According to a new market research report by Transparency Market Research, the battery free RFID sensor market will be worth US $1.269.2 Billion by the fall of 2026. This growth is expected to be achieved with the help of CAGR of 12.1% throughout the given forecast period of 2018 to 2026. The report is titled ‘global battery free RFID sensor market’ and covers the micro as well macroeconomic factors that are influencing the overall dynamics of the market. The report divides the market based on Frequency, Application, End use Industry, Global Industry Analysis, Size, Share, Growth, and Trends.
From a geographical outlook, the global battery free RFID market is divided into five key segments viz. Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these, the global market is currently dominated by the Asia Pacific region.
The research report predicts that during the forecast period, Asia Pacific will continue to lead the market in terms of potential and will grow at an impressive CAGR of 14.6%. Such high growth of the Asia Pacific RFID battery free RFID sensor market is because of South Korea, Japan, China, and India acting as chief manufacturing contributors.
The growth of the Asia Pacific region will also be driven due to the growing investments in the urbanization of infrastructure in the developing economies of India and China. Growing product innovations and developments are also projected to further fuel the growth of the regional battery free RFID sensor market. The research report shows that the North American market accounted for the biggest share of the market of over 40% with respect to volume and revenue shares.
Growing Demand from Food Quality Monitoring Sector Fuels Market Growth
Battery free RFID sensor is a unique type of sensor that does not need batteries for transmitting the data. These sensors find applications across a broad range of end use verticals where there are accessibility issues or places where the use of batteries should be avoided. The growing demand from the food quality monitoring segment for a new type of sensors to check the quality and safety of foods is primarily driving the growth of the global battery free RFID sensor market. This demand is also creating the need for innovative technologies for sensors that can provide accurate data, battery-free transmission, and are also cost-effective. Such demands are thus expected to create several business opportunities for the development of the global battery free RFID sensor market over the course of the given forecast period.
Developing Cost-Efficient Technologies is Primary Focus for Leading Companies
The vendor landscape of the global battery free RFID sensor market is moderately fragmented because of a large number of prominent players. According to the research report, the companies in the market are expected to adopt aggressive marketing strategies to gain a competitive advantage over their rivals. Corporate takeovers, mergers, and joint ventures are estimated to become a common norm to build a sustaining brand and strengthen the foothold in the market.
In addition to this, leading companies in the battery free RFID sensor market are also focusing on developing new sensing technologies that will provide more efficient data transmission, free of batteries, and also be cost-effective. To achieve these features, more funds are being allocated to the research and development activities.
Some of the key companies in the global battery free RFID sensor market include names such as ON Semiconductor, PHASE IV Engineering, Microsemi Corporation, Infineon Technologies, General Electric, and Texas Instruments, among others. Click here to read the full report.
