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Thermal Printing Market Expected to Grow at a CAGR of 4.4% During 2015 to 2025
The global thermal printing market is projected to register a promising CAGR of 4.4% during the forecast period due to several factors. The report details trends driving each segment and respective sub-segments, delivering analysis and insights about the potential of the thermal printing market in specific regions.
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North America dominated the thermal printing market with over 24% market share in 2014, and is expected to lose its market share to Asia Pacific excluding Japan by 2025. Western Europe accounted for over 21% share of the total thermal printing market share in 2014, but is projected to lose it dominance by 2025. Asia Pacific excluding Japanmarket is projected to register the highest CAGR between 2015 and 2025, due to low-cost product offerings by manufacturers based in the region. As on 2014, Asia Pacific accounted for over 20% market share of the overall thermal printing market, positioning itself as the third-largest revenue contributor. By the end of 2025 the market in the region is anticipated to gain 400 Basis Point Share to become the highest contributor to the overall thermal printing market.
Growth of the global thermal printing market is primarily driven by expanding retail industry, increasing disposable income, rising global population, rapid industrialisation of emerging markets, strong distribution network of thermal printer manufacturers and increasing environmental and social awareness.
Various retailers in North America and Europe have already migrated from impact printers to thermal printers due to various benefits offered by the latter over the former. For instance, IBM launched SureMark Printers Dual-station models showcasing the same. Over the following five years, APEJ is expected to account for around half of the sales generated by the world’s top fifty largest economies and would be twice that of North America, the next largest region in the retail sector.Growing industrial production in Brazil and continuous moderate growth of the manufacturing sector in Mexico is strengthening the thermal printing market in Latin America. With growing investment and development in Eastern Europe, the region is expected to register opportunistic growth rate in the market.Chinese vendors offering products at competitive prices as compared to other thermal printer vendors has boosted sales of thermal printing worldwide.
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On the basis of technology, the market has been segmented into direct thermal and thermal transfer. The direct thermal segment accounted for over 55% share of the global thermal printing market in 2014.
Global Thermal Printing Market is further segmented on the basis of end-use industry into Retail, transportation & logistics, healthcare, manufacturing and others. Revenue contribution of the retail segment was 28.9% in 2014, and is projected to grow to 30.7% by 2025, registering a CAGR of 5.0% over the forecast period. The healthcare segment is anticipated to record the highest CAGR of 5.6% during the forecast period, as utilization of thermal printing technology in this segment is in its early phase of adoption in the emerging economies and is expected to gain traction across various industries in the near future.
By printer type, the thermal printing market is segmented into POS printer, label & tag printer and RFID printer. Among the three segments, RFID printer segment is expected to register the highest CAGR of 6.0% between 2015 and 2025. The POS printer segment accounted for over 57% market share in 2014, but is expected to lose market share to the RFID printer and label & tag printer segment by the end of the forecast period.
Key players in the global thermal printing market includeZebra Technologies Corporation, Honeywell International Inc, Seiko Epson Corporation, SATO Holdings Corporation, Star Micronics Co., Ltd. Zebra Technologies Corporation and Star Micronics Co., Ltd. These players focus on research and development initiatives to introduce innovative products to attain sustainable advantages over the competition. In addition, these players also focus on expanding their global presence through strategic mergers and acquisitions and new product development.
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