PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1447146
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1447146
According to Stratistics MRC, the Global Printed and Chipless RFID Market is accounted for $20.0 billion in 2023 and is expected to reach $134.3 billion by 2030 growing at a CAGR of 31.2% during the forecast period. Printed and chipless RFID technologies revolutionize identification and tracking processes. Unlike traditional RFID, these solutions offer cost-effective alternatives. Printed RFID employs conductive inks, allowing electronic circuits to be printed on various surfaces. Chipless RFID eliminates the integrated circuit, relying on unique patterns for identification. Both technologies enhance flexibility, enabling applications in packaging, labels, and diverse industries. Their affordability, especially in mass production, accelerates adoption, driving efficiency in sectors like retail, logistics, and healthcare.
Growing demand for traceability and inventory management
RFID enables accurate and automated tracking of assets, products, and inventory in real time. This leads to improved accuracy in data collection and enhances overall operational efficiency in traceability and inventory management processes. Moreover automation through RFID minimizes human errors associated with manual data entry and traditional inventory management methods. This reduction in errors leads to lower instances of stockouts, overstocking, and loss of inventory encourage the growth of the market.
Shorter read ranges and lower data storage capacity
The shorter read ranges and lower data storage capacity may limit the applicability of printed and chipless RFID in scenarios where longer communication distances or extensive data storage are critical, such as in supply chains with large warehouses or complex manufacturing processes. Moreover in industries requiring longer read ranges and higher data storage capacities, printed and chipless RFID may face competition from more advanced RFID solutions, potentially slowing their adoption in certain markets or use cases.
Cost-effectiveness
Offering economical alternatives to traditional RFID, these solutions reduce deployment costs, making RFID accessible for widespread adoption. Industries benefit from streamlined processes without substantial infrastructure investments. Lower manufacturing expenses for printed and chipless RFID tags drive scalability, particularly in applications requiring large volumes. Thus the cost efficiency enhances the return on investment, attracting businesses in retail, logistics, and manufacturing.
Data breaches or counterfeiting
Instances of data breaches or counterfeiting involving printed and chipless RFID tags can erode confidence in the technology's security. Businesses may hesitate to adopt these solutions if there are perceived vulnerabilities that could compromise sensitive information. Further high-profile data breaches or instances of counterfeiting can tarnish the reputation of printed and chipless RFID technology providers. This may lead to a loss of trust among potential users and impact the market's overall growth.
Covid-19 Impact
As businesses prioritize safety and efficiency, RFID technology, especially in logistics and healthcare, has seen increased adoption for inventory management, asset tracking, and supply chain resilience. The pandemic has highlighted the importance of real-time tracking and monitoring, driving the integration of RFID for improved visibility and operational agility. While some sectors faced disruptions, the overall impact has fueled the recognition of RFID's role in enhancing resilience, thereby contributing to the market's recovery and sustained growth post-pandemic.
The tags segment is expected to be the largest during the forecast period
The tags segment is estimated to have a lucrative growth, due to cost efficiency, flexible form factors, and environmental sustainability. These technologies enable a diverse range of applications, expanding market growth and fostering healthy competition. The ease of integration into existing processes, coupled with improved standards, contributes to streamlined manufacturing and supply chain operations. As industries embrace these innovations, printed and chipless RFID tags play a pivotal role in driving efficiency, reducing costs, and promoting sustainable practices.
The conductive ink segment is expected to have the highest CAGR during the forecast period
The conductive ink segment is anticipated to witness the highest CAGR growth during the forecast period, due to the use of conductive ink facilitates the printing of electronic circuits on various substrates, offering versatility in form factors. This innovation reduces manufacturing costs and enhances the scalability of RFID applications, particularly in sectors requiring large-scale deployments like retail and logistics. The integration of conductive ink promotes efficient production processes, accelerates adoption, and contributes to the growth of the market.
Asia Pacific is projected to hold the largest market share during the forecast period owing to increased demand for efficient supply chain management, inventory tracking, and improved overall operational efficiency. Moreover RFID technology is used in a variety of applications, including inventory management, asset tracking, retail operations, healthcare, and smart packaging. Additionally printed and chipless RFID tags can offer cost-effective solutions for certain use cases boosts the market.
North America is projected to have the highest CAGR over the forecast period, owing to growing interest in chipless RFID technology. Chipless RFID is appealing for certain applications due to its lower cost and potential for flexible and environmentally friendly tag designs and logistics and transportation benefit from RFID for tracking and tracing goods in real-time. Furthermore in retail, RFID is used for inventory management, reducing stockouts, and improving the overall supply chain efficiency propel the market.
Key players in the market
Some of the key players in the Printed and Chipless RFID Market include Alien Technology, Avery Dennison Corporation, Checkpoint Systems, Inc., FlexEnable Limited, GlobeRanger, Honeywell International Inc., Identiv, Inc., Impinj, Inc., Invengo Technology Pte, Muhlbauer Group, NXP Semiconductors N.V., Omni-ID, PragmatIC Semiconductor, RFID Global Solution, SATO Holdings Corporation, Smartrac Technology Group, Thin Film Electronics ASA and Zebra Technologies Corporation
In October 2023, Avery Dennison signs a definitive agreement to acquire Silver Crystal Group. The acquisition will allow the combined businesses to build on their collective industry knowledge, expertise, quality, and service to drive further growth in Avery Dennison's high-value external embellishments segment.
In June 2023, Avery Dennison Partners to Fund Innovation with Emerald Technology Ventures. By partnering with Emerald, Avery Dennison will fund disruptive sustainable innovation and gain access to cutting-edge technology
In February 2023, FlexEnable announces new ownership, board of directors and expanded leadership team. This follows the restructuring of FlexEnable in late 2022, wherein funds managed by affiliates of Fortress Investment Group LLC ("Fortress") became the majority shareholder of FlexEnable.