Driven by applications such as food quality monitoring, the battery-free RFID sensor market is projected to grow at a compound annual growth rate (CAGR) of 12.1% through 2026, according to a report from Transparency Market Research.
The report predicts that during the forecast period, Asia Pacific will continue to lead the market in terms of potential and will grow at a CAGR of 14.6%. The high growth is attributed to South Korea, Japan, China and India acting as chief manufacturing contributors.
The growth of the Asia Pacific region is also due to the growing investment in the urbanization of infrastructure in the developing economies of India and China. Growing product innovations and developments are also projected to further fuel market growth of the regional battery-free RFID sensor market. North America accounted for the biggest share of the market of over 40% with respect to volume and revenue share.
Battery-free RFID sensors are finding applications across end-use vertical markets where there are accessibility issues or places where using batteries should be avoided. There is growing demand from the food quality monitoring segment for sensors to check food quality and safety, which in turn is driving the growth of battery-free RFID sensors. This demand is also creating the need for innovative sensor technologies that can provide accurate data, battery-free transmission, and are cost effective.
According to the study, the vendor landscape of the battery-free RFID sensor market is moderately fragmented because of a large number of prominent players. Key players include ON Semiconductor, PHASE IV Engineering Inc., Microsemi Corporation, Infineon Technologies, General Electric and Texas Instruments, among others.
According to the report, market players are likely to adopt aggressive marketing strategies to gain competitive advantages. There is likely to be vendor consolidation through mergers, acquisitions, and joint ventures, the report suggests.