Chipless RFID Market Growth, Size, Share, Trends, and Forecast 2030

Posted 2024-04-08 11:36:03

Chipless RFID Market

The chipless RFID market is expected to reach a size of approximately USD 8243.69 million by 2030, growing at a compound yearly growth rate (CAGR) of roughly 22.92% between 2023 and 2030. In 2022, the market was estimated to be worth USD 1581.26 million.

Global Chipless RFID Market: Overview

Technology that uses radiofrequency identification (RFID) is wireless. Data that is attached to an object is read and captured by radio waves using a transponder. The transponder does not need to be in the reader's direct line of sight in order to track information because it can read data from a considerable distance. While some transponders produce radio waves and require limited power to operate, others can run on electromagnetic fields without the need for a power supply. Numerous manufacturers came to understand the importance of practical and effective ways to track data for a variety of applications, such as retail, smart card, and supply chain. It also has benefits including asset tracking, anti-counterfeiting, and preventing shrinkage in retail.

Chipless RFID Market

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Global Chipless RFID Market: Growth Factors

The convenience of manufacturing technology and the expectation of high-accuracy data are driving the expansion of the worldwide chipless RFID market. Furthermore, lowering costs and being compatible with current infrastructure could promote the expansion of the worldwide market. Additionally, the government's increased investment in RFID has created new business potential in the international market. The global chipless RFID market is expanding as a result of the growing use of chipless RFID to create hassle-free operations in the supply chain, aviation, and public transportation sectors. The global market for chipless RFID is thriving due to the increasing demand for supply chain visibility and inventory management. Another factor driving the expansion of the worldwide industry is the declining cost of transponders.

Global Chipless RFID Market: Segmentation

The supply chain, patient monitoring, smart cards, tracing medical and pharmaceutical equipment, retail, public transportation, and the aviation industry are among the applications covered by the worldwide chipless RFID market. Because it is more functional and less expensive than the other options, public transportation accounts for the largest portion of the market. RFID technology is used by a few public transportation programs, including Ventra, Oyster Card, T-Monet, and Saint Petersburg City Card. These cards are utilized by railroad networks in addition to local public transportation.

Global Chipless RFID Market: Regional Analysis

The geographical segmentation of the global chipless RFID market includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America contributed the largest market share in the global market. The U.S. is expected to be the dominating region in the chipless RFID market as it shows a significant growth in the next few years. Acceptance of this technology in the U.S. based companies increases inventory visibility and build their supply chain management in an effective way, fostering the global chipless RFID market growth. However, Food and Drugs Association and the US Department of Defense encourages the use of the RFID technology in the management of the supply chain for the tracing of products in this region.

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