Large Format Printer Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2467
Large Format Printer Market size demonstrates a steady growth owing to the large format printing services that assist in delivering the marketers’ brand messages effectually to a larger audience. These printers make use of the droplet technology, which creates clear and sharp images that are visible from a larger distance. Despite the bigger size, these printers can print high-quality and efficient documents and are used for printing marketing collaterals such as banners, posters, stickers, and pull-up banners for major businesses, which will drive the growth of the large format printer market. Factors such as printing as per the required quantity and withstanding extreme environmental conditions without fading also contribute to the market growth.
There has been an increase in the demand for large format printing at the industrial level including advertising, textile, and packaging. Mobile printing facilities allow the user to print documents directly using the mobile phone or any other wireless device, which will spur the market demand. Moreover, the adoption of UV curable ink for large format printers assists in printing robust images, which can be applied to a wide range of substrates, such as wood, foam board, glass and cardboard, driving the demand for UV cured inks, which in turn will spur the growth of the large format printer market. These printers also offer ease-of-use as they provide features such as a large color touchscreen that enables the configuration of the connectivity options in printers. They are highly especially useful in workplaces with employees with poor eyesight or are unaware of the printing technology as these touchscreens are easier to use and understand.
However, high operating cost and huge initial investments are some of the factors restraining the growth of the large format printer market. Furthermore, these printers are not versatile and can be used only for specific purposes, which act as a barrier to the market growth. For instance, if the company is not looking for printing large posters or billboards then the entire investment can go in vain, limiting the market growth. The electricity consumption by large format printers is also high, which also acts as a barrier to the market growth.
One of the greatest trends for the large format printer market includes the rising demand for 3D printing. These printers offer various benefits, such as high quality with improved efficiency and reduced energy wastage, which have made them a preferred choice for the end users as compared to the traditional 2D printing. The 3D printing also provides additional services such as scaled-down replicas of the designs along with technologies including fused deposition modeling and selective laser sintering, which will drive the growth of 3D printing market over the forecast period.
The large format printer market has penetration into different printing technologies such as ink-based printers and toner-based printers. The UV cured ink-based printers hold a higher market share as they basically contain acrylic monomers along with a photo initiator. This ink dries quickly on being cured and produces a robust image irrespective of the type of substrate. The signage application holds the highest share in the large format printer market. Wide varieties of indoor and outdoor signage are prominently used especially for displaying warning signs on roads and highways and in the industrial sector. As signage prints are carried out with the aid of large format printers, their demand is anticipated to rise over the forecast period.
North America dominates the large format printer market as the demand for advertising and signage sector is growing rapidly in this region. A large number of companies, such as Walmart and HP, are investing huge funds into indoor and outdoor signages, driving the market. APAC is anticipated to grow rapidly during the forecast period as most of the major providers of large format printers reside in this region. The Asian markets, especially China, India, and Japan, are expected to lead the market owing to their booming economy and adaptability. Moreover, due to technological advancements, the regions of China, South Korea, and Taiwan build better-quality printers with enhanced quality.
The large format printer market is fragmented with the presence of a substantial number of players. Some of the players present in the market are Canon, HP, Epson, Ronald, Xerox, Mimaki, Lexmark, and AFGA Graphics. These players are investing huge funds into R&D to bring about customized printers, which can be made application-specific thereby catering to varied segments of the market.
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