RFID (Radio Frequency Identification) tags are used for identification of a large number of items electronically. RFID tags offer advantages like advanced security, real-time asset tracking and inventory management. The growing need for contactless identification in healthcare, manufacturing, retail and logistics is driving the adoption of RFID tags across various industries.
The global U.S. Rfid Tags Market is estimated to be valued at Us$ 887.15 Mn in 2023 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of RFID tags across various industries is one of the major trends witnessed in the U.S. RFID tags market. Various industries including healthcare, manufacturing, retail and logistics are increasingly adopting RFID tags for real-time asset tracking and inventory management. RFID tags help in contactless identification and provide benefits like enhanced supply chain visibility and security. With growing digitalization, industries are able to streamline their processes and improve operational efficiencies using RFID tags. This increased demand from end-use industries is expected to drive the growth of the U.S. RFID tags market over the forecast period.
Segment Analysis
The U.S. RFID tags market is dominated by the passive RFID tags segment. Passive RFID tags do not have an internal power source and obtain power from RFID readers to power up their integrated circuits. They rely on the reader signal to power up the IC chip to transmit the identification signal. This makes them less expensive than active RFID tags. Also, they can operate without a battery which makes them more durable and longer lasting than active tags. This drives their widespread adoption across various industries for asset tracking, inventory management, and supply chain applications.
Key Takeaways
The U.S. RFID Tags Market Size is expected to witness high growth over the forecast period of 2023 to 2030. With increasing adoption of RFID technology across industries for supply chain and asset management applications, the demand for RFID tags is projected to surge in the coming years. The global U.S. RFID Tags Market is estimated to be valued at US$ 887.15 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Regional analysis
The Western region currently dominates the U.S. RFID tags market with the highest market share. This can be attributed to the strong presence of retail and healthcare industries in states such as California, Washington and Colorado. These industries are increasingly implementing RFID solutions to optimize their supply chain operations and asset management. Hence, the Western region is expected to continue its dominance over the forecast period.
Key players
Key players operating in the U.S. RFID tags market are RF Code Inc., HID The U.S. Corporation, AMS AG, Omni- ID Ltd., Impinj Inc., NXP Semiconductors N.V., Alien Technology, Invengo Information Technology Co., Ltd., and Confidex Ltd., Avery Dennison Corporation. RF Code Inc. and Avery Dennison Corporation currently have the largest market shares.
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This competition is expected to heat up further over the coming years, thanks to their continuous efforts towards expanding their businesses.Be it the organic route of product development and portfolio diversification or the inorganic way to mergers, acquisitions, and alliances, these players are keeping no stone unturned to gain an edge over each other.
Other prominent players in the U.S. RFID tags market are Omni- ID Ltd., AMS AG, Alien Technology, Impinj Inc., Confidex Ltd., and RF Code Inc.Transparency Market Research (TMR), a leading market research and intelligence firm, has recently published a report on the U.S. RFID tags market.
According to the report, this market was worth US$0.80 bn in 2016.
Expanding at a healthy CAGR of 8.50% over the period from 2017 to 2025, the U.S. RFID tags market is estimated to reach US$1.67 bn by the end of the forecast period.
Request a Sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S_id=24536Rising Application of RFID Tags in Various Industries to Boost Market GrowthThe U.S. RFID tags market is gaining considerably from the efforts made by manufacturing companies to deepen their supply chain and enhance their visibility.
An analyst at TMR stated, “RFID tags are increasingly being adopted in various industries, such as automotive, retail, healthcare, livestock, IT, and transportation.
