The thermal printing market was valued at USD 37.66 billion in 2017 and is expected to reach USD 50.45 billion by 2023, at a CAGR of 5.00% between 2017 and 2023. The adoption of automatic identification and data capture (AIDC) technologies for improving the overall productivity of businesses is a major factor driving the growth of the thermal printing market. Major factor restraining the growth of thermal printing market includes heat settings of thermal barcode printers.
"The thermal printer market for RFID printers is expected to grow at the highest CAGR during the forecast period"
RFID printers is the fastest-growing segment in the thermal printer market based on printer type. The increasing demand for RFID-printed labels in the supply chain of the retail and healthcare industries is the main factor that is likely to contribute to the high growth of the market for RFID printers between 2017 and 2023.
"The thermal printer market for industrial format is expected to hold the largest share during the forecast period"
Industrial thermal printers are used in harsh environments, including the manufacturing industries having a huge demand for labels, receipts, and tags. The demand for industrial format printers is being driven by the increasing need for inventory management and rising adoption of these printers for tracking, recording, and storing the data related to goods or products in the manufacturing industry. Some of the major manufacturers of industrial thermal printers are Zebra Technologies (US), Honeywell International (US), Wasp Barcode Technologies (US), and Postek Electronics (China), among others.
"The thermal printing market for healthcare and hospitality is expected to grow at the highest CAGR between 2017 and 2023"
Tags and labels play a major role in the healthcare industry, wherein they are used mainly for patient ID tracking, hospital admission, specimen/blood labeling, medication tracking, staff ID and access control, healthcare materials management, workflow automation, and other functions. In the hospitality industry, thermal printing is required to print admission tickets, loyalty cards, VIP passes, meal tickets, coupons, event wristbands, shuttle bus tickets, and other entertainment-related media. Increasing awareness regarding health among growing population is the major driver for the growth the thermal printing in this application.
"Thermal printing market in APAC is expected to grow at the highest CAGR between 2017 and 2023"
APAC is one of the prospective markets for this technology. APAC leads the market for the retail application, in terms of size. Moreover, APAC has the presence of retailers such as Seven & I Holdings Company, Isetan, Aeon Company, and Gome Electrical Appliances, which provide barcode and RFID printers to various industries. These factors are expected to boost the thermal printer market in APAC. The Asian markets, mainly in Japan, India, and China, are more likely to lead the thermal printing market in the coming years in terms of technological adaptability and market size.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key experts. The break-up of the profiles of primary participants is as follows:
- By Company Type: Tier 1-55 %, Tier 2-20%, and Tier 3-25%
- By Designation: C-Level Executives-34%, Directors-33%, and Others-33%
- By Geography: North America-37%, Europe-34%, APAC-20%, and RoW-9%
Companies that provide a range of customized solutions to customers are expected to emerge as the game changers.
This report profiles some of the following key printer manufacturers in this market.
1. Zebra Technologies (US)
2. SATO Holdings (Japan)
3. Epson (Japan)
4. Star Micronics (Japan)
5. Honeywell (US)
6. Bixolon (South Korea)
7. Fujitsu (Japan)
8. Brother International (Japan)
9. Toshiba TEC (Japan)
10. TSC Auto ID (Taiwan)