Large Format Printer Market - Global Forecast to 2023
A representative for Research and Marketing (R&M), advised WFOL “The increasing demand for large format printing in the textile, advertising, and packaging industries and the rising adoption of UV curable inks in outdoor advertising, CAD, and technical printing applications drives the growth of the large format printer market”
WFOL were advised that the large format printer market is expected to grow from USD 8.37 billion in 2017 to USD 10.59 billion by 2023, at a CAGR of 4.00% between 2017 and 2023. On the back of a growing demand for large format printing in the textile, advertising, and packaging industries which is in turn driving the large format printer market. They suggested that major restraining factors for the growth of the large format printer market might include high initial investments and operating costs.
R&M noted that the “Large format printer market for raster image processor (RIP) software is expected to grow at the highest rate during the forecast period”
Raster image processor (RIP) software offering for large format printer is the fastest-growing segment. It helps in effective processing of files, which makes large format printers work faster and more consistently, which is very important for printing on different materials such as plastics, textiles, and others. With a dedicated RIP program, which is capable of processing larger files, the print management tasks become much easier; it enables people to multitask, thereby increasing process efficiency.
The R&M representative also noted that “The large format printer market for ink-based (inkjet) printer technology is expected to grow at the highest rate during the forecast period”
The market for ink-based (inkjet) printer technology is, according to R&M, expected to grow at the highest rate during 2017 and 2023. They believe that one of the major reasons for the higher growth of the market for inkjet printers is the increasing use of inkjet large format printers for technical and CAD printing. Inkjet printer provides reduced running costs for large format printing, which has led to the widespread adoption of inkjet printers in this industry.
The APAC Market
R&M saw the large format printer market in APAC growing at the highest rate between 2017 and 2023. APAC is one of the prospective markets for this technology. Countries such as Japan and South Korea are already developed economies, and China had been the fastest-growing economy in the world for the last 2 decades.
There is likely to be a tremendous demand for large format printers in the region during the forecast period because of high growth in graphic printing, apparel & textile printing, and CAD and technical printing. APAC produces a large amount of apparels and textiles, and this sector is expected to grow steadily in this region. A significant growth is likely to be witnessed in advertising and signage in India mainly due to the booming economy.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, R&M undertook extensive primary interviews with a number of key experts. The breakup of the profiles of primary participants was as follows:
- By Company Type: Tier 1-45 %, Tier 2-35%, and Tier 3-20%
- By Designation: C-Level Executives-35%, Directors-25%, and Others-40%
- By Geography: Americas-45%, Europe-20%, APAC-30%, and RoW-5%
WFOL were advised that companies that provide a range of customized solutions to customers are expected to emerge as the game changers.
The report produced by R&M covers the large format printer market based on offering, printing technology, print width, ink type, application, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as product launches, mergers and acquisitions, partnerships, agreements, and collaborations associated with the large format printer market.
R&M believe that their report would help the market leaders or new entrants in the following ways:
- This report segments the overall market comprehensively and provides the closest approximations of the global large format printer market size and that of the subsegments across different applications and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities in the large format printer market.
- This report would help stakeholders better understand their competitors and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions in the large format printer market.
The report mentions a long list of the key players in the market including:
- Durst Phototechnik
- Electronics for Imaging (EFI)
- Hewlett-Packard (HP)
- Konica Minolta
- Mimaki Engineering
- Oki Electric Industry
- Roland DG
Research & Markets