The large format printer market, in terms of value, is expected to grow from USD 8.37 Billion in 2017 to USD 10.59 Billion by 2023, at a CAGR of 4.00% between 2017 and 2023.
Major drivers for the large format printer market are increasing demand for large format printing in the textile, advertising, and packaging industries; the rising adoption of UV-curable inks in outdoor advertising, CAD, and technical printing applications; and the growing importance of digital document production in commercial printing applications.
This report covers the large format printer market based on offering, printing technology, print width, ink type, application, and geography. The market for large format printers with a print width ranging from 44 to 60 is expected to lead the market between 2017 and 2023. These printers are well-suited for high-quality indoor and outdoor applications. The other applications of these printers include PoP/PoS exhibition, event graphics, exterior signage, and floor graphics.
The market for UV-cured ink-based large format printers is expected to grow at the highest rate between 2017 and 2023. UV-cured ink primarily consists of acrylic monomers with a photo initiator. The main advantage of UV-cured ink is that it dries quickly as soon as it is cured, and after that, it can be applied to a wide range of substrates; it produces a robust image regardless of the type of substrate.
The large format printer market in APAC is expected to grow at the highest rate between 2017 and 2023. APAC is the fastest-growing economy among all the regions. APAC accounts for a major share of the overall large format printer market. Most leading providers of large format printers are in this region. The markets in Asia, especially in India, Japan, and China, are more likely to lead the large format printer market in the coming years in terms of adaptability and market size.
The signage and advertising sector in the Americas is growing rapidly; companies in this region are investing more in outdoor advertising and indoor signage. Retail giants such as Walmart and Carrefour are driving the growth of the market for signage applications. The demand for large format printers in the Americas is more for outdoor advertising and indoor signage applications compared to other applications, such as apparels and tile murals. The market in the Americas is more mature than the market in APAC and other regions. The Americas is likely to contribute significantly to the growth of the overall large format market during the forecast period.
The large format printer market is facing few restraints such as high initial investments and operating costs. Large format printers involve high initial investments for their installation and maintenance; this is restraining the growth of the large format printer market. Large format printing also requires lots of printing materials. Furthermore, the annual electricity consumption by large format printers is also high.
The major challenge for the companies in the large format printer market is the growing popularity of digital media, including digital signage and advertisements, among others, is expected to reduce the demand for print in certain categories, particularly directories, advertisements, and others. Digital signage, billboards, and other media are increasingly being used in the outdoor and indoor advertisement industry.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
7 Large Format Printer Market, By Offering
8 Large Format Printer Market, By Printing Technology