The global large format printer market is projected to grow at an annual rate of 5.4% to reach $US11.4 billion by 2026, according to new research. High demand for large-scale prints was helping to drive the market in North America - the largest global wide format market. The UV cured ink type segment is projected to increase its market share, according to ReportLinker.
|(image: courtesy Konica Minolta)|
“The growth of the large format printer market in North America is mainly driven by large-scale investments by companies as well as high demand for large format printers for large-scale prints, according to ReportLinker’s "Large Format Printer Market with Covid-19 Impact Analysis by Offering, Connectivity, Printing Material, Technology, Print Width, Ink Type, Application And Geography - Global Forecast to 2026"
“The high adoption rate and technological advancements also drive the growth of the large format printer market in North America. The North American region is the largest market as the region is home to major players such as Hewlett-Packard (HP), Electronics for Imaging (US), Xerox Corporation (US), and Lexmark (US). The large share enjoyed by the region is due to the vast presence of various key players and improved advertising and décor demand.
“The outbreak of the novel coronavirus is expected to affect the large format printer market, but steady recovery is expected by 2022. Developing countries in APAC have vast growth potential as well as a favourable environment for product manufacturers.
The large format printer market in APAC is projected to have the highest growth rate during the forecast period (2021-2026), the report found.
“APAC countries, especially India, Japan, and China, are expected to lead the large format printer market in the coming years, in terms of adaptability and market size. APAC is a leader in the textiles business. China and India are the largest suppliers of textiles; these countries constitute the maximum number of textile printing owners and marketers and hold the most extensive base of textile manufacturers as well. Significant growth in the market for large format printers is likely to be observed in advertising and signage applications in India, mainly due to the booming economy."
The ink-based technology segment is expected to have the highest growth during the forecast period, according to the report.
“One of the primary reasons for the higher growth rate of the market for inkjet printers is the increasing use of inkjet large format printers for technical and CAD printing applications. Traditionally, the architecture, engineering, and construction (AEC) industries preferred laser printers as these printers used lesser colours and ensured higher printing speed than inkjet printers.
“Inkjet printer manufacturers have started providing faster inkjet printers with reduced running costs for large format printing, which has led to the widespread adoption of inkjet printers in these industries. The reason behind the decreasing demand for toner-based printers is the replacement of these printers with inkjet printers due to their benefits such as low cost and low maintenance.”
The UV cured ink type segment of the large format printer market is projected to hold a larger share during the forecast period. “Though aqueous ink- and solvent ink-based printers have advantages in terms of cost and overall picture quality, they have certain drawbacks too. Aqueous ink takes significantly more time to dry and generally is not waterproof.
“In addition, this type of ink deteriorates when exposed to UV light. The solvent ink, though waterproof and can withstand ultraviolet (UV) light, produces extremely harmful chemical fumes during the printing process and requires special ventilation. UV cured ink has multiple advantages; this type of ink dries almost instantaneously, is UV-resistant, and does not have any significant environmental impact. Moreover, it can be applied to a range of uncoated and on rigid surfaces.
“UV cured ink is increasingly replacing solvent ink despite being expensive because of its benefits mentioned above. Therefore, the demand for UV cured ink is expected to increase and hold the largest market share during the forecast period.”
ReportLinker says the major companies in the large format printer market are Hewlett-Packard (HP) (US), Canon (Japan), EPSON (Japan), Ricoh (Japan), Konica Minolta (Japan), Electronics for Imaging (EFI) (US), Xerox Corporation (US), Fujifilm Holdings Corporation (Japan), Kyocera Corporation (Japan), Lexmark (US), Roland Corporation (Japan), Mimaki Engineering Co. Ltd. (Japan), Agfa-Gevaert (Belgium), Mutoh (Japan), Durst Phototechnik (Italy), ARC Document Solutions (US), DILLI Illustrate (South Korea), swissQprint (Switzerland), Shenyang Sky Air-Ship Digital Printing Equipment Co. (China), Seiko Instruments Inc. (Japan), Oki Electric Industry Co. Ltd. (Japan), Soma Tech Intl (US), Floral Printing (China), Dover Digital Printing (US), and Sanyi Technology Development Co. Ltd (China).
The full report is available for purchase here: https://www.reportlinker.com/p04046913/?utm_source=GNW