Portland.OR, Feb. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global chipless RFID market generated $903.3 million in 2019, and is estimated to reach $4.74 billion by 2027, witnessing a CAGR of 23.1% from 2020 to 2027. The report provides a detailed analysis of changing market trends, key winning strategies, top investment pockets, major segments, value chain, and competitive scenario.
Increase in efficiency offered by chipless RFID tags, rise in demand in the banking and healthcare sectors, and low cost of manufacturing drive the growth of the global chipless RFID market. However, risks related to breach of confidential information hinder the market growth. On the other hand, shift of retailers to RFID and innovations in cloud-based systems are expected to present numerous opportunities in the coming years.
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Covid-19 Scenario:
- The production activities have been hampered in many regions across the globe due to lockdown and temporary shutdown of different industries in European and Asia-Pacific countries. The supply chain and day-to-day activities have been disrupted.
- The production facilities in the electronics sector have been stopped, which in turn, created a supply-demand gap. There have been interruptions in large-scale manufacturing across Europe and exports of Chinese parts.
- The demand for chipless RFID tags and readers increased during the pandemic to increase automation and wireless operations for maintaining lesser contact. The demand would be met steadily as manufacturing activities begin at full scale.
The report provides detailed segmentation of the global chipless RFID market based on product type, frequency, application, end user, and region.
Based on product type, the tag segment accounted for the largest market share in 2019, holding nearly three-fourths of the total share, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is expected to manifest at the highest CAGR of 23.5% from 2020 to 2027. The research also analyzes the reader segment.
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Based on end user, the logistics and transportation segment contributed to the highest market share in 2019, accounting for more than one-fourth of the global chipless RFID market, and is projected to maintain its lead position in terms of revenue by 2027. However, the healthcare segment is estimated to portray the fastest CAGR of 26.9% during the forecast period.
Based on region, North America held the largest market share, contributing to more than one-third of the total share in 2019, and will maintain its lead position during the forecast period. However, Asia-Pacific is projected to witness the highest CAGR of 25.2% from 2020 to 2027.
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Major players of the global chipless RFID market analyzed in the research include Alien Technology, LLC, Avery Dennison Corporation, Applied Wireless, Inc., Honeywell International Inc., Checkpoint Systems, Inc., Impinj, Inc., iDTRONIC GmbH, NXP Semiconductors, Invengo Technology Pte. Ltd., and Zebra Technologies Corporation.
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