Large Format Printers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global large format printer market was valued at USD 8. 76 billion in 2020, and it is expected to reach USD 10. 68 billion by 2026, registering a CAGR of 3. 54%, during the period of 2021-2026.

New York, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Large Format Printers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06187437/?utm_source=GNW

Key Highlights
A large format printer is essentially used for printing large designs and materials that cannot be printed using the standard printer due to their large size. These printers are sometimes referred to as ‘wide format printers.’ Large format printers are used for various printing needs that require the print to be done on a substrate with larger dimensions. These printers are ideal solutions for printing textiles, signages, CAD and technical printing, advertisement posters, and others. ?
The advancement in printing technologies and the availability of various inks in the market have increased the number of applications of large format printers, which, in turn, is resulting in the growth of the market. Further, the growing emphasis on large and technical graphics is estimated to propel the market growth over the forecast period.?
Large format printers are primarily used for printing signages, which highly contributed to the market revenue in 2020. Signages act as a key form of outdoor advertising efforts of businesses or corporates, and they are highly useful for marketing the products, services, and the company. Additionally, indoor signages are used for various marketing and non-marketing purposes, including POS advertising, signages with warnings and directions, and others. ?
Technological advancements over time led to the development of printers that provide increased speed and productivity of printing. As such, the growing customer emphasis on quick printing services is sufficed by these fast-processing printers.?
Large format printers are essentially used for printing requirements with dimensions ranging from 18 inches to 100 inches. Customers from various industries and end-users, such as architects, engineers, advertising agencies, and small to large-scale businesses, use these printers for a range of applications. These end-users are increasingly inclined to purchase large format printers rather than outsourcing the printing task due to cost savings and a better return on investment. ?
The market is witnessing various product developments, with market players actively launching new and advanced products to serve a significant number of customers in the market, subsequently increasing their market share. For instance, in September 2021, Canon Inc. announced the launch of a new large format printer, the imagePROGRAF GP Series. The new printer includes fluorescent pink ink that provides enhanced graphics. It allows the users to print highly graphic posters and wall art, among others.?

Key Market Trends

Growing adoption of UV-cured printing inks in packaging

Packaging and textile are the key industries that contribute to revenue growth in the global market space. Various national and international brands and corporates utilize large format printers to assist them in their out-of-home advertising effort. Moreover, the large size of the media makes it visible from a distance. Advertising using large hoardings, banners, signages, and building wraps, among others, is used to attract the target audience and subsequently increase their sales and revenue. ?
The growing localized nature of the market resulted in an increased demand for short-run packaging. It enables the companies to provide niche packaging to specialty product manufacturers or local retailers, enabling the end-users to go after new markets and increase their sales revenues. These printers find their applications in large format packaging across various industrial sectors, including food and beverage, electrical and electronics, leisure, and furniture. Continuous growth and increasing demand for products from these sectors are anticipated to bolster the demand for large format printers over the forecast period.
Technological advancements in printers have led to the development of large format printers in various aspects. One of these aspects is the ability to produce a good quality print in lesser time. The growing demand for faster turnaround times among the end-users has encouraged the market players to develop printers capable of producing print quickly. Moreover, automated processes in several printers have eliminated the need for manual intervention in printing, thereby shortening the entire printing process.?
Continuous advancements in technology are crucial for customer expansion and the continuous growth of the company. As such, several companies are continuously increasing their efforts to manufacture advanced printers. For instance, in September 2021, HP Inc. announced the launch of HP PageWide XL and HP DesignJet series of large format printers. These printers, including HP DesignJet Z6 Pro and Z9+ Pro, provide fast media handling and an automated roll feed. Moreover, the HP DesignJet Z9+ Pro enables the users to produce print designs 18% faster on satin photo media and 46% faster on canvas. Therefore, the growing availability of fast printers is driving the market growth. ?
Moreover, the advent of UV-curable inkjet printers transformed the market. UV curing inks are entirely formulated inks that remain in the liquid state unless exposed to intense UV light for curing. These inks do not contain any solvents and therefore do not get absorbed into the substrates for drying. As such, the ink is dried after curing. This type of ink provides high-quality images with lesser time and cost. UV-curable ink can cater to many applications, which is driving the market for large format printers.?
Computer-aided Design (CAD) printers are complex, and they require precise and accurate printing technology, especially when printing on larger formats, as the designs are easily visible. These designs are primarily used by architects and engineers that design complex, large-scale structures. Companies are introducing new products in the market that specifically cater to such printing applications. For instance, in April 2021, Canon Inc. announced the launch of imagePROGRAF TZ-5300 series of printers that provides precision printing of CAD drawings and GIS data. Therefore, such printer technologies are expected to drive market growth over the forecast period. ?

Asia Pacific is Expected to be the Fastest Growing Market

The Asia Pacific is one of the most significant markets for large format printers across the world. Countries such as China, India, and Japan, are the key contributors to the region’s high share globally. Also, the region is anticipated to register the fastest growth over the forecast period. ?
The COVID-19 pandemic severely impacted the economies across the region. With markets completely shut down for several months during 2020, industries, such as retail, automotive, and BFSI, among others, witnessed drastic changes with respect to how customers engage with the brands and products. Besides, digital commerce also witnessed growth. According to the India Brand Equity Foundation, the e-commerce market in India stood at a value of USD 46.2 billion in 2020 and is expected to grow to USD 111.40 billion by 2025. As such, the growing digitalization across key economies in the Asia-Pacific region is anticipated to impede the growth of the regional large format printer market.?
Furthermore, the growing penetration of smartphones in the region is paving the growth of digital media. Moreover, the advanced analytics provided through digital media also encourage companies and brands to switch to digital channels for advertising. ?
According to GroupM, advertising spending in China using billboards witnessed a 38% decrease in 2020. Moreover, advertising at entertainment venues slumped by 68%, followed by 85% in movie theaters.?
Industrial printer shipments registered a decline during Q1 2020 in the Asia-Pacific region. However, with the gradual reopening of the Asian markets, the shipments witnessed an increase in Q2 of 2020. The improving market conditions and customers’ return to physical marketplaces are expected to increase the demand for large format printers in the Asia-Pacific region.?
The Asia-Pacific region also dominates the custom apparel printing market, which includes custom t-shirt printing. Also, the region is expected to witness a significant growth rate over the coming years. Therefore, the demand for large format printers is expected to increase.?

Competitive Landscape

The Global Large Format Printer Market is moderately consolidated, with a majority share acquired by a few global players. High investments in R&D, new product launches, market initiatives, mergers and acquisitions, partnerships, collaborations are the prime growth strategies adopted by companies to sustain the competition. Key players in the market are Canon, HP Inc, Ricoh, and Epson.

July 2020: HP Inc. introduced print services and solutions to help businesses transition to more flexible, cloud-based environments. HP delivers personalized services and intelligent, purpose-built solutions that help streamline and automate operations catering to IT departments.?
June 2020: Canon India expanded its lineup of photo printers with the launch of the PIXMA G570, PIXMA G670, imagePROGRAF PRO-300, and PIXMA PRO-200. The two new PIXMA G series 6-color ink tank printers are built to enable enhanced photo longevity and low-cost printing for photo studios, businesses, homes, and creative work while the imagePROGRAF PRO-300 and PIXMA PRO-200 house Canon’s latest printing technologies to create professional photos and exhibition-ready prints up to A3+ sizes.?

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06187437/?utm_source=GNW

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