The global RFID market is projected to reach about $5.29 Billion in 2008, a rise of nearly 7.3% over $4.93 Billion in 2007.
According to IDTechEx, the Radio Frequency Identification (RFID) market is expected to reach $5.29 Billion in 2008, an increase of nearly 7.3% over $4.93 Billion in 2007, as reported by engineerlive.
The world RFID market is growing rapidly with record order of about $0.50 Billion each are serviced. The global RFID demand is forecasted to reach around $5.3 Billion this year and nearly $27 Billion in 2018. Also, in 2008, about 263 Million public transport RFID cards are expected to be shipped.
Rapidly increasing activities in the apparel industry, continuous growth in ID card programs, and large transportation ticketing projects are identified as some major growth drivers for the global RFID industry. Also, in spite of the reduction of deliveries in comparison to China national ID card scheme, the largest RFID project in the world, is boosting the growth in the industry.
Moreover, order book of global RFID industry includes an order from the State of Melbourne to expand its public transport RFID card scheme and the UK is also working on the development of national RFID card for transportation.
Further, the market trends seem to be positive for all flavors and product categories of RFID technology due to various long-term RFID liabilities and investments by huge end-users. Also, the European aerospace manufacturer Airbus has decided to deploy RFID technology for various projects in its assembly operations and supply chain.
All this shows the potential of RFID in various industries. Closed-loop applications with asset management are some of the leading applications of RFID technology. Also, yard management, work-in-process, spare parts, reusable/returnable containers, tools, and library/rental items are some of the popular RFID deployment areas.
A Senior Research Analyst at RNCOS said, “Various sources and applications will lead to the growth of RFID industry in near future. RFID market serves various vertical markets and thus, its use will boost interest in healthcare, transportation and energy and utilities sectors. Also, improvement will be witnessed in asset management, and footwear and fashion apparel market for item-level tagging with RFID tags.”
Related Market Research Reports:
Global RFID Market Analysis till 2010
European RFID Industry Outlook (2007-2010)
RFID Outlook China
