The global thermal printing market is expected to grow at 7.1% CAGR throughout the forecast period 2021-2031. Incorporation of data capture technologies to elevate productivity along with development in automatic identification is a key factor encouraging the adoption of thermal printing. Growing demand for on-demand printing applications and use of thermal printing technology will elevate the market growth, evaluated by ESOMAR-certified consulting firm Future Market Insights (FMI) in this study.
According to the study, thermal printers produce high quality prints and offer high speed printing solution in comparison with conventional impact printers. Owing to such qualities, they are becoming highly popular in retail stores leading to increased demand. COVID-19 pandemic has led to increased sales in small thermal printers while slump in sales was observed for large office printers due to implementation of work from home model. With recovery of the industries, a gradual growth is expected throughout the forecast period.
“Growing industrialization and surging economic growth in the emerging economies will provide hospitable conditions for rapid market growth,” remarks the FMI analyst.
- Presence of thermal printing market leaders in the U.S. along with rapid urbanization and increased spending habits portrayed by the customers will thrust the market growth to new levels.
- Increasing demand for thermal printers in healthcare industry for its high durability will boost the market growth in India. Low cost and high speed printing capabilities offered by thermal printers will further drive the Indian thermal printer’s market growth.
- In China, adoption of local products is taking place to replace traditional office equipments to enhance their digital security and promote digitization; boosting the domestic market growth.
- Brazilian printers offer most sophisticated printing technologies than any other emerging markets. Constant technological advancement to offer quality products and services coupled with growing middle class population will provide lucrative growth opportunities in Brazil.
- Implementation of thermal printers in healthcare industry for printing smart labels to improve productivity and fast patient and resource tracking during emergency will drive the market growth.
- Growing emphasis on product safety and efforts to restrict counterfeiting will drive the market growth.
- Booming e-commerce and online retail industry has promoted the adoption of radio frequency identification (RFID) and barcode thermal printers leading to increase in thermal printing market demand.
- Introduction of wireless printing technology in mobile printers will boost the market growth.
- Rapid development in competing printing technologies like mobile bar-coding and electronic shelf labels negatively influences the market sales.
- Harmful waste generation in the form of ribbons by thermal printers will impede the market growth.
- Poor printing of barcode labels and heating problems in thermal printers will hinder the market growth.
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Leading players profiled by FMI operating in thermal printing market include NCR Corporation, Zebra Technologies Corporation, HP Development Company L.P., Toshiba Tec Corporation, Star Micronics Co., Ltd., Advantech Co., Ltd., BIXOLON CO., LTD., Citizen Systems, Honeywell International Inc., Fujitsu Limited, Seiko Epson Corporation, Brother Industries, Ltd., NEC Corporation, SATO HOLDINGS CORPORATION, TSC Auto ID Technology Co., Ltd. According to FMI, Top players are interested in strategic merger and collaboration with regional distributors and manufacturers to strengthen their supply chain and expand on a global level.
For instance, Honeywell International Inc partnered with Augmented Identity leader IDEMIA in February 2021, with the purpose of developing intelligent building ecosystem that provides better user experience to operators and occupants. The partnership between Honeywell’s security and building management systems and IDEMIA’s biometric-based access control systems will be a corner stone while creating safe and efficient buildings.
More Insights on FMI’s Thermal printing Market
The latest market study on global thermal printing market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of printer type(Barcode Printer, POS Printer, Kiosk & Ticket Printer, RFID Printer, Card Printer), printing technology (Direct Thermal, Thermal Transfer, Dye Diffusion Thermal Transfer), format type (Industrial, Desktop, Mobile), Industry (Retail & Wholesale, Transportation & Logistics, Healthcare, Travel & Hospitality, Media & Entertainment, Manufacturing, Government, Others), and across major regions (North America, Latin America, Europe, South Asia-Pacific, East Asia, and Middle East & Africa).