Large Format Printer Market by Offering (Printers, RIP software, Services) worth 10.59 Billion USD by 2023
According to MarketsandMarkets’ forecast, the large format printer market, in terms of value, 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.
Major drivers for the large format printer market are increasing demand for large format printing in the textile, advertising, and packaging industries; the rising adoption of UV-curable inks in outdoor advertising, CAD, and technical printing applications; and the growing importance of digital document production in commercial printing applications.
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This report covers the large format printer market based on offering, printing technology, print width, ink type, application, and geography. The market for large format printers with a print width ranging from 44” to 60” is expected to lead the market between 2017 and 2023. These printers are well-suited for high-quality indoor and outdoor applications. The other applications of these printers include PoP/PoS exhibition, event graphics, exterior signage, and floor graphics.
The market for UV-cured ink-based large format printers is expected to grow at the highest rate between 2017 and 2023. UV-cured ink primarily consists of acrylic monomers with a photo initiator. The main advantage of UV-cured ink is that it dries quickly as soon as it is cured, and after that, it can be applied to a wide range of substrates; it produces a robust image regardless of the type of substrate.
The market for signage applications expected to hold a major share of the large format printer market in 2016
The large format printer market for signage applications is expected to hold the largest share of the large format printer market in 2016. Wide varieties and different uses of indoor and outdoor signage, such as warning signs on highways and roads, large corporate emblems, promotional signage, and window displays, contribute to the growth of the large format printer market for signage applications. Signage prints are carried out using wide format printers; the demand for signage applications is expected to grow during the forecast period, thereby driving the demand for large format printers.
Americas held the largest share of the large format printer market in 2016
The Americas held the largest share of the large format printer market in 2016. The signage and advertising sector in the Americas is growing rapidly; companies in this region are investing more in outdoor advertising and indoor signage. Retail giants such as Walmart and Carrefour are driving the growth of the market for signage applications. The demand for large format printers in the Americas is more for outdoor advertising and indoor signage applications compared to other applications, such as apparels and tile murals.
The large format printer ecosystem comprises hardware component manufacturers, prototype designers, and original equipment manufacturers (OEMs); large format printer suppliers such as HP Inc. (US), Canon Inc. (Japan), Epson (Japan), Roland DG Corporation (Japan), Mimaki (Japan), Ricoh (Japan), Agfa Gevaert (Belgium), Konika Minolta (Japan), and EFI Inc. (U.S.) among others.
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