The chipless RFID market is projected to grow at a CAGR of 21.29% during the forecast period to reach US$5.463 billion by 2027, from US$1.182 billion in 2020.
RFID technology, a well-known Auto-ID technology, is a commonly utilized wireless approach that uses low-power radio waves to automatically identify and acquire data from tagged items. RFID technology allows for the identification and regulation of products, banknotes, containers, and also people. RFIDs are also completely printable and resistant to harsh climate conditions.
The global Chipless RFID market is expected to grow substantially, mainly due to the increasing number of retail thefts, as well as its growing applications in the packaging industry. Consumer industries have started using chipless RFID systems to ensure fast and accurate data recording and inventory regulation. Its usage in the healthcare and banking sector is also expected to drive up demand for the chipless RFID market. The North American region has been reported to have the largest market share, owing to its rapid adoption of RFID technology by industries, and is expected to further grow in size.
An Increase in thefts
Following the COVID-19 pandemic, shopkeepers all around the world saw an increase in the number of thefts and shoplifting incidents. Shopkeepers in the USA have been worst hit by this rise in shoplifting. Rite-Aid, a medical drug store in Manhattan, had to close down earlier this year due to losses incurred from a robbery. The store reported a loss of about US$60,000 due to this robbery. According to a survey report by the National Federal Federation, shopkeepers in the US reported a loss of about US$62 billion in 2020 due to theft and fraud cases. Further, almost 70% of businesses stated they've seen a considerable increase in "organized retail crime" activities in the US.
The United Kingdom also saw a similar rise in shop thefts around the country. According to the BRC Crime Survey 2021, the total loss to crime was reported to be about UK£ 1.3 billion (US$1.59 billion), and loss due to customer theft was about UK£ 1 billion (US$ 1.23 billion) in the year 2020. These increasing customer thefts are expected to expand opportunities for the chipless RFID market.
Chipless RFID is a promising technology that can help in solving numerous problems regarding retailers, manufacturers, healthcare workers, etc. The low manufacturing costs, as well as its flexibility of operation, are expected to drive the market.
Identiv, Inc. announced that by 2023, its Singapore transponder factory would have manufactured 350 million units of specialist Radio Frequency Identification Devices (RFID). The firm obtained globally recognized compliance certifications and performance indicators to enable faster growth in novel IoT and RFID solutions. Identiv continues to deliver best-in-class engineering and products to the public and hopes to grow in the upcoming years.
Selfly launched new RFID-enabled micro-stores for easier customer experience and a reduction in labour costs. The stores are said to be completely unmanned and open 24x7to the public, to allow easier and more efficient access to customers. These stores utilize cloud computing and IoT technology to keep track of the products and maintain inventory to minimize wastage.
Earlier this year, The United States Patent and Trademark Office granted Vubiq Networks, Inc. a fifth RFID patent entitled: Multimode Millimeter Wave RFID Systems and Methods of Use Thereof. Vubiq Networks' RFID hyper-imaging technology is now protected and expanded by this patent. It details a novel reader that can do wide-beam polarimetric synthetic aperture radar (POLSAR), narrow-beam readings from chipped tags, and narrow-beam reads and communications with chipped tags and Internet of Things (IoT) devices.
With the efficiency and accuracy of RFID technology, and with the rapid developments in the sector, the chipless RFID market is expected to grow substantially.
The COVID-19 pandemic led to an overall slowdown in the market, leading to losses in the sector. The government imposed lockdowns and industry closures led to an adverse effect on the production and revenue of the market. The electronics sector also suffered losses due to the slow growth of the market. Due to the suspension of manufacturing facilities in the region, Asian and European nations under lockdown have lost a significant amount of revenue. However, the market has now started to re-emerge and is seeing prospects of growth.
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the chipless RFID market size by 2027?
A1. The chipless RFID market is projected to reach a total market size of US$5.463 billion in 2027.
Q2. What is the size of the global chipless RFID market?
A2. Chipless RFID Market was valued at US$1.182 billion in 2020.
Q3. What are the growth prospects for the chipless RFID market?
A3. The global chipless RFID market is projected to grow at a CAGR of 21.29% during the forecast period.
Q4. Which region holds the maximum market share in the chipless RFID market?
A4. The North American region has been reported to have the largest share in the chipless RFID market owing to its rapid adoption of RFID technology by industries.
Q5. What factors are anticipated to drive the chipless RFID market growth?
A5. The global Chipless RFID market is expected to grow substantially, mainly due to the increasing number of retail thefts, as well as its growing applications in the packaging industry.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. CHIPLESS RFID MARKET, BY PRODUCT
6. CHIPLESS RFID MARKET, BY FREQUENCY
6.2. Low Frequency
6.3. High Frequency
6.4. Ultrahigh Frequency
7. CHIPLESS RFID MARKET, BY END-USER INDUSTRY
7.3. Aerospace and Defense
7.4. Travel and Transport/Logistics
8. CHIPLESS RFID MARKET, BY GEOGRAPHY
8.2. North America
8.3. South America
8.4.1. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Alien Technology Corporation
10.2. NXP Semiconductor NV
10.3. Variuscard GmbH
10.4. SATO Vicinity Pty. Ltd.
10.5. Zebra Technologies
10.6. Confidex Ltd.
10.7. Honeywell (Intermec)
10.8. Identiv Inc.
10.9. Impinj Inc.
Alien Technology Corporation
SATO Vicinity Pty. Ltd.
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