Current And Future of Large Format Printer Market Size, Key Players, Analysis and Forecast
According to a research report "Large Format Printer Market with Covid-19 Impact Analysis by Offering, Connectivity (Wired, Wireless), Printing Material (Porous, Non-porous), Technology (Ink-based, Toner-based), Print Width, Ink Type, Application, and Geography - Global Forecast to 2026" , the large format printer market is projected to reach USD 11.4 billion by 2026 from USD 8.8 billion in 2021; it is expected to grow at a CAGR of 5.4% from 2021 to 2026. 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. Moreover, 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 favorable environment for product manufacturers. Countries such as Japan and South Korea are already developed economies, and China has been the fastest-growing economy in the world for the last 2 decades. Large format printers are likely to witness tremendous demand in the region during the forecast period because of high growth in graphics, apparel and textiles, and CAD and technical printing. APAC produces a large amount of apparel and textiles, and this sector is expected to grow steadily in this region. 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. Therefore, the large format printer market in APAC is expected to grow at the highest rate during the forecast period.
Browse 203 market data Tables and 70 Figures spread through 239 Pages and in-depth TOC on "Large Format Printer Market with Covid-19 Impact Analysis by Offering, Connectivity (Wired, Wireless), Printing Material (Porous, Non-porous), Technology (Ink-based, Toner-based), Print Width, Ink Type, Application, and Geography - Global Forecast to 2026"
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In technology, the ink-based technology segment is expected to grow at the highest rate of the large format printer market
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 colors and ensured higher printing speed than inkjet printers. However, with time, 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 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. On the contrary, 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.
The Large format printer market in APAC is projected to have the highest CARG during the forecast period (2021-2026)
The market in APAC is expected to grow at the highest CAGR during the forecast period. Most leading providers of large format printers such as Canon, Epson, and Mimaki are based in this region. 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. IDCs Asia/Pacific Next-Generation Imaging, Printing and Document Solutions research examines the new opportunities on print environment from smart scan/print devices and managed workflow services to 3D printing. This research provides insights on the potential innovation that will disrupt the traditional print hardware market in Asia/Pacific. In light of the adoption of 3rd Platform technologies, particularly on cloud, Big Data, and mobility, end users continue to evaluate and adopt new solutions to enhance their workflow environment from the desktop level to the industrial level.
Countries such as Japan and South Korea are already developed economies, and China has been the fastest-growing economy in the world for the last 2 decades. Large format printers are likely to witness tremendous demand in the region during the forecast period because of high growth in graphics, apparel and textiles, and CAD and technical printing. APAC produces a large amount of apparel and textiles, and this sector is expected to grow steadily in this region. 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. Developing countries in APAC have vast growth potential as well as a favorable environment for product manufacturers. Therefore, the large format printer market in APAC is expected to grow at the highest rate during the forecast period.
Key Players of Large format printer Market:
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).
Recent Developments
- In October 2021, Epson has announced its partnership with Usain Bolt, a well-known sprinter and Olympic legend, to raise awareness regarding Epson’s cartridge-free EcoTank printers and their benefits in Europe.
- In August 2021, Canon has announced that it has signed an agreement with Cimpress (Ireland), under which the former will supply digital printing presses and related technology to the latter’s businesses in various locations.
- In July 2021, Epson has launched a new T-series printhead. It is the first printhead of the company with a built-in heater. It is used for UV applications.
- In May 2021, HP announced the latest addition to its HP Stitch portfolio to help print service providers (PSPs) diversify their soft signage and interior décor offerings, as well as meet more challenging customer needs.
- In March 2021, Ricoh has launched its high-speed, flagship all-in-one A3 black and white multifunction office printers (MFPs). The IM 7000 and IM 9000 multifunction products (MFPs) provide copy, print, and scan with optional fax functions.
- In February 2021, HP introduced a range of new Latex large format print solutions to help PSPs diversify their offerings and meet more challenging customer needs.
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