The global thermal printing market is poised to surpass US$ 5,500 million by the end of 2025 registering a CAGR of 4.4 per cent, according to a new research report.
The report by Future Market Insights (FMI) titled ‘Thermal Printing Market: Global Industry Analysis and Opportunity Assessment 2015–2025’ highlights that North America and Western Europe hitherto dominated the thermal printing market are expected to lose considerable market share to the dominant Asia Pacific by 2025 with India and China being the major growth contributors.
While North America accounted for over 24% market share, Western Europe was holding over 21% share of the total thermal printing market share in 2014.
The report said, the markets in Asia Pacific region, excluding Japan, is projected to show the highest CAGR till 2025 and the reason is manufacturers offer low-cost products in the region. As per the report, Asia Pacific, which was accounted for over 20 per cent market share of thermal printing market in 2014, was also the third-largest revenue contributor.
“By 2025 the Ascia Pacific market is expected to gain 400 Basis Point Share to become the highest contributor to the global thermal printing market,” the report said.
There are various factors that drive the thermal printing market in Asia Pacific region. The report pointed out that expanding retail industry particularly in China and India, rising of disposable income, population increase, rapid industrialization of emerging markets, increase in manufacturers’ network and improving social and environmental awareness are driving thermal printing market.
The report pointed out that small and medium businesses, particularly in Europe and North America have shifted to thermal printers from impact printers due to advantages offered by the former over the later. More so, the steady growth in industrial production and manufacturing sector in Brazil and Mexico, respectively, are strengthening thermal printing market in Latin America. With Eastern Europe showing growth in development and investment, the region is expected to achieve opportunistic growth rate. In Asia, Chinese manufacturers are offering thermal printers at competitive prices as compared to other global vendors. This has impacted the growth of global thermal market.
The report also noted that of the two thermal printer categories - thermal transfer and direct thermal - direct thermal segment accounts for 55 per cent market share in the global thermal printing market.
On the basis of industry-wise end user base, Thermal Printers find great usage in industries like Retail, healthcare, transportation & logistics, manufacturing and others. As for as revenue contribution, retail segment accounted for 28.9% of the overall revenue in 2014, and is projected to surpass 30 per cent by 2025 with a CAGR of 5 per cent. Healthcare segment will show highest CAGR of 5.6 per cent during the forecast period, the report noted.
As for as usages are concerned, thermal printers are classified into POS printer, label & tag printer and RFID printers. Among the three segments– POS printer, label and RFID - RFID printer market is expected to grow at a CAGR of 6 per cent between 2015 and 2025. Though POS printers are accounted for over 57 per cent market share, it is expected to be overshadowed by RFID printer and label & tag printer segments by the end of 2025, the report observed.
Leading players in the thermal printing market include Epson, Honeywell, Zebra Technologies, Seiko, SATO and Star Micronics. These manufacturers compete with each other to introduce innovative products to attain maximum sustainability.