(I-BusinessNews.Com, October 05, 2021 ) The global Large Format Printer Market is poised to reach $12.0 Billion by 2026, advancing at a CAGR of 3.3% during the forecast period 2021-2026. Large Format Printer is generally used to print banners, posters, wallpaper, vehicle wraps, trade show graphics, constructional plans and so on and is considered to be more economical than screen printing. The surge in demand for large format printing increases across various industries such as textiles, advertising and packaging industries and availability of wireless printing facilities provide consumers to print documents from any wireless device acts as the major drivers for the growth of Large Format Printer during the forecast period 2021-2026. Moreover the usage of UV-curable ink for large format printers to print images on board, glass and wood also accelerate the market growth. The growing popularity of Dye-Sublimation printing in event photography & photo booths also propels the market growth. In August 2020, Epson, a global provider of digital image and printing solution announced the launch of 24 inches dye-sublimation ink tank printer in India. It is designed to produce customized T-shirt, personalized awards and so on. Hence these factors drive the market during the forecast period 2021-2026.
Large Format Printer Market by Print Width- Segment Analysis
Large Format Printer with width ranging from 24” to 36”is analyzed to hold the highest share with a value of 32.2% in 2020, owing to usage in signage, CAD applications and so on. Printers with 24”-36” are technologically updated with a wide range of features such as high-speed printing, wireless printing from anywhere, inbuilt ram, compatibility with mobile devices and efficient ink cartridges. In October 2020, EPSON India announced the launch of 2 new SureColor P-Series printers 24” SureColor SC-P7530 and 44” SureColor SC-P9530, designed to capture every detail with amazing colors brilliance and accuracy. It is ideal for Photo, Fine Arts, Graphic Design and Proofing Applications.
Large Format Printer Market by Application- Segment Analysis
By Application, the Large Format Printer Market is segmented into Apparel & Textile, Signage, Advertising, Décor and CAD as well as Technical Printing. Signage in Large Format Printer segment is growing at 28.2% in 2020 and is projected to witness fast growth during the forecast period 2021-2026, owing to the increasing usage for advertising and marketing. The demand for Large Format Printer increases for printing indoor and outdoor signage boards to show advertisements, warning symbols in highways and so on. Signage can boost the sales of goods and services by drawing attention of customers. Presently, the demand for soft signage is quite high due to its lightweight, washable and long lasting fabrics; therefore manufactures are focusing on expanding their product portfolios. In May 2021, HP Inc announced the latest edition to its HP Stich Portfolio i.e. 126 HP Stich S1000 printer for soft signage and interior decorations. It is designed to provide high quality printing with greater versatility and smooth operation.
Large Format Printer Market by Geography- Segment Analysis
APAC dominated the Large Format Printer Market by a market share of more than 38% in 2020, owing to rise in use of large format printer for graphic printing, signage, textile printing and Computer aided design (CAD) as well as technical printing. APAC region is nerve center for textile industry. China and India are the largest exporters of textile in the world. As per Industry Arc recent studies, in 2019 China was the largest textile producing and exporting country in the world with a value of $119.8 Billion. The printing machine industry in Japan is the world’s second largest and is popular for production of advanced and high quality printers. Japan is known as top manufacturer and exporter of large format printers. Increase in wages, urbanization and rise in standard of living which in turn boost the consumer demand for digital printing. Moreover, the emerging graphic printing, digital textile printing and advertising as well as marketing industry has been assessed as the key driver assisting the large format printer market growth during 2021-2026.
Rise in adoption of UV Curable Inkjet Printer has accelerated the growth of the Large Format Printer Market during the forecast period 2021-2026. UV Inkjet printer uses UV digital printing technology to transform a 2D digital image to a 3D object. It offers high quality images as well as improves productivity. UV-Curable Ink is used in printers and offer high speed, quick dry, low energy and environmentally friendly solution. It is widely used in variety of industries such as electronics, promotional, interior decoration and so on. With UV-Inkjet printer, direct printing is possible on resin, glass and metal. In April 2021, Mimaki Engineering Co Ltd, a renowned manufacturer of industrial ink jet printer, plotter and 3D printer, announced the launch of JFX 600-2513 & JFX 550-2513 large flatbed UV Inkjet printer. It is designed with features such as up to 300 % faster print speed, high value added printing technology such as UV printing and mdl command to control printer automation.
Growing adoption of large format printer in vehicle wrap and home furnishing applications
Demand for digital print on curtains, wall hangings to cushions and bed covers is increasing, which accelerates the adoption of Large Format Printer for home décor applications. Large Format Printers are used to print high quality images quickly and accurately. Presently, Dye-Sublimation printers are used in home décor applications by production of more vibrant colors. In February 2020, Mimaki Engineering Co Ltd, a renowned manufacturer of industrial ink jet printer, plotter and 3D printer, announced the launch of Tx300P-1800MKII, a hybrid digital textile printer. It is designed with capabilities such Sublimation Transfer and expand the possibilities of new materials and applications drastically. Presently, vehicle wrap acts as an excellent tool for mobile advertisement, thus accelerate the demand for large format printer. Roland DGA, an international pioneer in printing technology, manufactures world’s best printers for vehicle wrap application.
Large Format Printer Market Challenges
High Investment and Operating cost
High initial investment is required to install and maintain Large Format Printer, thereby impede the market growth. Large format printer requires lot of materials to operate such as costly inks and so on. High electricity consumption is also associated with these printers. Thus high operational cost is analyzed to be one of the major challenges impeding the market growth during the forecast period 2021-2026.
Large Format Printer Market Landscape
Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Large Format Printer. The top companies in the Large Format Printer are Epson, Hewett Packard Inc, Roland DG Corporation, Mimaki Engineering Co Ltd, Agfa-Gevaert NV, Mutoh Holdings Co, Canon Inc, Ricoh Company Ltd, Konica Minolta and Xerox.
In January 2021, Epson India launched new large format latex printer i.e. SureColor R5030 & SureColor R5030L for Indian Market. It is designed to offer versatility in applications, high speed, quality printing and self serviceability.
In March 2019, Roland DG Corporation launched TrueVIS VG2-640 & VG2-540 large format inkjet printer with features such as new color modes for more elaborate color reproduction and increased print accuracy.
The top 10 companies in the Large Format Printer are Epson, Hewett Packard Inc, Roland DG Corporation, Mimaki Engineering Co Ltd, Agfa-Gevaert NV, Mutoh Holdings Co, Canon Inc, Ricoh Company Ltd, Konica Minolta and Xerox.
Large Format Printer with width ranging from 24” to 36”is analyzed to hold the highest share during the forecast period.
Signage is analyzed to hold highest share at 28.2% in 2020 and is projected to witness fast growth during the forecast period 2021-2026, owing to wide range of applications such as advertisement, warning signs and so on.
APAC dominated the Large Format Printer Market in 2020 with a share in excess of 38%, owing to emerging graphical industry.
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