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RFID Sensor Market Expected to Reach $26.67 Billion, Globally, by 2024

 

quote By product, the tags segment dominated the global RFID sensor market in 2017, in terms of revenue. Furthermore, based on type, the passive segment led the global market, followed by active RFID sensors in 2017. Advancements in technology used in RFID sensors to read long distance objects using ultrahigh frequencies make them more powerful and efficient. quote

Rahul Kumar
Research Analyst of Semiconductor & Electronics at AMR

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According to a recent report published by Allied Market Research, titled, Global RFID Sensor Market by Product, Frequency Band, Type, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2024, The global RFID sensors market was valued at $11.81 billion in 2017, and is projected to reach $26.67 billion by 2024, registering a CAGR of 12.2% from 2018 to 2024.

RFID sensor is an automatic identification technology, which uses radio frequency electromagnetic field to identify the objects carrying 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.

Helping the supply chain management system by tracking & monitoring their inventories and providing robust security drive 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 contribute 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.

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quote RFID Sensor Market by Product (Tags, Reader, and Software), Frequency Band (Low Frequency, High Frequency, and Ultrahigh Frequency) Type (Active and Passive), Application (Access Control, Livestock Tracking, Ticketing, Cashless Payment, and Inventory Management), and Industry Vertical (Transportation & Logistics, Healthcare, Hospitality, Food & Beverages, Retail, Manufacturing, and Government) - Global Opportunities Analysis and Industry Forecast, 2018-2024 quote

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