MarketResearch.biz announces publication of its most recently generated research report titled, “Global Battery Free RFID Sensor Market by Frequency (Low Frequency, High Frequency and NFC, Ultra High Frequency), By Application (Food Quality Monitoring, Supply Chain Management, Structural Health Monitoring, Other Applications), End-Use Industries (Automotive, Food & Beverages, Commercial, Aerospace & Defense, Transportation & Logistics, Other End-Use Industries) and by Region – Global Forecast to 2030”, which offers a holistic view of the global battery free RFID sensor market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2020–2024) is projected to be over US$ 3.8 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.
Radio Frequency Identification (RFID) is a wireless system that consists of two parts: a tag and a reader. They use electromagnetic fields to automatically identify and track objects. As a non-contact and non-line-of-sight identification and data transmission technology, RFID has been widely used as an access control and information tracking tool in various industrial and logistics processes. This advanced technology enables end users to save time and a lot of labor costs. The combination of RFID and battery-free RFID sensing technology allows its application in environmental and food quality monitoring. The demand for battery-free (RFID) sensors is increasing exponentially for different applications in cross-supply chain management, food quality monitoring, condition monitoring, and structural health monitoring processes.
Global Battery Free RFID Sensor Market: Market Dynamics
The gradual preference for smart irrigation, coupled with the exponential expansion of the agricultural sector, has led to an increase in the demand for battery-free radio frequency identification sensors, thereby increasing the expected revenue of the global battery-free (RFID) sensor market. The next 10 years. These battery-free wireless soil moisture and temperature sensors are usually connected to different plants for precise asset monitoring and condition-based plant growth solutions. The expected surge in demand for food quality monitoring, the required logistics monitoring solutions, and the necessity of condition monitoring solutions are the key factors that are expected to lead to more adoption of battery-free RFID sensors, which in turn are expected to drive the financial market of this market increase.
The COVID-19 pandemic has resulted in the slowdown of critical trade activities across several countries. The possibility of a looming economic recession is also likely to adversely impact future investments in various sectors, more specifically the supply-chain industry. As major economies enforce precautionary lockdowns, a considerable gap between market supply and demand is being created, resulting in increased difficulties for both manufacturers and distributors to effectively manage their respective operations. This is a primary factor that is anticipated to influence future prospects for revenue growth. However, as these lockdowns are gradually lifted, and economies begin to recover, this market is expected to reflect the same.
The cold chain industry, the automotive industry, and other industries, an exponential expansion of the electric vehicle industry and the medical industry are expected to create profitable opportunities for the global battery-free RFID sensor market, such as asset tracking, monitoring and control of various products. The purpose of predictive maintenance.
Global Battery Free RFID Sensor Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global battery free RFID sensor market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global battery free RFID sensor market is estimated to expand at a moderate CAGR of 13.3% during the forecast period.
Global Battery Free RFID Sensor Market: Segmental Snapshot
The market report has been segmented on the basis of frequency, application, end-use Industries, and region. The frequency segment includes low frequency, high frequency and NFC, ultra high frequency. The application segment includes food quality monitoring, supply chain management, structural health monitoring, other applications. The end-use industries segment includes automotive, food & beverages, commercial, aerospace & defense, transportation & logistics, other end-use industries. The region covered in the analysis are North America, Europe, Asia Pacific, South America, and Middle East & Africa.
By Frequency: The high frequency and NFC segment is expected to register a CAGR of over 13.5%, thereby accounting for highest revenue share among the frequency segments.
By application: The supply chain management segment is expected to register a CAGR of over 14.4%over the forecast period, thereby accounting for highest revenue share among the application segments.
By end-use industries: The commercial is expected to register a CAGR of over 14.7% over the forecast period, thereby accounting for highest revenue share among the end-use industries segments.
By region: The market in North America accounted for highest revenue share in the global battery free RFID sensor market in 2020, and is estimated to register a CAGR of over 13.7% between 2020 and 2030.
Global Battery Free RFID Sensor Market: Competitive Analysis
The research report on the global battery free RFID sensor market includes profiles of major companies such as General Electric, Texas Instruments Incorporated., ON Semiconductor, GAO Group Inc. (GAO RFID Inc.), Metalcraft Inc., Omni-ID, Phase IV Engineering Inc., Inductosense, Axzon, Farsens, Powercast Corp.
The Global Battery Free RFID Sensor Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2020–2030 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global Battery Free RFID Sensor Market for 2020–2030.
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