Global Thermal Printing Market Estimated to Reach US$ 45.60 Billion by 2022
Thermal Printing Market |
Market Overview:
The global thermal printing market is projected to reach a value of US$ 45.60
billion in 2022, with a compound annual growth rate (CAGR) of 4.5% during the
forecast period 2023-2030. Thermal printing technology offers numerous
advantages, including high printing speed, low maintenance cost, and
high-quality printing. The growing need for quick and efficient printing
solutions in various industries, such as retail, healthcare, transportation,
and logistics, is driving the demand for thermal printing products. These
products are widely used in barcode label printing, ticketing, packaging, and
point-of-sale applications due to their ease of use and cost-effectiveness.
Market Key Trends:
The key trend in the thermal printing market is the increasing adoption of
mobile thermal printers. These compact and portable devices enable printing on
the go, making them suitable for outdoor applications. Mobile thermal printers
offer convenience and flexibility, allowing professionals in various industries
to print documents, receipts, and labels directly from their mobile devices.
Additionally, advancements in wireless connectivity and battery technology are
further enhancing the capabilities of mobile thermal printers. The growing
trend of mobile workforce and the need for on-demand printing solutions are
expected to drive the market growth of mobile thermal printers in the coming
years.
Segment Analysis:
The thermal printing market can be segmented based on technology, printer type,
end-use industry, and geography.
One of the dominant segments in the thermal printing market is the printer type
segment. Within this segment, the barcode printers sub-segment is expected to
dominate due to its widespread use in various industries such as retail,
manufacturing, healthcare, and logistics. Barcode printers play a crucial role
in inventory management, tracking, and identification processes, which are
essential for efficient operations in these industries. The increasing adoption
of barcode technology to enhance operational efficiency and reduce errors is
driving the dominance of the barcode printers sub-segment. Furthermore, the
growing e-commerce industry and the need for efficient supply chain management
are also contributing to the increased demand for barcode printers.
Key Takeaways:
The global
thermal printing market is expected to witness high growth, exhibiting
a CAGR of 4.5% over the forecast period (2023-2030). This growth can be
attributed to several factors. Firstly, the increasing adoption of thermal
printing technology in various industries such as retail, transportation,
healthcare, and manufacturing is driving market growth. The ability of thermal
printers to produce high-quality, durable, and cost-effective prints is fueling
their demand in these industries. Secondly, the growing e-commerce industry and
the need for efficient labeling and packaging solutions are further boosting
the demand for thermal printers. Moreover, the rising popularity of contactless
payment systems and the need for thermal receipts in the banking and
hospitality sectors are also contributing to market growth.
In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the thermal printing market. The rapid
economic growth, rising disposable income, and increasing adoption of advanced
technologies in countries like China, Japan, and India are driving the demand
for thermal printers in the region. Moreover, the presence of prominent
manufacturers and the booming e-commerce industry in Asia Pacific are further
fueling the market growth. Additionally, the increasing investments in
infrastructure development and the rise in government initiatives to promote
digitalization are creating lucrative opportunities for thermal printing market
players in this region.
Key players operating in the thermal printing market include Zebra Technologies
Corporation, TSC Auto ID Technology Co., Ltd., Toshiba TEC Corporation,
Honeywell International, Inc., Bixolon Co., Ltd., Citizen Holdings Co., Ltd.,
Star Micronics Co., Ltd., Seiko Epson Corporation, SATO Holdings Corporation,
HP India Sales Private Limited, and Brother International Corporation. These
key players are adopting strategies such as product launches, collaborations,
and acquisitions to strengthen their market position and expand their product
portfolio.
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