Advanced Printer Market
Advanced Printer Market (Technology: Laser, Thermal, Inkjet, Dot Matrix, and Others; Connectivity: Wired and Wireless; Application: Apparel & Textile, Signage, Advertising & Décor, Office & Professional Applications, CAD & Technical Printing, Commercial & Publication Applications, and Others; and End User: Industrial, Commercial, and Residential) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Industry 4.0 to Revolutionize New-generation Printing Technologies
Printing technologies have evolved at a rapid pace over the past couple of decades, due to a host of factors. From earlier iterations of mechanical printers used across industrial and commercial sectors to superior-quality digital printing – the printing sector has come a long way. Players involved in the current advanced printers market are largely burdened with an array of challenges such as the development of improved and cost-effective printers. Although modern-day printers are more affordable and have a higher consumer attractiveness, market players are expected to improve the overall quality of their printers to gain a competitive edge. Advanced printers are increasingly being used in several applications, including CAD & technical printing, commercial & publications, advertising & décor, signage, and apparel & textile.
The advent of the 3D printing technology is set to play a key role in augmenting the global advanced printers market during the forecast period. At present, although the adoption of 3D printing continues to remain lower than that of laser and inkjet printers, the demand for 3D printers is expected to gain momentum over the second half of the forecast period. With Industry 4.0 making inroads across the global industrial sector, advanced printers are anticipated to be connected by data to optimize the manufacturing process in a spectrum of industries. At the back of these factors, the global advanced printers market is expected to attain a market value of ~US$ 230 Bn by the end of 2027.
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Advent of 3D Printing Technology to Propel Market Growth
Over the past decade, the digital fabrication technology, which is also known as additive manufacturing, and 3D printing have gained considerable popularity. At present, within the advanced printers market, the fast-paced advancements in the 3D printing technology are likely to accelerate the adoption of advanced printers during the assessment period. The uptake of 3D printers around the world continues to witness consistent growth, particularly to produce open-source designs in a host of domains, including automotive industry, healthcare industry, aviation industry, and locomotive industry. At present, players operating in the current advanced printers market are increasingly exploring the potential of 3D printers in the manufacturing sector. In recent years, 3D printing has rightfully emerged as one of the most efficient and flexible techniques in the manufacturing sector. At present, research & development activities continue to explore applications and materials that are being used in the 3D printing sector.
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Consumer Demand for Energy Efficient Advanced Printers Drives Innovations
The past decade has witnessed a tectonic shift toward sustainable and eco-friendly solutions and technologies within the industrial sector. The storyline remains the same within the advanced printers market wherein market players are increasingly leaning toward deploying environment products and solutions. In their bid to develop environment-friendly products, participants within the advanced printer market are closely investigating the possibilities of using different sustainable materials. A notable number of companies are increasingly slanting toward the use of sustainable materials, minimizing waste, and fulfilling the growing consumer demand for environment-friendly printing solutions. While minimizing packaging waste is expected to remain a priority, players operating in the advanced printers market are focusing on using vegetable-based coatings, inks, and chemicals. Several brands operating in the current advanced printers market are also focusing on organic strategies, including product launches to gain an advantage. For instance, in July 2019, HP announced the launch of Neverstop Laser Tank printers in India to expand its consumer base in the region. Moreover, in May 2019, SHARP revealed that the company is set to launch a newly developed mono multifunction printer.
Amidst COVID-19 Pandemic, Market Players to Create Contingency Plans
The ongoing COVID-19 crisis is likely to stall the growth of the global advanced printers market particularly in 2020. As the demand for advanced printers continues to decline during the pandemic, offline sales are expected to experience a sluggish period. Online sales are also projected to take a hit as trade restrictions coupled with lockdowns enforced by governments have created glaring bottlenecks within the supply chain. Market players are estimated to deploy their contingency strategies to minimize the impact of the novel COVID-19 pandemic on the advanced printers market.
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The global advanced printers market is expected to grow at a moderate CAGR of ~3% during the forecast period. The market growth can be primarily attributed to a range of factors, including advancements in printing technologies, focus on automating printing services, growing demand from end-use industries, and affordable prices of modern day printers. Market players should focus on enhancing the eco-friendly quotient of their products and solutions to gain an advantage in the current market landscape.
Advanced Printer Market: Overview
- According to Transparency Market Research’s latest research report on the global advanced printer market for the historical period of 2017–2018 and the forecast period of 2019–2027, the rising demand for advanced printers for use in various applications is expected to boost the global advanced printer market during the forecast period
- In terms of revenue, the global advanced printer market is estimated to reach value of ~US$ 230 Bn by 2027, expanding at a CAGR of ~3% throughout the forecast period
Government Efforts to Propel Textile Industry: A Key Driver
- The textile industry holds importance in a country’s economy, as it contributes significantly to the country’s GDP. India, China, South Korea, the U.S., and member countries of the European Union have prominent textile industries. Governments are trying to propel the industry through various policies.
