A market research study on the global thermal printing market was recently released by Future Market Insights. The report provides a thorough analysis of the market's historical data, current conditions, and forecast. Over the forecast years of 2021 and 2031, the report on the global thermal printing market is expected to experience positive growth.
The important trends and growth drivers that are expected to have an impact on the market in the future years are thoroughly examined in the report. Over the forecast period, the technology industry is anticipated to experience a healthy growth due to the adoption of cloud computing and artificial intelligence. The growth forecast for the economy is projected to improve as a result of increased competitive pressure and enhanced digital transformation in the fields of data analytics and artificial intelligence.
Changes in consumer behaviour, robust product advancements, and growing distribution networks continue to have an impact on the growth of the thermal printing market, according to the FMI analysis. The researchers at FMI depend on original research techniques and thorough data analysis to identify current and foreseeable trends in the Thermal Printing market report. They also collect information from a variety of primary and secondary sources.
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Over the past few years, there has been a noticeable increase in demand for thermal printers. Industries all around the world are utilising thermal printing solutions more frequently to streamline daily operations, enhance product identification inventory, and avoid expensive mistakes. Particularly strong demand is seen in the logistics, transportation, and retail sectors. The market for thermal printing will surpass US$ 11.80 billion in 2021, predicts Future Market Insights (FMI).
The main end user of thermal printing technology is the retail sector, which primarily uses specialised point-of-sale POS printers for delivering transaction receipts to customers. The simplest, yet adequate, direct thermal media are receipt papers. The industry employs both manned check-out counters and rising numbers of automated self-check-out machines. There are therefore considerable unrealized development potentials for the thermal printing sector globally.
Over the forecast period of 2021–2031, the market for thermal printing is anticipated to grow at a CAGR of over 7.1%.
Key Takeaways: Thermal Printing Market
Rising at above 7% CAGR between 2021 and 2031, the thermal printing market will register impressive growth through forecast period Presence of a thriving retail sector will continue driving the U.S. market, enabling it to account for over 86% sales in North America Increasing demand in healthcare, retail, and other industries will enable the U.K. market to register over 5% y-o-y growth in 2021 Germany and France are expected remain highly lucrative markets for thermal printing sales in Europe Focus on digital transformation has been enabling sales in China, while Japan and South Korea remain lucrative markets within East Asia
COVID-19 Impact Analysis on Thermal Printing Market
Businesses are facing the reality and adjusting the business model to account for the effects of COVID-19 pandemic. For ensuring the business continuity plans businesses are adopting advanced technologies and various solutions to run their business smoothly. The disruption caused in the global supply chain has forced companies to look at technologies, which allow for remote manufacturing capabilities without the need for investment in large areas, as such, printing. During the pandemic, many retailers tried to optimize their online sales processes using e-commerce platforms.
Thus the market experienced a drop in growth in 2020, however it is anticipated to gain back its momentum by 2021.
Who is Winning?
Top players in the thermal printing market hold a major portion of the market share. Moreover, various key players in the market strive to enter partnerships and collaborations with local and regional players in order to improve their geographic footprints.
In April 2019, STAR MICRONICS CO., LTD. entered into a partnership with Kiosk Group, Inc., a provider of hardware and software solutions for kiosk headquartered in the U.S. According to the partnership, Kiosk Group supports the Star Micronics’ mPOP, TSP654II, TSP743II, TSP847II, and TSP143IIIU thermal printer models through Kiosk Pro Enterprise solution, which provides customers with an easy and reliable way to complete transactions with printed receipts.Some of the key players in the thermal printing market are Honeywell International Inc., Fujitsu Ltd., HP Development Company, Zebra Technologies Corp., Seiko Epson Corporation, and Toshiba Tec Corporation.
More Valuable Insights on Thermal Printing Market
FMI’s report on the thermal printing market is segmented into five major sections – printer type (barcode printer, POS printer, kiosk ticket printer, RFID printer, and card printer), printing technology (direct thermal, thermal transfer, and dye diffusion thermal transfer), format type (industrial, desktop, and mobile), industry (retail wholesale, transportation logistics, healthcare, travel hospitality, media entertainment, manufacturing, government, and others) and region (North America, Latin America, Europe, East Asia, South Asia Pacific, and the Middle East Africa), to help readers understand and evaluate lucrative opportunities in the thermal printing market.
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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