The global large format printer market is projected to grow from $US9.3 billion in 2020 to $US11.2 billion by 2025, at an annual growth rate of about 3.8 percent, according to new research. The Asia-Pacific region is forecast to grow at the highest rate during the five-year period.
Key factors fueling growth in the large format sector include: increasing demand for large format printing in the textiles, advertising, and packaging industries; rising adoption of UV curable inks in outdoor advertising, CAD (computer-aided design) and technical printing applications; and the growing importance of digital document production in commercial printing applications.
“The increasing demand for large format printers for home furnishing & decor and vehicle wrap applications, the rising requirement for large format printing from the in-plant market, as well as the availability of varieties of large format printers with a varied price range, are creating tremendous growth opportunities for the players in the large format printer market,” says the report from industry researcher MarketsandMarkets, titled Large Format Printer Market by Offering (Printers, RIP software, Services), Ink Type (Aqueous, Solvent, UV Curable, Latex, Dye Sublimation), Printing Technology, Printing Material, Print Width, Application, and Geography - Global Forecast to 2025.
“Large format printers are widely used for applications such as printing banners, posters, trade show graphics, wallpapers, vehicle image wraps, architectural drawings, large artworks, signage, and backdrops for theatrical and media sets,” the report begins.
“Among applications, the signage segment accounted for the largest share 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 contribute to the growth of the large format printer market for signage application.”
In 2019, the solvent ink-based large format printer accounted for the largest share of the market by ink type. “The solvent ink is cheaper than UV-curable and water-based inks; this ink enables printing on various surfaces, including corrugated boards, papers, flexible packaging materials, metal foils, and plastic materials,” the report says.
The Asia-Pacific region (APAC), which includes Australia and New Zealand, is expected to grow at the highest CAGR (compound annual growth rate) during the forecast period to 2025.
“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 (CAD) and technical printing applications.
“APAC is considered as a growth engine for the global economy. Countries such as Japan and South Korea are already developed economies, and China had been the fastest-growing economy in the world for the last two decades. Also, APAC produces a large amount of apparel and textiles, and this sector is expected to grow steadily in this region. Significant growth in the market for large format printers is likely to be observed in advertising and signage applications in India, mainly due to the booming economy.”
The report adds: “Ink-based (inkjet) printers are projected to grow at a high CAGR during the forecast period. Inkjet printer manufacturers have started providing faster inkjet printers with reduced running costs for large format printing, which has led to the widespread adoption of inkjet printers in this industry. The reason behind the decreasing demand for the toner-based printer is the replacement of these printers with inkjet printers due to their benefits such as low cost and low maintenance.
“The market for large format printers with a print width ranging from 60” to 70” is expected to grow at the highest CAGR during the forecast period. Printers in this category are known as grand format printers. These printers are mostly used in large-scale commercial applications, such as banners, large vehicle graphics, and advertisements. They offer an output with great details and high quality.”
The researchers said the "key players" operating in the large format printer market were Hewlett Packard (US), Canon (Japan), Epson (Japan), Mimaki Engineering (Japan), Roland (US), Ricoh (Japan), Durst Phototechnik (Italy), Xerox (US), Konica Minolta (Japan), Agfa-Gevaert (Belgium), and Electronics for Imaging (US).
Download a Large Format Printer Market PDF brochure here.
India-based MarketsandMarkets says it’s currently servicing 7500 customers worldwide, including 80% of global Fortune 1000 companies as clients.
