The global inkjet printers market is projected to expand at a robust growth rate of 5.1% from 2021 to reach around $US62.5 billion ($A85bn) by 2030, according to latest research. Drop on demand printers are estimated to grow at the fastest rate during the period.
|Mutoh’s XpertJet 1682WR drop on demand dye sub inkjet printer
“The significant growth of the advertising industry integrated with the demand for higher print quality and better print resolution is estimated to fuel the growth of the market,” says Canada-based Precedence Research. “The advertising industry makes use of large format printers to produce posters, signage boards, banners billboards, and hoardings. The billboards and banners consist of detailed information such as graphics, images, and logos to capture the attention of the customers. Thus, the growth of the advertising industry will contribute significantly towards the growth of the inkjet printer market.
Also, in recent years, there has been “a significant demand for packaging across the globe for the e-commerce transport and shipment, personal care, household care, food and beverages and healthcare. This rise in demand for packaging is boosting the growth of the packaging industry and this in turn drives the demand for inkjet printers used for packaging purposes. This is one of the primary attributes that drives the growth of the market.”
The multifunctional printer segment accounted for more than 25% revenue share in 2020.
The industrial segment of the Inkjet Printers Market is estimated to lead the market with a market share of more than 25% in 2021.
By Geography, North America is expected to lead the market contributing more than 30.1% revenue share in 2021 owing the growth of pharmaceutical industry in this region and also by the presence of major market players.
Based on the technology, the Inkjet Printers Market is divided into Continuous Inkjet, Drop on Demand, UV Inkjet and Others. The continuous inkjet printer in this segment is forecasted to contribute the largest revenues share of more than 40% in 2020 and is estimated to grow remarkably over the forecast period. This type of printers offers features such as minimum leak of Volatile Organic Compounds (VOCs), lower maintenance cost and the option to fill different types of inks. All these features offered will act as a driving factor for the market growth. The users mostly prefer these technology continuous inkjet printers as it offers sealed cartridge-based systems for ink delivery that simplifies replacement while minimizing the possibility of the spill. All these attributes are anticipated to drive the growth of the continuous inkjet printers.
During the forecast period, the Drop on Demand (DOD) inkjet technology printers are estimated to grow at the fastest rate owing to the beneficial features it provides such as reduced downtime, flexibility and functionality. In this inkjet printer liquid is ejected from the print head only when a drop is necessary. It is primarily used in industrial application such as printing on timber, plasterboard, plastics, hardware, metals, packaging, and concrete products.
Asia Pacific is witness to grow significantly over the forecast period owing to the availability of cheap labour and low manufacturing cost in this region. Also, the easy availability of raw materials for the production of inkjet printers is yet another factor that boost the growth of the inkjet printer market in this region. For instance, on 22nd January 2021, Epson, a world leader in digital imaging and printing solutions announced its launch of first ever industrial level Direct-to-Garment printer, Epson SureColor SCF3030. It offers high productivity and is cost effective. The printer targets drop-shipment jobbers, e-commerce customers, garment screen printers and new start-ups engaged in personalized T-shirt printing business.
The increasing penetration of inkjet printers in developing nations coupled with rapid digitalization is expected to be the key driving factors for the market growth. For instance, Canon Inc, on 5th August 2021, announced the evolution of the new imagePROGRAF TZ-5300 series and next generation imagePROGRAF TX-5310 series large format printers. The new TZ range offers High Speed, Productivity and Seamless Workflow Management. This development in the inkjet printers is anticipated to fuel the growth of the inkjet printer market.
Restraint - The major restraining factor that will negatively impact the growth of the Inkjet Printers Market includes the health hazards that are caused upon exposure to the chemicals used for printing and the environmental hazards when the printing wastes are not handled in a proper manner.
Opportunity - Hybrid printing using the inkjet printers is one of the latest printing technologies that is expected to find huge opportunities in the upcoming years as it offers more work to be done in a shorter duration of time and it is cost effective.
Challenges - The continuous exposure to the printing chemicals causes various health hazards and it needs to be handled with proper safety provisions. This factor will be a major challenge encountered by the inkjet printer market.
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