Production printing is a cost-effective method for high volume printing of transactional documents or commercial purposes while maintaining the high quality and fast turnaround. It has revolutionized the transaction application, especially when it comes to the large-scale production of bills, statements, checks, and other documents. The worldwide production printer market has been experiencing significant growth since past few years, and this trend is likely to continue over the forecast period as well. The major demand for production printers comes from the media & advertising industry as well the transactional and publishing applications because of their wide usage. The global shipment of production printers is anticipated to touch around 75,087 units by the end of 2022.
How is the production printer market progressing globally?
The global production printer market is currently growing at a moderate pace globally. As per the researchers, the market is expected to reach USD 5,219.1 Million in value by the end of 2022, growing at a CAGR of 5.5% between 2016 and 2022. Increasing demand for production printer from media and advertising industry and rising adoption in the publishing sector are the key factors that likely to drive the growth of the production printers.
Geographically, North America is expected to be the largest market for production printers, while the market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The main reasons for the growth of this market in APAC is the high demand in Japan and other countries and the ongoing development in this region, thus offering huge potential and lucrative opportunities for this market to flourish. Among applications, the transactional application segment is expected to be the leading market over the forecast period, whereas the market for label & packaging is expected to register the highest growth rate. Based on technology, the market for inkjet technology-based production printers is anticipated to grow at the highest rate during the projected period.
What are the recent developments in the global market for production printers?
The production printer has highly transformed the transactional application. The worldwide production printer market space has been experiencing a slew of product launches by the key players; for instance Konica Minolta (Japan) launched its Bizhub Pro 1100 production printer that targeted small to medium businesses. On the other hand, Ricoh (Japan) launched its wide format production printer for CAD/GIS applications, named CW2201SP. Similarly, HP (U.S.) launched HP Indigo 12000 dedicated to photo printing. HP has also developed PrintOS, a cloud based production printing solution.
How is the inkjet technology expected to fuel the market growth?
Inkjet printing provides a very high quality and speed color printing solution along. Although production inkjet printers have been in use since the last decade, it was mainly confined to transactional printing applications. Continuous feed inkjet printers are not only replacing offset for publishing of books but also opening up new avenues for printing such as highly personalized product catalogs, transaction printing (bills, receipts, etc.) combined with marketing collaterals, and others. Moreover, the rise in demand for printers that are reliable, efficient, low cost, and have faster run time is fueling the growth of this market.
Ask for Sample Pages @ http://www.marketsandmarkets.com/requestsample.asp?id=29764400
What are the major factors driving and restraining the market growth?
Predicted to witness moderate growth over the coming years, the major factors driving the market for production printers are:
- Increasing usage in publishing industry: Production printers provide high volume printing within a short period of time, thereby helping the publishers to quickly launch their publications such as books and magazines in the market. On a global level, the publishers are trying to make their processes more economical by cutting down on inventory and waste, thus leading to a definite shift towards digital production printing from offset, which is in turn leading to a substantial growth for production printer market.
- High Demand from media & advertising industry: The rise in expenditure for media & advertising is also aiding in higher adoption of production printers. Since the major companies spend more on mass advertising and media campaigns, there is a need for high volume printing of banners, posters, and displays, among others, which can be done most effectively and economically by production printers. Therefore, high demand from the media & advertising industry is a major factor pushing the production printer market towards significant growth.
Moreover, growing demand from label and packaging printing segment and in-plant markets and availability of a wide range of options are expected to create an array of growth opportunities over the coming years.
On the flipside, high initial investment costs and competition from substitute technologies are the main hindrances for the growth of this market.
What are the major challenges faced by this market and how can we tackle them?
Growing demand for digital advertisements and e-books is one of the major challenges faced by the leading players in this market. As more and more people are gathering access to the internet across the globe, many of the major companies are focusing equally if not more on the online advertisements in comparison to print advertising. Also, digital signage is fast replacing the print-based signage in both outdoor and indoor signage. However, the print-based outdoor advertisements are still more economical and have greater outreach. In publishing industry, the e-books are gradually being accepted by a vast number of reading population, since a large population base is now spending a significant amount of time on handheld electronic gadgets such as smartphones and tablets. However, as the production printers become more economical and since they are already capable of producing high quality color images, they can still sustain the growth amidst the rising adoption of digital media in advertising and publishing industries.