According to a new market research report published by Credence Research “Radio Frequency Identification (RFID) Tags Market (Product Type – Active RFID Tags, Passive RFID Tags and Semi-passive RFID Tags; Frequency – Low Frequency (125 kHz – 134 kHz), High Frequency (13.56 MHz) and Ultra-high Frequency (860 MHz to 960 MHz); Industry Verticals – Apparel & Retail, Pharmaceuticals & Healthcare, Transportation & Logistics, Industrial Manufacturing, Automotive, Agriculture & Livestock and Others (Oil & Gas, Government etc.)) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global RFID tags market was valued at US$ 4,955.8 Mn in 2017 and is set to demonstrate robust growth during the forecast period from 2018 to 2026.
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Market Insights
RFID tags are among the most important components of the overall RFID tracking systems. The market is highly driven by the consistently growing retail sector worldwide. India and China are the most lucrative markets for RFID tags due rapidly growing retail and transportation & logistics industry here. Another major factor supporting the market growth is the consistent decline in RFID tags prices. RFID tags are now available at prices as low as US$ 0.10, making them affordable for large number of applications. In addition, superior advantages of RFID systems over other conventional tracking systems would ensure robust demand for RFUD tags over the following years.
RFID tags market is segmented by product type, operating frequency, industry vertical and geography. On the basis of product type, the HF RFID tags segment led the global market contributing to 43% of the total market value in 2017. The segment growth is governed by merits such as larger memory, long range, faster detection and standardized technology. Nevertheless, in the following years, the UHF RFID tags segment is set to register the highest growth rate. UHF is the latest RFID protocol capable of serving wide range of applications. In addition, UHF RFID is superior to LF and HF RFID systems in nearly all the aspects, making it the most lucrative RFID tags segment.
Further, based on industry vertical, the market is led by the retail & apparel sector owing to the huge penetration of RFID tracking systems in the segment. Transportation segment (covering aviation) is expected to register high growth due to the mandated use of RFID tags by the International Air Transport Association (IATA). Based on the geography, Asia Pacific dominated the RFID tags market worldwide in 2017 with market share of more than 1/3rd of the global revenue. The market here is strongly backed by the steadily growing retail sector in the region complemented by the presence of strong transportation & logistics industry. Additionally, increasing penetration of RFID systems for effective tracking industrial sector is another major factor supporting the regional market growth.
The overall RFID tags market is quite competitive in nature with presence of large number of regional as well as international players in the market. Market players focus on developing UHF RFID (RAIN RFID) products, considering their growing adoption. The report covers profiles for major companies including Zebra Technologies Corporation, Invengo Technology Pte. Ltd., Alien Technology Corporation, Impinj, Inc., Honeywell International, Inc., GAO RFID, Inc., NXP Semiconductors N.V., SATO Holdings Corporation, Omni-ID Ltd., HID Global Corporation, SMARTRAC N.V., Confidex Ltd. and others.
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