The global thermal printing market is estimated to register a CAGR of over 7.1% during the forecast period of 2021-2031.
Demand for thermal printers has seen a significant growth over the past few years. Industries around the globe are increasingly adopting thermal printing solutions to optimize day-to-day operations, improve product identification & inventory, and prevent costly errors. The demand is especially high in the retail, transportation, and logistics industries. According to Future Market Insights (FMI), thermal printing market will surpass US$ 11.80 Bn in 2021, thanks to rapid expansion of the retail industry and high spending on improving industrial infrastructure.
The retail industry is the largest end user of thermal printing technology, it uses specialist point-of-sale POS printers designed for delivery of transaction receipts mostly to consumers. Receipt papers are direct thermal media in the lowest, but adequate, thermal grades. The industry uses both manned check-out and increasingly automated self-check-out systems. Thus, there are significant untapped growth opportunities for the thermal printing market across various geographies.
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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.
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