Coding And Marking Equipment Market size to increase by USD 1.35 billion from 2022 to 2027, Increasing need for product traceability to drive the growth - Technavio

NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The coding and marking equipment market size is expected to grow by USD 1.35 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.78% during the forecast period. The market is segmented by product (CIJ printing and coding, Laser coding and marking, PALM, TTO, and Others), end-user (Food and beverage, Healthcare, Industrial, and Others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The increasing need for product traceability is notably driving market growth. Effective product traceability is important in supply chains, majorly in sectors like food, healthcare, retail, auto, and aerospace. It ensures quality, consistency, and safety. Such tracing has become important in product management, allowing monitoring from manufacturing to customer delivery. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample Report 

Key Highlights:

• The report recognizes the following as some of the key players in the coding and marking equipment market: ATD Ltd., BestCode, Brother Industries Ltd., CONTROL PRINT Ltd., Danaher Corp., Dover Corp., Engage Technologies Corp., Hitachi Ltd., Illinois Tool Works Inc., Inkjet Inc., ITW Marking and Coding, Keyence Corp., Matthews International Corp., MULTIVAC Sepp Haggenmuller SE and Co. KG, Overprint Ltd., Paul Leibinger GmbH and Co. KG, Pro Mach Inc., REA Elektronik GmbH, RN Mark Inc., and SATO Holdings Corp.
• Coding and Marking Equipment Market is fragmented in nature.
• Market to observe 5.99% YOY growth in 2023.

Market Dynamics:

Trend

• The equipment leasing business model is an emerging trend shaping the market growth. 
• High operational expenses present a challenge for organizations considering investments in coding and marking equipment.
• Therefore, numerous organizations are preferring for equipment leasing to lower upfront capital costs.
• Leasing simplifies coding and marking processes by reducing persistent costs like maintenance, servicing, and disposal and leasing providers also deliver maintenance services. 

Challenges 

• High operational costs are significant challenges impeding the market growth.
• The overall cost of owning coding and marking equipment tends to be substantial, encompassing both initial and ongoing expenses.
• Further, companies face indirect costs due to planned and unplanned downtime, which can result in production losses.
• High initial costs slow the adoption of coding and marking equipment among SMEs, contributing to market constraints in the forecast period. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The market share growth of the CIJ printing and coding segment will be significant during the forecast period. CIJ printing and coding is a non-contact printing system that uses several CIJ inks to print on different types of packaging materials. This kind of printer delivers high-quality prints due to their high drop ejection frequency. Moreover, there is a heightened demand for CIJ printing for coding and marking glass and plastic bottles, aluminum cans, cartons, and paperboard. Due to its advantages and wide areas of application, many companies use CIJ printers in their manufacturing lines. 

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Related Reports:

The Global Laser Marking Equipment Market size is estimated to grow by USD 1,226.21 million accelerating at a CAGR of 7.29% between 2023 and 2027. 

The thermochromic materials market is estimated to grow at a CAGR of 7.24% between 2022 and 2027. The size of the market is forecast to increase by USD 1,474.46 million.  

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-user 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio