RFID Sensor Market
RFID Sensor Market (Type: Active and Passive; Frequency Range: Low Frequency, High Frequency, and Ultra high Frequency; Application: Access Control, Livestock Tracking, Ticketing, Cashless Payment, Inventory Management, and Others; and End-use Industry: Transportation, Logistic & Supply Chain, Manufacturing, Retail, Healthcare, Aerospace & Defense, Agriculture, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Electronics & Semiconductors
- 291 Pages
RFID Sensor-based Tags Provide Data on COVID-19 Vaccine Temperature
Ultra high frequency (UHF) RFID (Radio Frequency Identification) sensor-based tags are growing popular as a solution to track every COVID-19 vaccine vial right from receipt at a clinic to a patient’s arm. Companies in the RFID sensor market are capitalizing on this opportunity to help stakeholders detect the temperature and liquid level of each vial being stored & then used to administer vaccines to patients.
Lyngsoe Systems - a software company in Aars, Denmark, is gaining recognition for developing RFID sensor based tags combined with Bluetooth Low Energy (BLE), which facilitates real-time management of vaccine and freezer temperatures. Software companies in the RFID sensor market are taking the opportunity to automate data collection regarding the administration of vaccines and help users to confirm the temperature of a given vaccine.
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Security, Convenience Compensate Disadvantages of Hacking, Expensive Set-up for RFID
The RFID sensor market is projected to cross US$ 18.52 Bn by 2031. Despite numerous advantages of RFID solutions, disadvantages such as hacking, power shortage issues, and expensive set up are affecting market growth. Hence, companies including Schneider Electric India are providing a wide range of RFIS systems and sensors for smart operations.
Advantages such as increased security, convenience, and master card functionality in limit switches, proximity, and presence sensors are compensating for the disadvantages of RFID. Industries including manufacturing, construction, and chemicals, among others, are grabbing attention of stakeholders. RFID helps to capture all the digital data encoded in RFID tags via radio waves, which adds to user convenience.
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RFID Anti-theft Hard Tags Help Retailers Protect High-risk Products
The RFID sensor market is expected to expand from an output of 18,836.5 million units in 2021 and surpass 49,116.4 million units by 2031. The ever-growing retail industry is creating stable revenue streams for companies, and it is evident since retail is anticipated to dominate the second highest revenue amongst all end-use industries in the RFID sensor market.
Sensormatic - a provider of retail technology solutions is being known for its RFID-based anti-theft hard tags that help retailers protect merchandise. Manufacturers in the RFID sensor market are boosting their production capabilities in retail hard tags to help users protect high-risk product categories.
Preference for RFID Tags over GPS Tags for Studying Athlete Performance
Sports performance coaches study their athletes moving in all directions over fractions of a meter. Such findings are creating value grab opportunities for companies in the RFID sensor market, since coaches are in the need for RFID tags that deliver sampling rates in the hundredths of a second. These tags can be placed on a runner’s shoe or shirt, without impacting their performance.
The size of RFID sensors is being preferred over GPS (Global Positioning Systems) sensors used in sports training and performance. Such trends are translating into incremental opportunities for companies in the RFID sensor market, particularly in the space of football.
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RFID sensor tags are gaining prominence in confirming the temperature of COVID-19 vaccines and ensuring their authenticity & expiration date. The RFID sensor market is expected to clock a robust CAGR of 8% during the forecast period. However, disadvantages of RFID including possibility of electric RFID keycard malfunction during power outages are influencing consumer-buying decisions. Hence, companies should increase awareness about master card functionality in keycards to offset disadvantages of the RFID technology. Sports performance insights are being acquired from RFID personnel tracking data. RFID hard tags are offering the highest level of anti-theft protection for retail merchandise. These RFID hard tags are user-friendly and offer a frictionless shopping experience with self-checkout.
RFID Sensor Market: Overview
- According to Transparency Market Research’s latest research report on the global RFID sensor market for the historical period of 2017–2019 and the forecast period of 2021–2031, an increasing need for tracking inventory and equipment, robust security provided by the RFID sensor, need for tracking the production process, and a wide range of applications are major factors that are expected to boost the global RFID sensor market during the forecast period
- The RFID sensor market has been segmented based on type, frequency range, application, and end-use industry. Based on type, the passive RFID sensor segment held a prominent market share, and it is estimated to expand at CAGR of 9.26% during the forecast period, as passive RFID sensor is cost-effective and hence, it is utilized in a wide range of applications such as access control and file tracking.
- In terms of end-use industry, the retail segment is estimated to expand at a CAGR of 7.90% from 2017 to 2031 due to a need for real-time and accurate data. RFID sensors are widely used in the logistics and supply chain sector and hence, the logistics and supply chain segment is projected to expand at a notable CAGR of 8.62% for the period 2021 to 2031. Adoption of RFID sensor in the logistics and supply chain sector is due to the rise in the usage of RFID tags.
