Chipless RFID Market Is Estimated To Witness High Growth

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 involves encoding data on physical objects without using semiconductor chips. This is done by imprinting patterns directly on materials like paper, textiles or plastic using techniques like inkjet printing. The encoded objects can then be identified and tracked using radio frequency signals. Key applications of chipless RFID tags include supply chain management, authentication of pharmaceuticals, and tracking of consumer goods and apparel. The technology provides a low-cost and environment-friendly alternative to traditional RFID solutions.

Market Dynamics:
One of the major factors expected to drive growth of the chipless RFID market is the increasing deployment of advanced encoding and decoding techniques. Companies are focusing on developing sophisticated algorithms that can encode more data in smaller spaces and retrieve it accurately. This is increasing capacity and functionality of chipless RFID tags. Another important growth driver is the expanding scope of applications across various industries like healthcare, retail, aerospace and automotive. Chipless RFID solutions are finding increasing adoption for asset tracking, inventory management, authentication of products and supply chain visibility across these sectors. The technology offers benefits like no requirement of silicon chips, high data storage capacity, and ability to print tags directly on products and packaging materials using standard printing technologies. These advantages over traditional RFID are supporting wider acceptance and boosting market growth.

SWOT Analysis
Strength: Chipless RFID tags are cheaper than traditional RFID tags as they do not require integrated circuits. They operate without an internal power source and can withstand harsh environmental conditions. Chipless RFID tags offer advantages like compact size and light weight.

Weakness: Chipless RFID tags have a smaller data storage capacity compared to traditional RFID tags. They have a limited communication range and require complex algorithms for encoding and decoding data.

Opportunity: Rising demand for tracking and inventory management across industries is driving the adoption of RFID technology. Growth of IoT and industrial automation will open up new opportunities for chipless RFID tags. Their applications in anti-counterfeiting and authentication are expected to increase.

Threats: Safety and security concerns about RFID technology can restrict its adoption. Stringent regulations around data privacy and security pose threats. Traditional RFID tags still have an advantage in terms of reliability and established infrastructure.

Key Takeaways
The Global Chipless RFID Market Demand is expected to witness high growth, exhibiting CAGR of 28.1% over the forecast period, due to increasing demand for tracking and inventory management across industries. The market size is anticipated to grow from US$ 1,176.7 Mn in 2023 to US$ 6,500 Mn by 2030.

Regional analysis North America dominated the global chipless RFID market in 2023 and is expected to maintain its leading position over the forecast period due to rapid technological advancements and ongoing r&d activities in the region. Asia Pacific is anticipated to exhibit the fastest growth attributed to rising investments by key players and growing manufacturing sector in countries like China and India.

Key players operating in the chipless RFID market are 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 key players are investing in developing advanced chipless RFID tags and solutions to strengthen their market position. Partnerships and collaborations between players are also expected to rise in coming years.

 

Read more: https://www.rapidwebwire.com/chipless-rfid-market-forecast-trends/

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