According to the new market research report “Thermal Printing Market by Offering (Printer, Supplies), Printer Type (Barcode, POS, Kiosk & Ticket, RFID, and Card), Format Type (Industrial, Desktop, Mobile), Printing Technology (DT, TT, D2T2), Application and Geography – Global Forecast to 2023″, The thermal printing market is expected to be valued at USD 37.66 Billion in 2017 to reach USD 50.45 Billion by 2023, at a CAGR of 5.00% between 2017 and 2023.
The adoption of automatic identification and data capture (AIDC) technologies for productivity improvement, growing concerns about product safety and anti-counterfeiting, use of thermal printers in on-demand printing applications, increasing adoption of wireless technologies in mobile printers, and growth of the e-commerce industry are the driver of the growth of the thermal printing market worldwide.
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Supplies to hold a major share of thermal printing market during forecast period
The supplies segment is expected to hold the major share of the thermal printing market based on offering between 2017 and 2023. The overall thermal printing market based on offering is segmented in printer hardware and supplies. Supplies hold a larger share of the overall market owing to its dominant use in thermal printing. A lifetime of almost every printer involves the use of numerous supplies, which is leading to the rapid upsurge in the demand for supplies.
Barcode printers to hold largest share of thermal printer market during forecast period
Barcode printer is expected to hold the largest share of the thermal printer market between 2017 and 2023. Thermal barcode printers are extensively used in small, medium, and large businesses to label and, subsequently, track the products to be shipped. Application of barcode printers in the retail sector increases efficiency, boosts employee productivity, widens profit margins by lowering costs, and helps deliver a top-notch customer service.
Thermal printer market for mobile format to grow at highest CAGR between 2017 and 2023
Mobile format thermal printers are light in weight, easy to use, and durable, and deliver rich print quality. These printers are used in various applications such as hospitality, healthcare, and retail. Mobile printers have an ability to receive a command from mobile, smartphones, and tablets, either through connecting cables or wireless connection enabled by short-range Bluetooth technology. The demand for mobile thermal printers is increasing rapidly as these printers are used for printing labels, tickets, and receipts in many markets, such as hospitality, retail, and healthcare, owing to their several benefits such as the ability to connect to wireless networks and print materials on the spot.
Retail held largest share of the thermal printing market in 2016
The demand for thermal printers is increasing in the retail sector as there is a growing need for maintaining data by tracking inventory through the barcode and RFID tags. Thermal printers are used to print these tags at significantly low costs. Also, these printers print rugged and reliable labels, which can withstand all challenging conditions such as abrasion, moisture, and extreme temperature. Moreover, the inclination of the companies toward retailing and growth potential of e-commerce business are further expected to fuel the thermal printing market.
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North America held largest share of thermal printing market in 2016
Retail applications, such as smart packaging, inventory management, and warehousing, along with transportation and logistics applications drive the thermal printing market in North America. These applications require barcode, and RFID labels and tags for tracking all the data of a particular asset. Owing to this, the demand for RFID, barcode, and POS thermal printers is increasing rapidly in North America.
Also, the presence of significant players such as Zebra Technologies (US), Honeywell International (US), Avery Dennison (US), and Wasp Barcode Technologies (US), serving the retail, and transportation and logistics industries, is expected to further boost the thermal printing market in North America.
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