Market Insight-Global RFID Handheld Reader Lock Market Overview 2022
The Global RFID Handheld Reader Market Size was estimated at USD 1835.85 million in 2020 and is projected to reach USD 3114.94 million by 2027, exhibiting a CAGR of 7.78% during the forecast period– Bossonresearch.com
An RFID Reader is a radio frequency transmitter and receiver that can read and write information to an RFID tag. RFID Readers can also be fixed or portable. RFID Handheld Reader, RFID readers can be installed or carried almost anywhere.
The RFID Handheld Reader have a wide area of application in retail, security authentication, aerospace, and transportation. The major factors that drive the global RFID market include helping businesses to track inventory and equipment, robust security and reading from greater distance. However, high RFID cost and tags collision restrains the RFID reader market. Moreover, rise in penetration of the RFID sensor in different applications are expected to provide numerous opportunities for the RFID reader market expansion.
According to Bosson Research, The Global RFID Handheld Reader Market Size was estimated at USD 1835.85 million in 2020 and is projected to reach USD 3114.94 million by 2027, exhibiting a CAGR of 7.78% during the forecast period.
Figure Global RFID Handheld Reader Market Size
Source: Bossonresearch.com, 2022
Asia-Pacific are Contributing the Major RFID Handheld Reader Market Share Globally
Developing nations in Asia-Pacific such as China, India Japan, and Australia are contributing the major RFID reader market share globally. High growth in the Asia-Pacific can be attributed to rise in demand for the RFID technology from the fast-developing countries such as China and India. Presence of largest manufacturers and OEMs in Asia-Pacific and surge in demand for tracking, monitoring, locating objects and security, safety, and resource optimization are the key factors that drives the growth of the RFID reader market during the forecast period. China is the stage of RFID exploration with technical breakthroughs, lower tag costs, as well as the advancement of smart IoT industry.
The factors such as efficiency in helping business to track inventory and equipment, due to usage of optically based system such as barcode, which fails to provide unique solutions to logistical tracking of inventory or equipment along with read/write capabilities. In addition, robust security requirement, and capability of reading info from greater distance drive the growth of the RFID reader market size globally. However, high manufacturing and maintenance cost of RFID readers and tags collisions act as a major barrier, which hampers the market growth to a certain extent. Furthermore, increase in penetration of RFID sensors in various applications, owing to usage of various RFID tag in different application such as manufacturing & management, security, retail, and location tracking, which offers lucrative opportunities to the RFID reader industry globally.
The factors such as efficiency in helping business to track inventory and equipment, robust security requirement, capability of reading info from greater distance, high manufacturing and maintenance cost of RFID readers, tags collisions, and increase in penetration of RFID sensors in various applications are expected to significantly affect the growth of the global RFID reader market. These factors are anticipated to impact the RFID reader market growth during the forecast period.
Global RFID Handheld Reader Market: Competitive Landscape
The key players operating in the global RFID Handheld Reader market are Zebra, Honeywell, Denso Wave, Sense Technology , Jiangsu SEUIC Technology Co., Ltd, Feig Electronics, Invengo Technology, Bluebird, Unitech, TSL, JADAK, Alien Technology, TURCK, Chainway, Cipher Lab, Convergence Systems Limited (CSL), Chafon group,Nordic ID, Hopeland. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their market penetration. For instance, Zebra launched new UHF RFID solutions and intelligent labels. These UHF RFID labels are applied to metal or foil packaging and liquid goods that provide long-needed solutions to low stock visibility, consumer counterfeit vulnerability, and out-of-stock SKUs in the color cosmetics sector.
Key players in the RFID Handheld Reader Market include:
•Zebra
•Honeywell
•Denso Wave
•Sense Technology
•Jiangsu SEUIC Technology Co., Ltd
•Feig Electronics
•Invengo Technology
•Bluebird
•Unitech
•TSL
•JADAK
•Alien Technology
•TURCK
•Chainway
•Cipher Lab
•Convergence Systems Limited (CSL)
•Chafon group
•Nordic ID
•Hopeland
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