The below is information shared from MarketsandMarkets’ latest report, located here.
According to the report by MarketsandMarkets, the large-format printer market is projected to grow from $9.3 billion in 2020 to $11.2 billion by 2025, with a compound annual growth rate (CAGR) of 3.8%.
Key factors fueling the growth of this market include:
- Increasing demand for large-format printing in the textiles, advertising, and packaging industries
- Rising adoption of UV curable inks in outdoor advertising, CAD, and technical printing applications
- The growing importance of digital document production in commercial printing applications
The rising demand for large-format printers for home furnishing, decor, and vehicle wrap applications, as well as the availability of varieties of large-format printers with a varied price range, are generating significant growth opportunities for professionals in the large-format printer market.
During the forecast period (2020-2025), the large-format printer market for RIP software is expected to grow at the highest CAGR. RIP software gives complete control over handling files, including scaling, rotating, color correction, and color profiling, to a wide array of media types, multiple copies, and nesting. RIP software also enables storage for raw data and processed data. All these efficiency-increasing factors boost the RIP software segment for the large-format printer market.
During the forecast period, ink-based (inkjet) printers are projected to grow at a high CAGR as well. One of the primary reasons for the higher growth rate of the market for ink-based printers is the increasing use of inkjet large format printers for technical and CAD printing applications.
In 2019, large-format printers with a print width ranging from 24″-36″ accounted for the largest market share. It’s expected that these printers will continue to account for the largest market share due to their versatility for various applications, from tile murals and signage to CAD applications.
During the forecast period, the market for UV-curable ink-based large format printers is expected to grow at the highest CAGR. The UV curable inks have some advantages, including short drying time, UV resistance, and low environmental impact.
Among the various applications, the signage segment accounted for the largest of the large-format printer market in 2019. Wide varieties and different uses of indoor and outdoor signage boards to show warning signs on highways and roads, large corporate emblems, and retail promotional advertisements add to the growth of the large-format printer market for signage application.
The large-format printer market in Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In APAC, large-format printers are likely to be high in demand because of their growing use in graphics printing, apparel and textiles printing, and computer-aided design and technical printing applications. Also, APAC produces a large amount of clothing and textiles, and this sector is expected to grow steadily in this region. Australia, South America, Africa, and the U.S. are some of the other areas expected to experience rapid growth in the coming years.
In the coming years, the advertising industry is expected to grow at a high CAGR. Banners, billboards, PoP advertising signs, posters, and displays are some of the advertising applications expected to witness high demand for large-format printers.