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With 5.0% CAGR, Large Format Printer Market Growth to Surpass USD 10.4 billion
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Based on offering, printers are projected to capture the largest market in the forecast period due to their strong application capability. Large format printers find application in various uses, from producing banners, posters, and trade show graphics to creating wallpapers, vehicle image wraps, architectural drawings, construction plans, and backdrops for theatrical and media sets.
Based on technology, the ink-based segment held the largest share in the large format printer market in 2022, and this prevailing trend is projected to persist throughout the forecast period. This increased growth can be highly attributed to the growing use of inkjet large format printers in technical and CAD printing tasks.
UV Cured Ink is expected to grow at the highest CAGR from 2023 to 2028 based on ink type. The versatility of UV-cured ink extends to a wide array of uses, such as wide-format printing, packaging, direct-to-substrate printing, labels, and numerous other applications. The broad spectrum of potential applications forms the foundation for its sustained significance and growth.
Based on application, the décor segment is expected to have the highest growth during the forecast period. The growing usage of large format printers in the home furnishing and decor sectors is expected to generate opportunities for the large format printer industry. The increasing demand for digitally printed items, ranging from curtains and wall hangings to cushions and bed covers, is driving the adoption of large format printers in home decor applications.
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Based on region, Asia Pacific is projected to account for the highest growth from 2023 to 2028. Many prominent manufacturers of large format printers, including Canon Inc., Seiko Epson Corporation, Brother Industries, Ltd. (Japan), and MIMAKI ENGINEERING CO., LTD. (Japan) are headquartered in this region. Asia Pacific countries, such as India, Japan, and China, are projected to lead in both adaptability and market size within the large format printer industry. The Asia Pacific region is a leader in the textiles business, with China and India serving as the largest suppliers of textiles. These countries have a significant presence of textile printing owners, marketers, and manufacturers.
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