring, and decision-making capabilities. This growing IoT deployment trend stems from the surging necessity for real-time data and automation as both businesses and consumers increasingly leverage connected devices for operations optimization and management. This leads to widespread application across various sectors instead of the use of traditional manual methods. With regard to IoT adoption, RFID-enabled returnable drums aid by facilitating real-time tracking, automated monitoring, and data-driven management of containers, thereby enhancing supply chain efficiency, asset usage, and operational visibility. SmartTek, a US-based tech firm projected in October 2023 that by 2025, IoT will be present in 48.4% of American homes, a rise from 41.9% in 2021, indicating a surge in the adoption of smart home devices. Thus, the ongoing integration boom of Internet of Things (IoT) technology is spurring the growth of the radio frequency identification (RFID) enabled returnable drum market.
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What Are the Main Segments in the Radio Frequency Identification (RFID) Enabled Returnable Drum Market?
The radio frequency identification (RFID) enabled returnable drum market covered in this report is segmented as
1) By Component: Tags, Readers, Software, Services
2) By Material Type: Plastic, Steel, Fiber
3) By Capacity: Up To 100 Liters, 100-200 Liters, Above 200 Liters
4) By Application: Chemicals, Pharmaceuticals, Food And Beverage, Oil And Gas, Industrial
5) By End-User: Manufacturing, Logistics And Transportation, Healthcare, Food And Beverage
Sub Segments:
1) By Tags: Passive Radio Frequency Identification Tags, Active Radio Frequency Identification Tags, Semi-Passive (Battery-Assisted) Radio Frequency Identification Tags, Specialty Or High-Performance Industrial Tags
2) By Readers: Handheld Radio Frequency Identification Readers, Fixed Radio Frequency Identification Readers, Mobile Radio Frequency Identification Readers, Long-Range Radio Frequency Identification Readers
3) By Software: Asset Tracking Software, Inventory Management Software, Supply Chain Management Software, Analytics And Reporting Software
4) By Services: Installation And Integration Services, Maintenance And Support Services, Consulting Services, Training And Technical Assistance
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Which Top Companies are Driving Growth in the Radio Frequency Identification (RFID) Enabled Returnable Drum Market?
Major companies operating in the radio frequency identification (rfid) enabled returnable drum market are Honeywell International Inc., Avery Dennison Corporation, Greif Inc., Zebra Technologies Corporation, HID, Checkpoint Systems Inc., SATO Holdings Corporation, Impinj Inc., SML Group Limited, Identiv Inc., Invengo Information Technology Co. Ltd., Mojix Inc., Alien Technology, Barcoding Inc., GAO RFID Inc., William Frick & Company, Xerafy (HK) Limited, Tageos SAS, RFiD Discovery
Which Regions Will Dominate the Radio Frequency Identification (RFID) Enabled Returnable Drum Market Through 2029?
North America was the largest region in the radio frequency identification (RFID) enabled returnable drum market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in radio frequency identification (RFID) enabled returnable drum report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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