Ottawa, Nov. 09, 2021 (GLOBE NEWSWIRE) -- The global inkjet printers market size was reached at US$ 41.2 billion in 2020, as per news report study. Inkjet printer is a type of printer that redevelops the digital image by propelling the ink droplets over the paper and plastic substrates and this market is expected to grow with a CAGR of 5.1% during the forecast period.
Inkjet printing technology is prints on the paper, plastic substrates and others simply by ejecting tiny droplets of ink onto its surface without actually touching it. The inkjet printer possesses some beneficial features such as provision of higher quality output, reduction of manufacturing costs, faster prototyping, conversion of processes from analogue to digital and the implementation of just-in-time manufacture. Because of which the industrial end user segment contributed a significant share of more than 25% by revenue share in 2020.
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Crucial factors accountable for market growth are:
- The significant growth in packaging industry amounting for more than 55% of revenue share in 2020 which is estimated to fuel the market growth of inkjet printers.
- The surge in advertising industry boosts the market growth.
- The rise in utility of inkjet printers in various industry verticals such as packaging, education, advertisement, textile and pharmaceutical.
- The high operational speed of the inkjet printers fosters the demand in the market.
Report Scope of the Inkjet Printers Market
| Report Coverage | Details |
| Market Size in 2020 | US$ 41.2 billion |
| Growth Rate from 2021 to 2030 | CAGR of 5.1% |
| Base Year | 2021 |
| Largest Market | North America |
| Companies Mentioned | Xerox Corporation, Videojet Technologies, Inc., Pannier Corporation, Brother Industries, Ltd., Canon Singapore Pvt. Ltd., HP Development Company, L.P., KEYENCE CORPORATION, Konica Minolta, Inc. and Seiko Epson Corporation |
Regional Snapshots
The Asia Pacific region is expected to witness significant growth during the forecast period owing to significant growth of the e-commerce industry in this region. For instance, on 2nd February, 2021 Epson India announced the launch of new format printers. This printer offers high-speed, quality printing, versatility and self-serviceability. This development in the Asia Pacific is estimated to drive the growth of inkjet printers in the market.
Report Highlights
- The multifunctional printer segment accounted for more than 25% revenue share in 2020.
- The industrial segment of the Inkjet Printers Market is estimated to lead the market with a market share of more than 25% in 2021.
- By Geography, North America is expected to lead the market contributing more than 30.1% revenue share in 2021 owing the growth of pharmaceutical industry in this region and also by the presence of major market players.
Market Dynamics
Driver - The increasing penetration of inkjet printers in developing nations coupled with rapid digitalization is expected to be the key driving factors for the market growth. For instance, