The global large Format printer Market that was estimated to be worth USD 8.37 Billion in 2017 is projected to reach a value of USD 10.59 Billion by 2023, growing at a CAGR of 4.00% between 2017 and 2023.
Based on print width, the segment of print width ranging from 44” to 60” is expected to be the leading market over the forecast period, majorly used in high-quality indoor and outdoor applications. On the basis of ink type, the segment of UV-cured ink-based large Format Printers is projected to witness the highest growth between 2017 and 2023, mainly owing to its ability to dry quickly as soon as it is cured to be able to apply to a wide range of substrates.
Among applications, the signage application held the largest market share in 2016, and is also expected to witness a huge demand in the coming years, due to the wide varieties and uses of indoor and outdoor signage. However, the décor application is projected to grow at the highest CAGR between 2017 and 2023, since it is a lucrative market, which includes wall coverings and photo murals, canvases, wall decals, window covering, fine art and decoration.
Regional market scenario
Among regions, the Americas held the largest market share in 2016, due to the rapidly growing signage and advertising sector in this region, which has led to more investments by the companies in outdoor advertising and indoor signage. Moreover, retail giants such as Walmart and Carrefour are also driving the growth of this market. However, the global market for large format printers in APAC is predicted to grow at the highest rate during the forecast period 2017-2023. APAC being the fastest-growing economy among all the regions accounts for a dominant share of the overall market. Asian countries such as India, Japan, and China are expected to take up a major share of the large format printer market in the coming years.
Factors driving and restraining the market growth
The growth of the global market for large format printers is being primarily driven by the following factors:
- Growing demand for large format printing textile, advertising, and packaging industries
- Rising adoption of UV-curable inks in outdoor advertising and other applications
- Growing importance of digital document production in commercial printing application
In addition, increasing opportunities in home furnishing & décor and vehicle wrap applications and availability of large format printers in different prices and varieties is anticipated to further drive the growth of this market in the coming years.
On the downside, high initial investments for installation and operating costs and growing popularity of digital advertising media are the factors likely to hinder the market growth to a certain extent.
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Major players and strategies adopted
The major companies involved in the global market for large format printers includes Hewlett-Packard (US), Canon (Japan), Epson (Japan), Mimaki Engineering (Japan), Roland (Japan), Ricoh (Japan), Durst Phototechnik (Italy), Xerox (US), Konica Minolta (Japan), Agfa-Gevaert (Belgium), Electronics for Imaging (EFI) (US), Kyocera (Japan), Lexmark (US), Mutoh (Japan), and ARC Document Solutions (US). These players are adopting different strategies such as new product developments, mergers, partnerships, collaborations, and expansions in order to cater to the needs of customers as well as maintain their market position.