Airport RFID System Market Size is expected to reach USD 10.78 Billion by 2030, registering a CAGR of 10.1% during 2020-2030.
Radio-Frequency Identification (RFID) uses radio waves to capture and analyze stored information. RFID products in airports are in the form of tags or stickers attached to an object. Tags are attached to an object that can be detected using an RFID scanner. RFID system is primarily used for material management and baggage handling. RFID tags are also used to enable the ability for dispatching, baggage tracking, and conveyance. Thus, it improves the efficiency of airport management thereby enabling passenger satisfaction.
The airport RFID system market is segmented into frequency, application, type, and region. Based on frequency, the airport RFID system market is segmented as low frequency, high frequency, and ultra-high frequency. Based on application, the global market is segmented into baggage tracking, flyable parts tracking, inventory management, and others. The baggage tracking segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the rise in air travel across the globe. Based on type, the global market is divided into product and software. The product segment is further sub-segmented as tags and readers. Among these, the tags segment of the market is expected to grow at a higher rate during the forecast period, due to the reduction in the cost of tags.
The key driver for the airport RFID system market is the growing use of security and access control applications. Opportunities currently present in this market include the development of RFID tag with embedded sensors and RFID labeling for Internet of Things (IoT) applications. However, the high installation cost of RFID system is expected to restrain the market growth.
Segmentation of the Global Airport RFID System Market
North America dominated the airport RFID system market in 2018 owing to the increased use of RFID in flyable parts tracking, baggage tracking, and inventory management at airports. The region is estimated to grow at a high rate due to a rise in expenditure on RFID technologies. The US is expected to register a high demand for RFID systems in airport applications. In recent years, Canada some considerable investments towards developing RFID systems.
The North American market is dominated by the US as it has the largest number of RFID systems manufacturers. In Europe, the UK, France, and Germany are the key contributors to market growth, owing to the presence of key RFID system manufacturers. Asia-Pacific is expected to register the highest CAGR during the forecast period. RFID Manufacturers are increasingly adopting cost-effective manufacturing process. Growing adoption of airport RFID systems in countries, such as China, India, and Japan are expected to contribute towards the market growth. Thus, the airport RFID system market in the region is estimated to witness a CAGR of more than 8% during the forecast period.
Key Players of Airport RFID System Market
The key players in the global airport RFID system market are GlobeRanger (US), RFID Global Solution, Inc. (US), Rockwell Collins Inc. (US), Grenzebach Group (Germany), BCS Group (Canada), Beumer Group (Germany), Siemens AG (Germany), Honeywell International Inc. (US), Daifuku Company Ltd (Japan), and Confidex (Finland).
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
Key Insights of Airport RFID System Market
Market Sizing, Forecast, and Analysis: Detailed coverage of the market segment and sub-segments
Regional/Country Trends and Forecast: Detailed analysis of the market in North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America, along with key countries in each region
Market Dynamics Intelligence: Market drivers, opportunities, trends, restraints, Porter’s five forces, supply chain, and value chain analysis
Technology Trends, Regulatory Landscape, and Patent Analysis Outlook
Competitive Intelligence: Market share analysis, financial analysis, product benchmarking, and strategic developments including joint ventures, product launches, and mergers & acquisitions
Regional attractiveness and related growth opportunities
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