U.S. RFID Tags Market was valued at US$ 745.33 Million in 2021 and is expected to surpass US$ 2953.61 Million by 2030, registering a CAGR of 9.1% during the forecast period (2022-2030), according to the U.S. RFID Tags Market, By Type (Active RFID and Passive RFID) By Product Type (Healthcare tags, Commercial tags, Correctional tags and Others), and By End-use Industry (Healthcare, Retail, Automotive, Logistics and Transportation, Surveillance and Security and Others (Sports, Wildlife, Livestock, and IT)), published by Coherent Market Insights.
RFID tag or radio-frequency identification tag is a type of tracking system that uses electromagnetic fields to automatically identify and track tags attached to objects. An RFID tag is made of a tiny radio transponder, transmitter, and a radio receiver. When the tag is triggered by electromagnetic pulses from nearby RFID reader, the tag transmits digital data back to the reader. RFID tags are categorized into two types on the basis of the source of power i.e. active RFID and passive RFID. Active RFID makes use of battery power to transmit signals to reader. Passive tags do not have an inbuilt power source and function on power from an RFID reader. RFID tags function on a designated range of frequencies such as Low Frequency (LF) (125 kHz), High Frequency (HF) (13.56MHz), Ultra High Frequency (UHF) (860-960 MHz) and microwave (2.45 GHz).
The U.S. RFID Tags Market was estimated to account for US$ 2953.61 Million in terms of value in 2021 and is predicted to grow at a CAGR of 9.1% during the forecast period (2022 to 2030).
Key Developments
- In February 2022, Avery Dennison Corporation, the provider of branding and information labeling solutions announced the acquisition of TexTrace AG, a technology developer that specializes in creating woven and knitted RFID solutions that may be sewn onto or inserted into garments. This deal includes ownership to all TexTrace AG patents, brand, and trade secrets.
Market Driver
The U.S. has always been the early adopters of novel and advanced technologies, including RFID. Many end-use industries in the U.S are focused on the adoption of RFID tags including retail, storage, and warehouse, healthcare and pharmaceutical, transportation, military and defense, communication, etc. RFID tags are used to track medical records of a patient in the healthcare industry, while they are used in tool booths in the transportation industry. Moreover, RFID has been used in retail and warehouse sectors for material identification management. Thus, growing adoption of RFID tags in end-use industries is expected to boost the U.S. RFID tags market growth over the forecast period.
U.S. RFID Tags Market - Impact of Coronavirus (Covid-19) Pandemic:
The Covid-19 pandemic outbreak had a negative impact on every industry in the United States, including retail, automotive, logistics and transportation, and others. The low investment prices and lack of labor capacity, limited the demand for sales and production of RFID technology. Also, the production of radio-frequency identification (RFID) tags is delayed due to the disrupted supply chain of raw materials which delays the production of radio-frequency identification (RFID) tags. Consequently, during the pandemic, the U.S. RFID Tags Market saw limited growth.
This impacted the growth of the U.S. RFID Tags Market and hence the market witnessed slow growth.
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https://www.coherentmarketinsights.com/market-insight/us-rfid-tags-market-3643
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Key Trends and Analysis of the U.S. RFID Tags Market:
- The radiofrequency identification (RFID) tags found major applications in medical devices tacking hospital setup. Implementation of RFID tags in medical device management has enabled hospital personnel to streamline processes and automate billing, thereby making it beneficial to the hospital. Many surveys have suggested that hospital staff spend unnecessary time in locating medical devices, stretchers, wheelchairs, and other essential equipment. According to the white paper published by Ekahau, Inc. details the return on investment for RFID. Furthermore, according to the same source, around 30% of nurses have reported wasting at least one hour in every shift locating missing equipment. These factors delay admission, discharge, and transport in the hospital and in the worst case may cost the life of a patient in critical condition. This hurdle can be eliminated by implementing RIFD technology.
- Military and government including many federal agencies such as border security and immigration, local or state agencies, military supply chain, firefighting services, correctional facilities, and licensing and identification services have started adopting RFID tags for high-quality service. Major used active tags operate at 433 MHz and are deployed in U.S. Military. These tags are employed for tracking containers and pallets as well as large military assets. Furthermore, these tags are utilized in tracking ocean containers and vehicles, logistics, and other high and large value assets in the commercial sector.
- Major 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