- With growth of the textile industry, digital textile printing has also evolved. Digital printing is rising at a rapid pace in the textile & apparel sector, owing to the increasing consumer demand.
- Various players operating in the global advanced printer market are launching new printers exclusively for use in the textile industry. For instance, in 2019, ColorJet India Ltd., a printer manufacturer, launched a new digital textile printer called Vastrajet.
- Government efforts to propel the textile & apparel industry are projected to have a high positive impact on the global advanced printer market in the next few years
- These factors are expected to drive the global advanced printer market during the forecast period
Increasing Demand for 3D Printers Offers Opportunities to Global Advanced Printer Market
- Production of additives is on the rise, with increasing manufacturing activities, along with emergence of the automation technology across the world. Additive manufacture involves formation of 3D products in less time and at a low cost. Demand for 3D printers is increasing, due to growing production of additives that help in manufacturing 3D objects.
- Manufacturers are building new and technologically advanced 3D printers for both commercial and industrial applications. Furthermore, this is anticipated to contribute to the global advanced printer market during the forecast period.
Trend of Paperless Offices to Hinder Advanced Printer Market
- Challenges pertaining to the environment are on the rise, owing to which people have started using eco-friendly products. Several corporates are implementing eco-friendly strategies by eliminating printing of documents.
- Offices that use zero or minimal physical papers are considered paperless offices. This strategy reduces usage of paper in offices, thereby contributing to protecting the environment. However, this can have a negative impact on the global advanced printer market, as printers are largely used in office applications.
- Use of electronic documents in offices rather than paper reduces the need for document printing and, eventually, the use of printers
- Furthermore, this restraint is expected to have a medium impact on the global market, as manufacturers are launching cost-effective and advanced printers, which are eco-friendly owing to their power-saving functionality
Advanced Printer Market: Competition Landscape
- Detailed profiles of providers of advanced printers have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global advanced printer market are
- Canon, Inc.
- Seiko Epson Corporation
- Konica Minolta, Inc.
- SHARP CORPORATION
- Kyocera Corporation
- Lexmark International, Inc
- SHARP CORPORATION
- HP Inc.
- Brother Industries, Ltd
Advanced Printer Market: Key Developments
- Key providers of advanced printers are focusing on the development of new products and technological advancements. Some other key developments in the global advanced printer market are as follows:
- In February 2020, BMF Boston Micro Fabrication, a printer manufacturer, announced the launch of a new 3D printer called ‘microArch.’ The new product is meant for use in the manufacture of high-resolution micro-scale parts.
- In June 2019, ColorJet India Ltd., a printer manufacturer, launched a digital textile printer called ‘Vastrajet.’ It offers consumers flexibility to use ink of their choice.
- In February 2019, Seiko Epson Corporation, a printer manufacturer, launched a new line of printers called ‘EcoTank’ to promote low-cost printing. EcoTank’ is equipped with the CISS system, which promises low cost per print.
- In the report on the global advanced printer market, we have discussed individual strategies, followed by company profiles of providers of advanced printers. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global advanced printer market.
Advanced Printer Market – Scope of the Report
A new study on the global advanced printer market is published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including drivers, trends, and challenges as well as structure of the global advanced printer market. TMR’s study offers valuable information on the global advanced printer market in order to illustrate how market growth would discern during the forecast period i.e. 2019–2027.
Key indicators of market growth, which include value chain as well as supply chain analysis and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global advanced printer market during the forecast period.
An extensive analysis of business strategies adopted by leading market players is also featured in TMR’s study on the global advanced printer market. This can help readers understand key factors responsible for growth of the global advanced printer market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global advanced printer market, which would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on Advanced Printer Market
- What would be the Y-o-Y growth trend of the global advanced printer market between 2019 and 2027?
- What is the influence of the changing trend in technologies on the global advanced printer market?
- Would North America continue to be the most profitable regional market for providers of advanced printers during the forecast period?
- Which factors would hinder the global advanced printer market during the forecast period?
- Which are the leading companies operating in the global advanced printer market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the global advanced printer market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during production of the report on the global advanced printer market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to the production of TMR’s study on the global advanced printer market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global advanced printer market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global advanced printer market with accuracy. The study also uses a top-down approach to assess numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global advanced printer market more reliable and accurate.
Advanced Printer Market – Segmentation
TMR’s study on the global advanced printer market segments the market based on technology, connectivity, application, end user, and region. Changing trends and other crucial market dynamics associated with these segments of the global advanced printer market are discussed in detail.
Apparel & Textile
Advertising & Décor
Office & Professional Applications
CAD & Technical Printing
Commercial & Publication Applications
Middle East & Africa