A recently published report by Verified Market Research values the Global RFID market at USD 9.22 Billion in 2020, which is projected to reach USD 19.47 Billion by 2028, growing at a CAGR of 9.79% from 2021 to 2028. Key factors fueling the growth of this market include growing market competitiveness leading to availability of cost-effective RFID, high returns on investment, increasing regulations and government initiatives for various industries
Increasing installation of RFID systems in manufacturing units to improve productivity is one of the main driving factors propelling market growth. Manufacturing facilities need to monitor equipment condition and performance, defects in processes, and system failures, and ensure predictive maintenance of equipment and systems through the integration of specialized tools and adoption of quality management practices. The use of RFID technology for plant asset management helps manufacturers achieve this goal.
A combination of RFID tags and sensors is ideal for various locations in a manufacturing facility, such as conveyors, cameras, boilers, tanks, pipes, etc., to manage and maintain the quality and output of a manufacturing process. RFID tags are attached to movable assets in the industries such as tools, manufacturing equipment, and process components (e.g., doors, engine, wheels, mirrors, and other parts of an automobile) that are part of a final product to track them in the process. The use of RFID not only helps track the parts but also helps understand the lifecycle of manufacturing equipment. The increase in penetration of these systems is projected to increase worldwide with the growth of the RFID market.