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Production Printers Market Report 2024 - Production Printers Market Demand And Trends
Production Printers Market
According to The Business Research Company's, The production printers market size has grown strongly in recent years. It will grow from $6.69 billion in 2023 to $7.10 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to cost-effectiveness, increasing demand for personalized printing, technological advancements, growth of digital printing, and expanding applications.
The production printers market size is expected to see strong growth in the next few years. It will grow to $9.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to sustainability initiatives, integration with IoT and cloud technologies, the rise of additive manufacturing, the emergence of hybrid printing solutions, and demand for high-speed production capabilities. Major trends in the forecast period include the adoption of UV-curable inks, a shift towards on-demand and short-run printing, increased focus on automation and robotics, growth of the textile and garment printing segment, and rising demand for 3D printing in prototyping and manufacturing.
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Market Drivers and Trends:
Growing demand for e-commerce is expected to propel the growth of the production printers market going forward. E-commerce refers to trading goods and services through the Internet or other electronic channels. E-commerce is experiencing growth due to technological advancements, changing consumer behaviors, and global economic trends. Production printers facilitate effective printing operations, customized client experiences, and flexible marketing techniques, all essential to the expansion and prosperity of e-commerce enterprises. E-commerce companies often require on-demand printing solutions to fulfill custom orders and print products according to customer specifications. Production printers enable on-demand printing of personalized products such as apparel, accessories, and promotional items, allowing businesses to offer customized options to their customers without the need for large inventory stockpiles. For instance, in April 2024, according to the International Trade Administration, a US-based government agency, retail e-commerce sales in Canada were projected to reach US$40.3 billion by 2025, up from US$2.34 billion in March 2022. Therefore, the growing demand for e-commerce will drive the growth of the production printers market.
Major companies operating in the production printers market are focused on developing innovative technologies with the latex range, such as the HP Latex 630 printer, to strengthen their position in the market. The HP Latex 630 printer is an innovative printer that uses a line of products or materials formulated or produced using latex. For instance, in September 2023, HP Inc., a US-based technology company, launched the HP Latex 630 printer series. This printer series stands out for its white ink capabilities. It offers different white print modes at varying densities to achieve various opacity levels, from spot to 3-layer printing with up to 260% white ink density. This printer series also emphasizes sustainability, with HP Latex inks made of up to 65% water, designed to avoid hazards associated with UV printing and provide outstanding health and safety performance.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Hewlett-Packard Development Company LP, Canon Inc, Fujifilm Holdings Corporation, Sharp Corp, KYOCERA Corp, Konica Minolta Inc, Xerox Corporation, SCREEN Holdings Co. Ltd, Heidelberger Druckmaschinen AG, Bobst Group SA, Agfa-Gevaert Group, Koenig & Bauer AG, Eastman Kodak Company, Komori Corporation, Goss International Corporation, RISO Kagaku Corporation, Roland DG Corporation, Domino Printing Sciences plc, EFI Electronics, Presstek LLC, Durst Group, MGI Digital Technology, Inca Digital Printers Ltd, Ricoh Company Ltd, Miyakoshi Printing Machinery Co. Ltd
Production Printers Market 2024 Key Insights:
• The production printers market size is expected to see strong growth in the next few years. It will grow to $9.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• E-commerce Growth Fueling Demand For Production Printers
• Companies Innovating With Latex Printing Technologies To Gain Competitive Edge
• North America was the largest region in the production printers market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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