April 21, 2024
Chipless RFID Market

The Chipless RFID Market is Estimated to Witness High Growth Owing to Rising Security Concerns

The Chipless RFID market has seen significant growth in recent years owing to the advantages chipless RFID tags offer over traditional RFID tags such as not requiring an electronic chip which reduces costs. Chipless RFID tags use encoding techniques such as frequency signatures to carry information and can withstand harsh environments better than traditional RFID tags.

The Global Chipless RFID Market is estimated to be valued at US$ 7474.52 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Chipless RFID Market Growth  are Severn Trent Plc, Calgon Carbon Corporation, Xylem Inc., Trojan Technologies, General Lighting, Aquionics, Atlantium Technologies Ltd., Atlantic Ultraviolet Corporation, FirstLight Technologies Ltd., Green Water Technologies, Evoqua Water Technologies LLC, Advanced UV, Inc., Hydro, Photon, makers of SteriPEN, and Enaqua. Some key opportunities in the market include growth of IoT, increasing traceability requirements across industries, and expansion in the retail and logistics sectors. The rising adoption of chipless RFID technology is expected to drive the global expansion of the market with major players focused on partnerships and acquisitions to expand their geographic footprint.

Market drivers

The key driver for the growth of the Chipless RFID market is the rising security concerns across industries regarding data theft from RFID tags. Chipless RFID tags do not contain any electronic chips and data is instead encoded using techniques like frequency signatures which makes them much harder to clone or copy illegal information from compared to traditional RFID tags. This has increased their adoption across industries like manufacturing, logistics and retail where security of tagged items is crucial.

PEST Analysis

Political: Government regulations around data privacy and security will impact adoption of the technology. Governments promoting digitalization can boost the market.

Economic: Growth of the retail and logistic sectors coupled with need for inventory management will drive demand. Cost savings compared to barcodes make chipless RFID attractive.

Social: Concerns around surveillance if RFID tags become ubiquitous. Need to address privacy issues for wider acceptance. Other applications in healthcare and access control can expand usage.

Technological: Chipless tags have advantages over chipped tags in terms of cost and size. Ongoing R&D in manufacturing processes and tag designs. Integration with IoT platforms expanding applications.

Regions with Higher Market concentration

The market is currently concentrated in North America and Europe due to widespread digitalization and presence of major players. However, the retail and consumer goods sectors in Asia Pacific are driving implementations. China in particular is aggressively developing RFID technologies to improve supply chain efficiency.

Fastest Growing Region

Asia Pacific region is projected to see the fastest growth during the forecast period aided by government initiatives and growth in target industries. Countries like India, Indonesia, and Vietnam are digitalizing rapidly and adopting technologies like chipless RFID for applications in manufacturing and logistics.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it