Thermal Printing Market Size

Thermal Printing Market Size

Thermal Printing Market size exceeded USD 30 billion in 2019 and is poised to grow at 7% CAGR between 2020 and 2026. Increasing adoption of Automatic Identification & Data Capture (AIDC) technologies across several industry verticals for accurate data recognition, collection, and storage will drive the market growth.

Thermal printing is a technology that facilitates fast & precise printing of identification labels or receipts. The need to improve productivity, reduce paperwork, and ensure accurate data collection & transfer has increased the demand for thermal printing in AIDC technologies. Thermal printing technology is mainly used in AIDC due to its high reliability, speed, accuracy, and quality in printing barcodes. Benefits such as compact size and strong durability compared to other of printers, such as inkjet and dot matrix, has resulted in the increased adoption of thermal printers among several industrial verticals.

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Implementation of government initiatives to boost industrial development are supporting the growth of the thermal printing market. For instance, the G20 initiative on Supporting Industrialization in Africa and Less-developed Countries (LDCs) for eliminating poverty and promoting sustainable development will contribute towards the growth of retail, transportation & logistics, and manufacturing sectors. These industries require fast printing of labels to reduce the time-to-market and increase profitability. Thermal printing technology has gained popularity in the industrial sector due to its ability to create durable & long-lasting images that are resistant to external climatic factors. It can also create legible & smudge-free images, ensuring product safety and reducing the threat of counterfeit products.

Thermal printing market growth will witness a temporary slowdown in 2020. This can be attributed to the drop in global economic growth and temporary closure of several industries during the initial phase of imposed lockdowns globally. The closure of manufacturing facilities and disruption in the supply chain for e-commerce retailers will negatively impact the market growth. In addition, the pandemic has impacted the production capabilities of market players due to labor shortage, resulting in declined sales of thermal printing solutions.