The global thermal printer market has witnessed an impressive growth over the past few years, following the rising demand for barcode printing. Barcodes are printed on the packaging to trace product information about the product, which efficiently enables accurate product tracking, minimizes manual error, and reduces labor cost. Thermal printers are widely used for printing barcodes as they are cost-effective, have high speed, and deliver high performance. The global thermal printer sales are expected to surpass a value worth US$ 4.5 Bn by 2028 end. Over 2018-2028, the market is likely to expand at a promising 6.6% CAGR.
Thermal Printer Continues to Discover Most Lucrative Opportunities in Retail & Consumer Goods Sector
Among end users such as retail & consumers goods, institutional and industrial, it has been projected that retailers and consumers goods, including sub-sectors such as grocery product, food & beverages, clothing & apparel, and others, will maintain dominance through 2028. However, the institutional segment, including hospitality, hospital & healthcare, and banking & financial services, will reportedly exhibit a higher growth rate owing to increased use for receipt and ticket printing.
High adoption rate among retailers and wholesalers will remain a key factor instrumenting the growth of the global thermal printer market over the next few years. The demand is expected to be on the rise, as retailers and wholesalers require printers to print invoices receipts, barcodes, tags, and other important information, for which they prefer cost-effective printers. Since thermal printers have low cost and better performance compared to their other counterparts, they will reportedly remain a preferred choice for retailers and other end users worldwide, through 2028.
Surging Adoption to be Witnessed in Emerging Economies
While North America and Western Europe are presumed to secure the top market positions in terms of sales of thermal printer, research indicates that developing economies of APAC, MEA, and Latin America hold significant growth opportunities to benefit the market in near future. APEJ has been foreseen to see healthy growth during the forecast period, owing to rapidly progressing markets in China, India, Australia, and New Zealand. Eastern Europe will also witness promising growth prospects, attributed to solid growth projections for Poland.
‘Upgrade & Launch’ Becomes the Key to Survive Competition
Prominent players of the thermal printer market are foreseen to focus more on technology upgrade and frequent product launches as the key strategy to cater to the evolving demand. Companies such as Zebra Technologies Corp. have introduced a new version of desktop thermal printer, specially designed to meet the growing demand from healthcare, retail, and manufacturing industries. Also, the company emphasizes and invests in research and development to bring out new series of mobile printers.
Other leading companies in the global thermal printer market include Avery Dennison Inc., Seiko Epson Corporation, Toshiba Tec Corporation, TSC Auto ID Technology Co., Ltd, SATO Holdings Corporation, Honeywell International Inc., TransAct Technologies Incorporated, and Domino Printing Sciences PLC.
Printers that produce image by heating, either through some thermochromic paper or substrate such as ribbon made up of plastic are referred to as the thermal printers. The process takes place in such a way that substrate is passed over the print head, the print head heats up the substrate coating turning it black, and produces image. The thermal transfer printers are used to print barcodes, invoices, receipt, and tags. Persistence Market Research recently released a research report on the global thermal printer market. As indicated by the report, the global market for thermal printer is slated to expand 1.84x by volume, whereas the market value is expected to exhibit 6.6% CAGR over the forecast period, 2018-2026.
There are two key types of thermal printers used in the market, direct thermal printers and thermal transfer printers. Direct thermal printers are further segmented into - the direct thermal industrial printers, direct thermal desktop printers and direct thermal mobile printers. Thermal transfer printers are sub segmented into the thermal transfer industrial printers, thermal transfer desktop printers and thermal transfer mobile printers. Thermal printers are majorly consumed from the end use such as retail & consumers goods, institutional and industrial. The retailers and consumers goods segment is sub segmented into grocery product, food & beverage, clothing & apparel and others. Institutional is further sub segmented into hospitality, hospital & healthcare and BFS. The thermal printers market is segmented on the basis of printing speed Below 4 IPS, 4-8 IPS and Above 8 IPS.
The report in its final section discusses some of the key players participating in the global thermal printer market landscape. This part of the report covers the strategic and financial status of the important contributors to the global market revenue. Some of the key vendors included in the report are Avery Dennison Inc., Seiko Epson Corporation, Toshiba Tec Corporation, Zebra Technologies Corp, TSC Auto ID Technology Co., Ltd, SATO Holdings Corporation, Honeywell International Inc., Bixolon Co., Ltd, HellermannTyton Group PLC, Connectivity Ltd, Brady Corporation, CognitiveTPG, LLC, Star Micronics, America, Inc., Bematech International Corporation, Gainscha Technology Group Company, Citizen Systems Japan Co., Ltd., Shandong New Beiyang Information Technology Co., Ltd, Shenzhen ICOD Digital Co., Ltd, TransAct Technologies Incorporated, and Domino Printing Sciences PLC. It has been found that the leading manufacturers are focusing on developing a standalone thermal printer with storage capacity to achieve cost efficiency and improved functionality.