The global RFID market is estimated to be USD 10.7 billion in 2021 and projected to reach USD 17.4 billion by 2026; at a CAGR of 10.2%. The key drivers fueling the growth of this market include growing market competitiveness leading to availability of cost-effective RFID solutions, high returns on investment, and increasing regulations and government initiatives for various industries. Moreover, increasing installation of RFID systems in manufacturing units to improve productivity due to COVID-19 can play a key role in driving the growth of the RFID market.

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COVID-19 Impact on the Global RFID Market

The RFID market includes key companies such as Avery Dennison, Zebra Technologies, Honeywell, NXP Semiconductors, Impinj, HID Global, GAO RFID, Identiv, Invengo, and Nedap. These suppliers have their design and manufacturing facilities and corporate offices spread across various countries across Asia Pacific, Europe, Americas, and RoW. The RFID solutions offered by these companies are used by several industries for various applications. COVID-19 not only impacted the operations of the various RFID companies, but also affected the businesses of their partners and distributers. The fall in demand for expensive retail products worldwide due to lockdown measures, along with supply chain disruptions, is expected to have slowed down the growth of the RFID market. The falling global demand for automobiles is also expected to have a mid-term impact on the automotive RFID market. Although governments in developing regions have mandated the RFID tagging on vehicles for tolling, the slowdown in travel has currently restricted the deployment of RFID tags. Manufacturing facilities across several sectors, such as automotive and consumer electronics, re-opened post-third quarter of 2020 as lockdown measures were lifted in various countries. Still, factories in the European region are yet to function at pre-COVID-19 levels due to social distancing norms.

RFID Tag segment is expected to register higher CAGR during the forecast period

The tag segment of the RFID market, by product is projected to grow at a higher CAGR during the forecast period. Tags are the most widely used components in the RFID market. These devices are attached to several industrial and commercial assets, including manufacturing equipment and other industrial machinery, industrial materials, products, retail products, inventory, logistic containers, labels on products and groups of products, IV pumps, ECGs, and wheelchairs. The large-scale use of tags and ease of use for tracing any kind of asset is the major reason for the adoption of RFID tags. This could drive the demand for RFID tags in years ahead.
Passive tags to register higher growth rage during the forecast period

The passive tags segment of RFID tag market, by tag type, is expected to register higher CAGR during forecast period. Passive tags do not require an external power source. These are inexpensive and smaller, and easier to manufacture than active tags. Passive RFID tags have various applications and are commonly used to track goods in pharmaceuticals, retail, supply chain, enterprise, and other industries. Zebra Technologies, Avery Dennison, Alien Technology, Omni-ID, HID Global, Honeywell, and Mozix are some of the leading providers of passive RFID tags. With the increasing penetration of passive tags as RAIN RFID frequency, the market for these tags is expected to grow at the highest CAGR during the forecast period.

Americas is projected to hold largest share of RFID tag market in 2026

The high adoption of RFID systems in the US is a major factor that has led to the prominent position of the Americas in the RFID market. Retail, manufacturing, transportation, logistics and supply chain, animal tracking, healthcare, defense, and IT asset tracking are the major applications for the RFID tag market in the US as well as throughout the Americas. The use of RFID is high in supply chain monitoring for tracking assets in real time. Various hospitals in the US are using RFID tags for applications such as equipment tracking, patient monitoring, and other tracking tasks. These developments are expected to drive the growth of the RFID tag market in the region.

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Avery Dennison (US), Zebra Technologies (US), Honeywell (US), NXP Semiconductors (Netherlands), Impinj (US), HID Global (US), GAO RFID (Canada), Identiv (US), Invengo (China), and Nedap (Netherlands) are the key players in the global RFID market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, collaborations, and acquisitions to increase their market share.