RFID and Barcode Printer Market to Witness a Higher CAGR During the Forecast Period

Northbrook, IL — (SBWIRE) — 01/07/2022 — As per MarketsandMarkets analysis, the global RFID and barcode printer market that was valued at USD 3.9 billion in 2021 is expected to reach a value of USD 5.3 billion by 2026, witnessing a CAGR of 6.4% during the projected period. Major factors driving the growth of the RFID and barcode printer industry are Increased installation of RFID and barcode systems in manufacturing units to improve productivity to tackle the impact of COVID-19, growing usage of RFID and barcode printers in the flourishing global e-commerce industry, surging need for improvement in inventory management, and rising demand for mobile printers based on wireless technologies.

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RFID printers are used to develop RFID-enabled smart labels and tags, which make use of radio frequency technology to transmit information through systems of users. They enhance the specific digital functionality of images by embedding RFID labels into different types of print formats. These printed labels and tags are used in various industries such as transportation and logistics, healthcare, and transportation to track and assess information related to the assets using radiofrequency in real-time. RFID printers use different types of consumables such as ribbons and labels to achieve RFID print images. They are developed in such a way that these printers can print clear machine-readable barcodes and RFID prints at high printing speeds and low costs.

Thermal printing technology uses heat for image generation on paper. RFID and barcode printers are increasingly becoming popular in retail businesses as they are more efficient in terms of power consumption and speed than traditional printers. Moreover, these printers are cost-effective and reliable for grocery stores and retail outlets. Thermal printing technology-based RFID and barcode printers are also ideal for printing receipts, ID badges, shipping labels, and price tags. The growth of this segment is majorly attributed to the increased penetration of thermal transfer technology in RFID and barcode printers. They are engineered for high-volume operations in harsh environments. These printers are enclosed as they can be used in environments that are prone to dust and dirt; therefore, thermal transfer printing technology is being widely used in RFID and barcode printers as it enables the printing of durable labels that can withstand harsh environments.

In the manufacturing industry, barcode printers are commonly used for printing labels and tags that are used for extracting data and tracing equipment details for their maintenance, thereby resulting in the enhancement of the workflow. The rise in demand for labels and barcodes in the manufacturing industry is one of the major factors boosting the growth of the RFID and barcode printer market for manufacturing and industrial. In manufacturing and industrial environments, printers facilitate labeling by printing carton/pallet labels, shipping/receiving labels, and inventory control labels. The labels printed by them are also used for freight tracking and ticketing applications. Barcodes and RFID tags are used in different stages of the manufacturing industry, including distribution and logistics, along with inventory tracking and picking/packing/shipping, etc. RFID and barcode labels and tags make it easy to keep track of warehouses, along with enhancing cross-docking, yard management, and pick-up and delivery functions.

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In 2020, North America held the largest share of the RFID and barcode printer market, and this trend is expected to continue over the next few years as well. Retail, transportation and logistics, manufacturing and industrial, and healthcare and hospitality are the major applications of RFID and barcode printers in the region. Several prominent companies offering RFID and barcode printers are present in North America that are further boosting the growth of the RFID and barcode printer market in this region. Zebra Technologies, Honeywell International, and Brother Industries are some of the major companies operating in the region, making it one of the largest contributors to the RFID and barcode printer market. Additionally, the US leads the market in North America owing to its well-established economy that encourages increased government and private investments in new technologies.

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