- Based on revenue, the global RFID sensor market is estimated to exceed the valuation of US$ 18.5 Bn by 2031, expanding at a CAGR of 8% during the forecast period
Rise in Demand for RFID Sensors in Logistics, Supply Chain: A Key Driver
- RFID sensors are used for various applications in the supply chain industry such as warehouse management, inventory management, freight transportation, and manufacturing. An RFID sensor increases the performance in these applications. Furthermore, it plays an essential role in visibility from point of manufacturing to the floor and exit door. It tracks the temperature, location, and shipment of a product. Hence, it helps determine the status and protects from theft.
- Moreover, the real-time data provided by RFID sensors increases efficiency and reduces the operational cost. These factors are fueling the demand for RFID sensors in the logistics and supply chain industry and subsequently, propelling the RFID sensor market.
Increase in Demand from Healthcare Industry
- In the healthcare industry, RFID sensors are employed for various objectives such as tracking patients. For instance, during the COVID-19 pandemic, they helped track patients and their contacts for isolation. Additionally, RFID tags are used to track the assets of the hospital.
- When it comes to mission critical assets, the RFID technology provides great help. For instance, in operation theaters it is mandatory to inspect assets regularly in order to avoid unplanned breakdowns. These factors are propelling the market.
RFID Sensor Market: Competition Landscape
- Detailed profiles of providers of RFID sensors have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global RFID sensor market are
- Alien Technology
- Applied Wireless Inc.
- Avery Dennison Corporation
- CAEN RFID S.R.L.
- Honeywell International Inc.
- Checkpoint Systems, Inc.
- Impinj, Inc.
- Invengo Information Technology Co. Ltd
- Motorola Solutions, Inc.
- NXP Semiconductors
- Savi Technology
RFID Sensor Market: Key Developments
- Key providers of RFID sensors, such as Alien Technology, Applied Wireless Inc., Avery Dennison Corporation, CAEN RFID S.R.L., and Honeywell International Inc. are focusing on the development of cost-effective RFID sensors to attract more customers. Some other key developments in the global RFID sensor market are highlighted below:
- In May 2021, CAEN RFID S.R.L. announced that all CAEN RFID readers are fully supported by the Nebula platform, which enables rapid and straightforward implementation of RFID-based track and trace solutions. The Nebula platform takes care of all RFID technology details so that the customer can focus on the business relevant aspects of the solution.
- On December 4, 2019, Impinj, Inc., a leading provider of RAIN RFID solutions, introduced the Impinj M730 and Impinj M750 integrated circuits (ICs). The Impinj M730 and M750 ICs deliver high performance, fast inventory capability, and advanced features for next-generation RAIN RFID tags that can be attached to, or embedded in, nearly any item and that operate worldwide.
- On April 2, 2019, Alien Technology announced the launch of Higgs-9 IC, the first release of its next-generation of Higgs RFID semiconductor integrated circuits. It has also announced its newest high-memory inlays. The products were unveiled at RFID Journal LIVE 2019 and are being featured in Alien’s Booth #803 throughout the event, April 2-4 2019.
- In the global RFID sensor market report, we have discussed individual strategies, followed by company profiles of providers of RFID sensor. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global RFID sensor market.
RFID Sensor Market – Scope of Report
A new study on the global RFID sensor market is published by Transparency Market Research (TMR). It presents detailed information on key market dynamics, including drivers, trends, and challenges for the global RFID sensor market as well as its structure. TMR’s study offers valuable information on the global RFID sensor market in order to illustrate how the market is expected to expand during the forecast period i.e. 2021–2031.
Key indicators of market growth, which include value chain analysis and compound annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global RFID sensor market.
An extensive analysis of business strategies adopted by leading market players is also featured in TMR’s study on the global RFID sensor market. This can help readers understand key factors responsible for growth of the global RFID sensor market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global RFID sensor market. This data would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study of RFID Sensor Market
- What would be the Y-o-Y growth trend of the global RFID sensor market between 2021 and 2031?
- What is the influence of changing trends in the type segment on the global RFID sensor market?
- Would Asia Pacific continue to be the most dominant regional market for providers of RFID sensor over the next few years?
- Which factors would hinder the global RFID sensor market during the forecast period?
- Which are the leading companies operating in the global RFID sensor market?
A unique research methodology is utilized by TMR to a conduct comprehensive research on the global RFID sensor market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during production of the report on the global RFID Sensor market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to production of TMR’s study on the global RFID sensor market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global RFID sensor market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global RFID sensor market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global RFID sensor market more reliable and accurate.
RFID Sensor Market – Segmentation
TMR’s study of the global RFID sensor market segments the market based on type, frequency range, application, end-use industry, and region. Changing market trends and other crucial market dynamics associated with segments of the global RFID sensor market have been discussed in detail in TMR’s study.