RFID (Radio Frequency Identification) labels are widely used, especially in the retail sector. The growth is a result of increase in the rate of adoption of the RFID printing technology with the help of special RFID printers. The global market for RFID printers is expected to prosper in the upcoming few years, with the rise in dependency of various end-use sectors, on RFID labels. As per the forecast provided by a new research report published by Future Market Insights titled ‘RFID Printers Market: Global Market Analysis (2013-2017) and Opportunity Assessment (2018-2028),’ the global RFID printers market is expected to reach a market value of over US$ 2,500 Mn by the end of 2028, witnessing a robust CAGR of 8.2% during the forecast period.
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RFID Printers Market: Retail Industry to Lead the Market
The global RFID printers market is expected to rise at a robust rate, due to a clear indication of the forecast towards growing dependency of industries on RFID tags. An increasing demand for adoption of RFID tags is witnessed across several industries, such as banking and healthcare, for tracking finances and products. Increasing demand for RFID tags is associated with the benefits accompanied by them, such as relatively cheaper in cost as it does not have silicon chip and does not require any maintenance, its application in banking card and e-Passport, etc.
According to the market research by FMI, retail industry is expected to hold a maximum value share in the global RFID market and is also expected to proliferate in the coming years, witnessing an exponential CAGR of 9.0% during the forecast period. The market is also anticipated to have better growth prospects and grow at a higher rate in China compared to other regions in the world.
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RFID Printers Market: Key Trends
Rising adoption of RFID printing and advancements in printed electronics are helping RFID developers to create thin and flexible RFID tags. These tags can be integrated with printed sensors, thin-film photovoltaic solar cells, and other technologies. Moreover, rising usage of electronic printing and ink technologies is aiding RFID vendors to print their own chip-less RFID tags on site as per the requirements. Several key players in the global market are working on 3D printing technology for enterprises to directly print RFID tags on/in products.
Furthermore, the advent of technology will reportedly result in introduction of RFID laser printing technology in near future. Companies have been focusing on offering enhanced, cost-effective solutions via RFID printers; moreover, more such efforts have been resulting in the introduction of RFID laser printing technology to eventually offer an enhanced print output to the end-user. Besides quality, the technology also boosts printing speed of the printer, increases the product life, and lowers the overall operational and maintenance cost of the RFID printer.
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RFID Printers Market: Competitive Landscape
This all-inclusive report highlights the key players of the market that have been standing strong and competing efficiently in the global market. Some of these leading companies included in the report are Honeywell International, SATO Holdings, Toshiba Tec Corporation, Avery Dennsion Corporation, Lexmark, and GODEX INTERNATIONAL. The coming years are expected to reveal more innovation by companies in the global RFID printers market in order to form a strong marketing strategy.