U.S Printed and Chipless RFID Market size is expected to cross USD 4.8 billion mark by 2023, contributing significantly towards the regional growth. The North America printed and chipless RFID industry is predicted to witness a substantial growth over the period of 2016-2023 as a result of rising demand for the technology across various industries such as logistics & transport, aviation, healthcare, and retail. Furthermore, firms operating in this region use this technology to improve the visibility of inventory along with streamlining of the SCM (supply chain management).
The Asia Pacific printed and chipless RFID market is anticipated to witness a heavy growth over the timeframe due to the increasing requirement for document management systems in medical institutions and government organizations. The Latin America printed and chipless RFID industry is projected witness a significant growth over the coming seven years due to favorable government policies along with the use of this technology by various firms operating in the region to trace & track inventory as well as enhance their supply chain management activities. Brazil market is projected to make significant contributions towards the regional growth.
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Printed & Chipless RFID technology finds myriad applications in logistics & transport, aviation, retail, and healthcare industries. The printed and chipless RFID market in applications in the logistics & transport industry are predicted to surpass USD 6 billion mark by 2023. The technology is used in the transportation industry to increase operational and time efficiency. The Printed & Chipless RFID technology applications in aviation industry estimated at USD 300 million in 2015, are predicted to grow at a CAGR of 12.5% over the period of 2016-2023 due to their efficiency and cost-effectiveness.
Printed and chipless RFID market in the retail industry contributed over 29% of the overall revenue in 2015, and is predicted to witness a high growth over the period of 2016-2024 due to growing consumer satisfaction, accurate store execution & inventory control, on-shelf accessibility, and omni-channel distribution activities. Favorable government norms are predicted to enhance the use of the printed & chipless RFID technology in the healthcare industry. Few of the other applications of this technology in healthcare includes patient tracking, staff identification, surgical equipment track & trace, inventory control, and document management systems.
Rising breakthroughs in nanotechnology, conductive inks, and printed electronics are predicted to reduce the cost of tags. Tangible advantages accrued due to the use of printed & chipless RFID technology in stock & inventory control are predicted to benefit the printed and chipless RFID market over the coming years. This will further boost the acceptance of this technology in manufacturing, transport & logistics, and retail industries.
Growing requirement to inhibit the growth of counterfeit drug ecosystem industry is expected to encourage the acceptance of printed & Chipless RFID technology in the pharmaceutical industry. According to Global Market Insights Inc., “Global Printed and Chipless RFID market is predicted to exceed USD 16 billion by 2023, growing at a CAGR of 26.7% over the period of 2016-2023.”
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