DUBLIN--(BUSINESS WIRE)--The "Large Format Printers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global large format printer market was valued at USD 8.76 billion in 2020, and it is expected to reach USD 10.68 billion by 2026, registering a CAGR of 3.54%, during the period of 2021-2026.
- Canon Inc.
- Seiko Epson Corporation
- Mimaki Engineering Co .., Ltd.
- Roland DG Corporation.
- Ricoh Company, Ltd.
- Agfa-Gevaert N.V.
- Kyocera Corporation
Key Market Trends
Growing adoption of UV-cured printing inks in packaging
- Packaging and textile are the key industries that contribute to revenue growth in the global market space. Various national and international brands and corporates utilize large format printers to assist them in their out-of-home advertising effort. Moreover, the large size of the media makes it visible from a distance. Advertising using large hoardings, banners, signages, and building wraps, among others, is used to attract the target audience and subsequently increase their sales and revenue.
- The growing localized nature of the market resulted in an increased demand for short-run packaging. It enables the companies to provide niche packaging to specialty product manufacturers or local retailers, enabling the end-users to go after new markets and increase their sales revenues. These printers find their applications in large format packaging across various industrial sectors, including food and beverage, electrical and electronics, leisure, and furniture. Continuous growth and increasing demand for products from these sectors are anticipated to bolster the demand for large format printers over the forecast period.
- Technological advancements in printers have led to the development of large format printers in various aspects. One of these aspects is the ability to produce a good quality print in lesser time. The growing demand for faster turnaround times among the end-users has encouraged the market players to develop printers capable of producing print quickly. Moreover, automated processes in several printers have eliminated the need for manual intervention in printing, thereby shortening the entire printing process.
Asia Pacific is Expected to be the Fastest Growing Market
- The Asia Pacific is one of the most significant markets for large format printers across the world. Countries such as China, India, and Japan, are the key contributors to the region's high share globally. Also, the region is anticipated to register the fastest growth over the forecast period.
- The COVID-19 pandemic severely impacted the economies across the region. With markets completely shut down for several months during 2020, industries, such as retail, automotive, and BFSI, among others, witnessed drastic changes with respect to how customers engage with the brands and products. Besides, digital commerce also witnessed growth. According to the India Brand Equity Foundation, the e-commerce market in India stood at a value of USD 46.2 billion in 2020 and is expected to grow to USD 111.40 billion by 2025. As such, the growing digitalization across key economies in the Asia-Pacific region is anticipated to impede the growth of the regional large format printer market.
- Furthermore, the growing penetration of smartphones in the region is paving the growth of digital media. Moreover, the advanced analytics provided through digital media also encourage companies and brands to switch to digital channels for advertising.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Market Insights
4.1 Market Overview
4.2 Industry value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Assessment of COVID-19 Impact on the Industry
5 Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand from Packaging, Advertising, and Textile Industries
5.1.2 Printer and Ink-based Advancements, Such as the Use of UV- Curable Inks and CAD -based Solutions in Printing
5.2 Market Restraints
5.2.1 Strong Threat from Digital Advertising-Based Media, as It Allows for Greater Flexibility and Engagement
6 Market Segmentation
6.1 By Type
6.2 By End-User Vertical
6.3 By Geography
7 Competitive Landscape
7.1 Company Profiles
8 Investment Outlook
9 Market Future
For more information about this report visit https://www.researchandmarkets.com/r/dnxf6i