LONDON--(BUSINESS WIRE)--The global coding and marking equipment market is poised to reach USD 1.48 billion by 2023, according to a new report by Technavio, progressing at a CAGR of over 7% during the forecast period.
“Governments across the world are introducing regulations pertaining to packaging and labelling. This is compelling many packaging companies to make significant investments in coding and marking equipment in order to comply with the regulations and avoid penalties. Several companies are integrating advanced technologies such as Data Matrix to identify and efficiently track products across industries such as F&B, aerospace, healthcare, retail, and automotive. The increasing need for product traceability will fuel the growth of the global coding and marking equipment market,” says a senior analyst at Technavio. Request Free Sample Pages.
The market is driven by the increasing need for product traceability. In addition, the increasing number of labelling regulations are anticipated to further boost the growth of the global coding and marking equipment market during the forecast period.
Packaging companies are increasingly adopting technologies such as barcodes, RFID, QR codes, and Data Matrix to track and trace products. QR codes help packaging companies understand various parameters, such as the condition of the product, manufacturing date, and usage. Manufacturing companies leverage Data Matrix codes to automatically identify and track products such as cars, trucks, and bikes throughout their life cycle. These codes also play a major role in tracking products in other industries such as F&B, aerospace, healthcare, retail, and automotive. The increasing focus on product traceability ensures safety and security throughout the product lifecycle. This is one of the key factors that is driving the growth of the global coding and marking equipment market.
Many governments across the world are implementing stringent regulations with respect to packaging and labelling. For instance, the Food Safety and Standards Authority of India (FSSAI) recently mandated the labelling of allergens and vegetarian and non-vegetarian logos for packaged foods in the form of a barcode or a Global Trade Identification Number (GTIN). The FSSAI also mandated the use of X symbol on food products that are not meant for human consumption. The growing stringency of such regulations across the world is forcing companies to make significant investments towards the procurement of coding and marking equipment. This is expected to drive the growth of the global coding and marking equipment market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Danaher Corp.
- Domino Printing Sciences Plc
- Hitachi Ltd.
- Inkjet Inc.
- Markem-Imaje Group
- Matthews International Corp.
- Paul Leibinger GmbH & Co. KG
- ProMach Inc.
- REA Elektronik GmbH
- SATO Holdings Corp.
Market Segmentation by Technology
- CIJ printing and coding
- Laser coding and marking
- TIJ printing
- DOD printing
Market segmentation by End-Users
- Food and beverage
- Other end-users
Key Regions for the Coding and Marking Equipment Market
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report.
Related Reports on Information Technology are:
Commercial Online Printing Market in the European Union – Commercial online printing market in the European Union by product (business cards, display POS and signage, packaging, labels, and others) and region (Western Europe and Eastern Europe).
RFID Tags Market for Livestock Management – RFID tags market for livestock management by type (cattle, goats and sheep, and others) and geography (APAC, Europe, MEA, North America, and South America).
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