The global inkjet printers market size was valued at US$ 41.2 billion in 2020 and is expected to reach over US$ 62.5 billion by 2030, poised to grow at a noteworthy CAGR of 5.1 % from 2021 to 2030.
In the recent years, there has been a significant demand for packaging across the globe for the e-commerce transport and shipment, personal care, household care, food and beverages and healthcare. This rise in demand for packaging is boosting the growth of the packaging industry and this in turn drives the demand for inkjet printers used for packaging purposes. This is one of the primary attributes that drives the growth of the market.
The inkjet printers find their utility in diverse industries such as packaging, education, advertisement, textile and pharmaceutical.
Also, the significant growth of the advertising industry integrated with the demand for higher print quality and better print resolution is estimated to fuel the growth of the market. The advertising industry makes use of large format printers to produce posters, signage boards, banners billboards, and hoardings. The billboards and banners consist of detailed information such as graphics, images, and logos to capture the attention of the customers. Thus, the growth of the advertising industry will contribute significantly towards the growth of the inkjet printer market.
Based on the Type, the Inkjet Printers Market is divided into Multifunctional Printers, Desktop, Large Format, Inkjet Press, Industrial, Textile and Others. The multifunctional printer segment is expected to witness the highest growth accounting for more than 25% of revenues share in 2020. It is also considered to grow significantly during the forecast period. The lucrative features that increase the demand for the multifunctional printers includes high speed, affordability and multifunctional capabilities such as copy, print, scan, and fax into one machine. Additionally, the surge in demand for the multifunctional printers in the healthcare sector is one of the primary factors that fuels the market growth.
Furthermore, the wide scale utility of multifunctional printers across corporate offices and academic institutions, such as colleges and schools will contribute positively towards the growth of the market. The multifunctional printers are also used in diverse operations such as copy, print, paper handling, scan, and fax and this attribute has fostered the market growth. With the enhancement of technology, the inkjet printers can now be connected with Wi-Fi, LCD screens, Bluetooth and USB. All these attributes are expected to drive the growth of the inkjet printer market.
Based on the Technology, the Inkjet Printers Market is divided into Continuous Inkjet, Drop on Demand, UV Inkjet and Others. The continuous inkjet printer in this segment is forecasted to contribute the largest revenues share of more than 40% in 2020 and is estimated to grow remarkably over the forecast period. This type of printers offers features such as minimum leak of Volatile Organic Compounds (VOCs), lower maintenance cost and the option to fill different types of inks. All these features offered will act as a driving factor for the market growth. The users mostly prefer these technology continuous inkjet printers as it offers sealed cartridge-based systems for ink delivery that simplifies replacement while minimizing the possibility of the spill. All these attributes are anticipated to drive the growth of the continuous inkjet printers.
During the forecast period, the Drop on Demand (DOD) inkjet technology printers are estimated to grow at the fastest rate owing to the beneficial features it provides such as reduced downtime, flexibility and functionality. In this inkjet printer liquid is ejected from the print head only when a drop is necessary. It is primarily used in industrial application such as printing on timber, plasterboard, plastics, hardware, metals, packaging, and concrete products.
Based on the End-user, the Inkjet Printers Market is divided into Consumer, Education, Industrial, Textile, Pharmaceutical and Others. The industrial segment is expected to witness a significant revenue share during the forecast period amounting for more than 25% of the global share. It is also anticipated to grow at a CAGR of 7.1% during the forecast period owing to the higher operating speed provided by the industrial inkjet printers. This high operation speed provided by the industrial inkjet printers enables the coding and marking of products with high velocity that facilitates the manufacturers to design products of different sizes and shapes. Also, these printers can be used in printing cylindrical surface that increases its utility in the cylindrical products industry which includes bottles, small drums and pipes. The industrial segment consists of publishing, packaging and photography.
The packaging segment dominates the inkjet printer industry by contributing the largest revenue share of more than 55% in 2021 and is estimated to lead the market in the upcoming years. The packaging industry makes use of inkjet printers to high-quality packages, labels and also offers various benefits such as low printing cost, fast turnaround time and flexibility.
North America is expected to contribute the largest revenue share of more than 30.1% in 2020 owing to the presence of major market players in the region such as Xerox Corporation, Inkjet Inc., Epson Pvt Ltd., Videojet Technologies Inc. and Keyence Corporation. Also, the growth of the pharmaceutical industry in this region is a driving factor for the growth of the inkjet printer market.
Asia Pacific is witness to grow significantly over the forecast period owing to the availability of cheap labour and low manufacturing cost in this region. Also, the easy availability of raw materials for the production of inkjet printers is yet another factor that boost the growth of the inkjet printer market in this region. For instance, On 22nd January 2021, Epson, a world leader in digital imaging and printing solutions announced its launch of first ever industrial level Direct-to-Garment printer, Epson SureColor SCF3030. It offers high productivity and is cost effective. The printer targets drop-shipment jobbers, e-commerce customers, garment screen printers and new start-ups engaged in personalized T-shirt printing business.
Key Companies Profiled
The global Inkjet Printers Market is characterized by the presence of various small and big players. The major market players are Videojet Technologies, Inc., Xerox Corporation, Pannier Corporation, Canon Singapore Pvt. Ltd., HP Development Company, L.P., Brother Industries, Ltd., KEYENCE CORPORATION, Konica Minolta, Inc. and Seiko Epson Corporation. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the performance of the printers and in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Scope of the Inkjet Printers Market
|Market Size||USD 62.5 Billion by 2030|
|Growth Rate||CAGR of 5.1% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Technology, End User, Region
|Companies Mentioned||Videojet Technologies, Inc., Xerox Corporation, Pannier Corporation, Canon Singapore Pvt. Ltd., HP Development Company, L.P., Brother Industries, Ltd., KEYENCE CORPORATION, Konica Minolta, Inc. and Seiko Epson Corporation|
Segments Covered in the Report
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