The global cold chain RFID market is expected to grow at a combined annual growth rate of 29.1 percent during 2016 to 2022, according to a report from P&S Market Research. Among the various products, the tags segment accounted for the largest share in the global cold chain RFID market in 2015.
The report is titled: “Global Cold Chain RFID Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Product (Tags, Readers, Other Hardware Devices, Software and Services) by Technology (Active RFID, Passive RFID) by Industry Verticals (Food and Beverages, Pharmaceutical and Biomedical)”
The software and services product segment is expected to witness a considerable growth during the forecast period. The growing demand for real-time temperature monitoring in cold chain logistics is expected to boost the growth of the global cold chain RFID market during the forecast period. The RFID technology in cold chain is used for tracing and tracking contents, location expiration, and manufacture dates. The data gathered by RFID can be transmitted to the authorities. The food and beverages segment accounted for the largest market share in the global cold chain RFID market in 2015.
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Editor's Insight: The report notes that stricter food safety mandates are pushing food supply chain companies to consider new tools for controlling temperature, humidity and light requirements while handling food. RFID is only one such tool, and it is not necessarily the right tool for every situation, but the economics of deploying RFID are improving, as noted in a recent Food Logistics article.
A data capture technology, RFID also delivers improved inventory management. According to the Material Handling Institute’s 2015 annual industry report, logistics companies are using RFID today to achieve near 100 percent accuracy in shipping, receiving, orders, and inventory accuracy, 30 percent faster order processing, and 30 percent reduction in labor costs. 6-14-16 By Elliot Maras