Global RFID Readers Market to Reach $15.2 Billion by 2026

RFID readers are devices that are used for communicating with radio tags on which specific information pertaining to an object or item is stored. Growth in the global market is expected to be driven by the rising demand for these devices for efficiently tracking equipment and inventory, increasing requirement for robust security, and their capability of reading information from longer distances even in harsh weather conditions. Increasing adoption of RFID sensors across a wide range of applications, including education, retail, and healthcare, is likely to open up new opportunities in the coming years. Amid the ongoing COVID-19 pandemic, there has been a significant increase in the demand for RFID readers in the medical field for patient tracking, validating patient data, and storing medical information. RFID readers are now being increasingly installed in corporate offices and hospitals for curbing the transmission of coronavirus through shared surfaces, such as lift buttons and door handles.

Amid the COVID-19 crisis, the global market for RFID Readers estimated at US$8 Billion in the year 2020, is projected to reach a revised size of US$15.2 Billion by 2026, growing at a CAGR of 11.3% over the analysis period. Handheld, one of the segments analyzed in the report, is projected to record 9% CAGR and reach US$9.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fixed segment is readjusted to a revised 14.8% CAGR for the next 7-year period.

The U.S. Market is Estimated at $2.5 Billion in 2021, While China is Forecast to Reach $2.9 Billion by 2026

The RFID Readers market in the U.S. is estimated at US$2.5 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.9 Billion by the year 2026 trailing a CAGR of 14.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.7% and 10.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.2% CAGR. Growth in the North America region is attributed to the increasing adoption of item identification systems for supply chain management to achieve higher efficiency in inventory allocation. The growing demand for RFID technology in fast developing nations, such as India and China, is driving the high growth in the Asia-Pacific regional market. The presence of large original equipment manufacturers (OEMs) and rise in demand for locating, tracking, and monitoring objects for resource optimization, security, and safety purposes augments demand for RFID readers.