Market Is Estimated To Witness High Growth Owing To Advanced Technologies And Increasing Applications Across Industries

The Chipless RFID market is estimated to be valued at US$ 1,176.7 Mn in 2022 and is expected to exhibit a CAGR of 28.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Chipless RFID technology utilizes radio frequency for wireless identification of different tagged items without using an electronic chip. It enables cost-effective tracking and tracing of goods throughout the supply chain. The technology provides advantages such as low manufacturing cost, small size allowing large-scale tagging, robustness, and passive operation without need for batteries. These advantages have led to increased demand for chipless RFID in applications such as retail and logistics.

Market key trends:
One of the key trends fueling the growth of chipless RFID market is the increased demand from the retail and logistics industries. Retailers are adopting chipless RFID tags for simplifying inventory management and enabling real-time tracking of shipments. The tags provide large-scale, low-cost tracking of apparel, accessories and other retail items both in-store and in transit. Logistics companies are also leveraging the technology for tagging pallets and containers to improve supply chain visibility and reduce transit time. The passive and compact nature of chipless RFID tags makes them suitable for tracking a high volume of retail and logistics shipments cost-effectively.

Porter’s Analysis
Threat of new entrants: Low startup costs allow ease of entry but established brands have stronger distribution networks and customer loyalty.
Bargaining power of buyers: Large buyers can negotiate lower prices but various applications satisfy diverse needs.
Bargaining power of suppliers: Suppliers of raw materials have some influence due to specialized components and technologies required.
Threat of new substitutes: RFID, NFC and barcodes provide substitutes but each has advantages for different uses.
Competitive rivalry: Intense competition on pricing and innovation as companies target expanding applications.

SWOT Analysis
Strengths: Contactless operation, versatility for integration into various items, encryption capabilities.
Weaknesses: Limitations in data storage capacity, line of sight reading range, technical complexities may hinder adoption.
Opportunities: Growing e-commerce sector, supply chain & logistics, healthcare for contactless identification.
Threats: Higher costs than alternatives, technology gaps in developing economies, standardization challenges.

Key Takeaways
The Global Chipless RFID Market Size is expected to grow at a CAGR of 28.1% over the forecast period due to increasing demand for contactless identification solutions across industries. North America holds the largest share currently due to advanced technologies and focus on supply chain management. However, APAC is likely to offer lucrative opportunities with growing e-commerce, manufacturing and major initiatives such as ‘Make in India’.

Key players operating in the chipless RFID market incorporate Zebra Technologies Corporation, Spectra Systems, Molex Inc., Xerox Corporation, Politronica Inkjet Printing S.r.l., Vubiq Networks Inc., Thin Film Electronics ASA, and TagSense Inc. The players focus on new product innovations as well as mergers and acquisitions to strengthen their footprint. For instance, in September 2022, Zebra Technologies Corporation launched a high performance wristband printer catering to supply chain and warehouse applications.

Regional analysis
The Asia Pacific region is expected to witness the fastest growth in the chipless RFID market during the forecast period. This is attributed to presence of manufacturing hubs and growing initiatives for industrial automation across industries such as pharmaceuticals, logistics and food processing in major Asian countries including China, India and Japan. The region represents over 25% of the global market share currently due to focus on smart logistics, supply chain traceability and asset management solutions.

 

Read more: https://www.ukwebwire.com/chipless-rfid-market-share-analysis/

5 thoughts on “Market Is Estimated To Witness High Growth Owing To Advanced Technologies And Increasing Applications Across Industries”

  1. Medication is an medicinal miracle, ready to help everyone looking for peace
    in this hustle and bustle of the contemporary society.
    With such treatment at your disposal, individuals can confidently confront life’s challenges and recover the self-assurance you have been yearning for.
    Propranolol is not merely one drug; it’s the solution to
    liberating oneself from the grip of worry.

    When words “anxiety” and “stress” become a part of our lives, Propranolol arises as
    a true comrade in the fight against these pressure.
    This medication paves a path to tranquility, presenting a solution to
    physical manifestations of stress that so frequently obscure our daily life.
    No longer fret about trembling hands, a heart, or moments of speech—Propranolol equips one with the to regain command over your reactions
    and restore your esteem.

    my page: character

    Reply

Leave a Comment