The RFID tags are attached to numerous movable or transportable objects in different end-user industries such as process components, tools, manufacturing equipment, logistics goods, retail items, and automotive parts, among others for tracking and identification of objects. Apart from this, the RFID tags are also used for understanding the lifestyle of the manufacturing equipment. Due to the onset of pandemic crisis, there has been a significant impact on the manufacturing units and other operations of different RFID companies.. Moreover, the business operations of the distributors and partner companies are also impacted. There has also been decrease in demand for commercial and retail products across the world due to numerous lockdown events and shut down of non-essential commodities, which decreased the demand and supply for RFID tags market. Furthermore, the supply chain and transportation channel for RFID related companies were disrupted, which slowed down the demand and growth of the RFID tags market.
In addition, rising adoption and use of RFID tags in consumer goods and manufacturing industries may lead to the growth and enhancement of RFID tags market. The deployment of various RFID solutions in different applications increases the productivity of the process and leads to the growth of the market. The rising adoption of IoT technology and big data with RFID solutions for various end-use industries, also improves the growth of the RFID tags market. Additionally, the RFID tags market has different product types such as active RFID tags, passive RFID tags and semi-passive RFID tags, whereas, passive RFID tags segment dominates the overall market. Apart from this, these product types are available in different frequency ranges, for instance low frequency (LF) RFID tags, high frequency (HF) RFID tags and ultra-high frequency (UHF) RFID tags, whereas, high frequency RFID tags segment dominates the overall market in terms of market share. The RFID tags market offers different frequencies products for numerous end-use industries that include apparel & retail, industrial manufacturing, transportation & logistics, automotive, pharmaceuticals & healthcare, and agriculture & livestock, among others.
Major players in the global RFID tags market are Zebra Technologies Corporation, Alien Technology Corporation, Invengo Technology Pte. Ltd., Honeywell International, Inc., GAO RFID, Inc., NXP Semiconductors N.V., SATO Holdings Corporation, Omni-ID Ltd., Confidex Ltd. and HID Global Corporation.
Trends and Future Outlook:
- Increasing investment for developing advanced RFID tags which can be used in different retailing and logistics applications
- Due to COVID-19 pandemic, there is rise in installation of different RFID systems in manufacturing and other units for improving its productivity and efficiency. These factors are the growing trends that may lead to significant growth of the RFID tags market.