Battery Free RFID Sensor Market: Structure and Overview of Key Market Forces Propelling Market 2018 - 2026
The battery free RFID sensor market is expected to witness major growth in the near future, thanks to rising demand for IoT devices in manufacturing. The growth of automation, robotics, and IoT in manufacturing is likely to result in significant new opportunities for players in the battery free RFID sensor market.
The battery free RFID market is expected to reach an evaluation of $1269 mn by 2026, rising at an incredible 12.1% CAGR. A new study has shown that battery RFID are viable to use in mechanical parts like shafts or spindles. The new battery free devices can be set onto these parts and expected to generate electricity to record critical measurements and other information.
The low battery life and high costs of battery-laden devices was a major challenge for end-use industries in the adoption of IoT devices. However, the new technology promises to solve the challenge and also help with critical applications such as RFID labelling for a wide variety of applications. The rising demand for IoT technology, the growing advancements like battery-free technology, and critical end benefits like increase in productivity are expected to drive significant growth for the battery free RFID sensor market in the near future.
Food Monitoring and Logistics Remain Key Opportunities
The rising cases of food contamination, rising demand for food products, and difficult to contain nature of contamination requires more inspection. Additionally, monitoring technology has delivered in its promise in various studies to improve food contamination. Moreover, the growth of the technology is expected to result in significant opportunities for growth in logistics as well.
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Growth of automation in commercial trucking, and monitoring can result in significant cost-saving opportunities as well as growth for efficiency. Moreover, logistics industry provides significant opportunities as cold-storage of medical, industrial, and food items provides significant margin of error which can result in costly delays or damage in goods. The growing demand for improved performance, and rise of automation will drive further growth for players in the battery free RFID sensor market.
NFC still likely to Dominate Growth in the near Future
RFID technology and NFC are predominantly use in combination with another in several applications. These new applications include environmental monitoring, fire control, and agriculture. The rising demand for these technology in defense, wireless communication, and other sectors is expected to drive more growth. Moreover, the technologies are likely to dominate unconventional sectors like manufacturing as well in the near future. The oil and gas exploration activity around the world is also on the rise. This is expected to create significant opportunities for players in the near future. Moreover, rising concerns about immigration, increasing volatile political environment, and threats like terrorism are also leading to more resource allocation for security teams. The growth of the RFID technology and NFC communication will likely continue to drive growth in the near future for players in the battery free RFID sensor market.
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