By 2023, the thermal printing industry is expected to be worth USD 13.3 billion. The market is expected to increase at a CAGR of 7.8% between 2023 and 2033, reaching USD 28.4 billion.
Future Market Insights has just published a market research report on the global thermal printing industry. The research extensively investigates historical data, current conditions, and market predictions. According to the analysis, the global thermal printing industry is expected to rise significantly between 2023 and 2033.
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 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.
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Changes in consumer behavior, 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.
Over the past few years, there has been a noticeable increase in demand for thermal printers. Industries all around the world are utilizing 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$ 13.3 billion in 2023, 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 2023–2033, the market for thermal printing is anticipated to grow at a CAGR of over 7.1%.
Key Takeaways: Thermal Printing Market
Rising at above 7.8% CAGR between 2023 and 2033, the thermal printing market will register impressive growth through the forecast period Presence of a thriving retail sector will continue driving the U.S. market, enabling it to account for over 86% of 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 2023 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 their business model to account for the effects of the 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 2022, however, it is anticipated to regain momentum by 2023.
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.
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