Pune, India, March 25, 2021 (GLOBE NEWSWIRE) -- According to our new research study on “UHF RFID (RAIN) Market to 2027 – Global Analysis and Forecast – by Component and Application,” the global UHF RFID (RAIN) Market was valued at US$ 2,011.70 million in 2019 and is projected to reach US$ 5,588.33 million by 2027; it is expected to grow at a CAGR of 13.8% during 2020–2027. The projected market growth is mainly attributed to surge in the retail sector with the rapid adoption of technologies in applications such as apparel tagging; the market has witnessed swift growth in the past few years. The retail sector usually adopts passive UHF RFID tags operating in the 860–960 MHZ frequency band; the exact frequencies over which the tags are operated vary with the country. However, these tags can’t be read effectively when attached to objects containing water and animal tissues as the water absorbs UHF waves. The technology also doesn’t work well with metals as the tags get detuned while attached to metal objects. Thus, the disability of UHF RFID systems to perform optimally in the proximity of water and metal hinders the market growth.
Also, the COVID-19 outbreak affected the growth rate of global UHF RFID market in the year 2020 in a negative manner due to decline in revenue growth of companies operating in the market and decline in demand from end-customers, thus there is a decline in y-o-y growth rate during that year. However, the growth is expected to normalize from 2021 onwards and the market is projected to grow at a steady pace.
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UHF RFID (RAIN) Market: Key Insights
North America led the UHF RFID (RAIN) market in 2019, and the market growth in this region is mainly attributed to growing retail sales in the US and Canada. The retailers in this region use UHF RFID technology to connect several retail items to the internet, which enhances the processes such as product identification and engagement for them, as well as for brand owners and consumers. Moreover, the technology helps make the inventory management process easier and more secure for retailers and brand owners. The UHF RFID is also broadly used in the aviation sector to offer precise and timely data on the location of passengers’ bags, track essential components on airplanes, and run precise maintenance checks in the global network of RAIN-enabled airlines and other vendors in the aviation industry.
Growth in IoT Technology to Augment UHF RFID (RAIN) Market:
The Internet of Things (IoT) market is expanding with the escalating adoption of smart devices and mounting government investments—especially focused on R&D and installations of IoT devices—in the manufacturing, utilities, retail, and other sectors in countries such as Japan, Singapore, China, and Australia. With the boom in IoT in various countries, the majority of networked objects would be connected wirelessly through the passive UHF RFID technology that allows seamless communication between passive objects to transmit crucial data, with exact place and time details, which can be used to identify these objects. Being a crucial building block of the IoT, the UHF RFID technology will allow several new applications and business models, along with making them affordable and practical for users.
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UHF RFID (RAIN) Market: Segmental Overview
Based on component, the global UHF RFID (RAIN) market is segmented into hardware, software, and services. The hardware segment held the largest share of 74.7% of the total market in 2019, and it is expected to continue its dominance during the forecast period. The high demand for hardware is mainly due to its increasing adoption across the retail sector in inventory management, which is boosting labor productivity in stores. Additionally, the UHF RFID vendors are highly focused on developing advanced systems as per market demand.
UHF RFID (RAIN) Market: Competition Landscape and Key Developments
NXP Semiconductors; Zebra Technologies Corporation; Impinj, Inc.; Avery Dennison Corporation; and Alien Technology, LLC are the five key market players in the global UHF RFID (RAIN) market ecosystem. The listing of key players is based on multiple parameters such as overall revenue, brand image, current UHF RFID (RAIN) solutions portfolio, technology integration and product enhancements, geographic reach, new product/feature launches, market initiatives, mergers and acquisitions, and other market-related activities. CAEN RFID S.r.l.; Invengo Technology Pte. Ltd.; Lowry Solutions Inc.; Jadak - A Novanta Company; Convergence Systems Limited; Murata Manufacturing Co., Ltd.; Securitag Assembly Group Co., LTD (SAG); Walki Group Oy; STMicroelectronics; Terso Solutions, Inc.; Trace-ID; Tageos; Honeywell International, Inc.; Axzon Inc.; EM Microelectronic; and Datalogic are among the other notable players operating in the UHF RFID (RAIN) market, which were studied and analyzed during this market study.
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- In October 2020, Convergence Systems Limited collaborated with Intrasonic Technology to officially distribute its complete line of RFID products in the Americas. The partnership aims to offer UHF RFID products for wide-ranging industries.
- In February 2020, Impinj, Inc. announced a launch of Impinj R700 RAIN RFID reader for next-gen IoT solutions. The product offers high performance with the industry’s fastest network connectivity and robust edge processing for next-gen IoT solutions.
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