RFID Sensors Market Size to Grow to $26.67 Billion by 2024

The global RFID sensors market, valued at $11.81 billion in 2017, is expected to reach $26.67 billion by 2024, registering a CAGR of 12.2% in the period. The forecast was made in the recently released, Global RFID Sensor Market by Product, Frequency Band, Type, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2024 by Allied Market Research.

An RFID sensor is an automatic identification technology, which uses radio frequency electromagnetic fields to identify the objects carrying RFID tags. At present, North America dominates the market, followed by Europe. In 2017, the U.S. is expected to remain dominant in the North America market, while the UK is projected to lead the overall market in Europe.

Uses in supply chain management for tracking & monitoring inventory and providing robust security have driven the market growth. Moreover, long distance tag readability fuel the growth of the global RFID sensors market. Integrated circuits in RFID assembly contain a tiny antenna for transferring information, which further contributes towards the market growth. However, high RFID cost and inability to read signals from multiple outputs hamper the market growth.

Key Findings of the RFID Sensor Market:

  • The type segment is estimated to generate the highest revenue in the global RFID sensor market in 2017
  • By type, the passive segment was the highest revenue contributor in 2017
  • Asia Pacific is anticipated to exhibit the highest CAGR during the forecast period
  • In 2017, North America contributed the highest market share, followed by Europe, Asia Pacific, and LAMEA.

The key players profiled in the report are Murata Manufacturing Co. Ltd, Vitaran Electronics, SMARTRAC, ELA Innovation, Balluff Inc, AB&R (American Barcode and RFID), VisuaScan Inc, Imprint Enterprises, Coridian Technologies Inc, AbeTech Corporate, and Invengo Technology Pte. Ltd. Click here to view this report.