Thermal Printing Market Growth Predicted at Over 7% Through 2026
The North America thermal printing market will witness significant growth with the development of manufacturing, industrial, retail, and healthcare sectors in the region.
July 21, 2020 - According to a report by Global Market Insights, the market valuation of thermal printing will cross $50 billion by 2026. The market growth is attributed to the increasing demand for high-speed operating printers that produce high quality & durable tags, labels, and receipts.
The thermal printer segment will experience high growth through 2026 due to the demand for high-quality printed labels and tags from the logistics & transportation sector. Barcode labels are used to track goods or packages for efficient inventory management and asset tracking. The barcode tags interact with sensors attached to doors and provide a robust access control system to ensure safety in a facility. Players, such as Sato Holdings Corporation and Zebra Technologies, offer thermal printers specifically developed to work in rugged industrial environments.
The rising usage of thermal printing in the healthcare sector will propel market growth in the coming years. The healthcare sector employs the product to identify lab samples, access medical records, and track surgical implants, imaging equipment & consumables. The equipment is designed by incorporating a medical-grade power supply and complies with IEC 60601-1 regulations. This reduces the risk of electrical shock to patients and the staff.
The developing transportation & logistics application segment globally will provide immense growth opportunities to the thermal printing market. The logistics sector is adopting automated technologies for enhancing inventory management in warehouses, real-time tracking of packages, and ensuring on-time shipments to improve customer satisfaction. Thermal printers produce labels with sharp print images that can withstand different weather conditions during transportation. Real-time tracking also ensures improved supply chain management. Elimination of manual involvement streamlines the overall workflow and speeds up operations for increased productivity.
The rising consumer electronics industry in countries including China and Japan is driving the thermal printing market share. Thermal printers are adopted for labeling barcode tags on electronics and electrical components. The need for high resolution and high contrast coding in these components will boost the usage of thermal printing technologies to aid production processes. In addition, the growing retail industry in countries including India and South Korea will also support the market size.
With increasing development and popularization of RFID, several industries are replacing traditional barcode to RFID technology. These printers can print 1D & 2D barcodes along with human readable numbers, information, and graphics. They are widely preferred for quickly & precisely identifying large volumes of tagged items. RFID printers seamlessly integrate into manufacturing, warehouse & logistics applications and offer high-speed information transparency. The equipment ensures all items are labeled and tracked through RFID for fast & precise data collection.
Some major findings of the thermal printing market report are:
- Mobile printers will gain traction owing to their portability and ease of operation. The development of wireless technologies has improved the portability for labeling, documentation or ticketing on mobile printers.
- POS printers will gain popularity with the growing adoption of POS terminals in restaurants, retail & hospitality sectors. They enable on-demand printing of receipts, allowing restaurant owners to avoid long customer queues for billing.
- The North America thermal printing market will witness significant growth with the development of manufacturing, industrial, retail, and healthcare sectors in the region. The adoption of advanced technologies across industries for enhanced operational efficiencies will support industry growth.
- Players operating in the market are focusing on launching innovative solutions to strengthen their market presence. They are offering solutions through an extensive network of partners to expand their market reach globally.
About Global Market Insights
Global Market Insights, headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. For further information, visit: www.gminsights.com.
SOURCE: Global Market Insights, Inc.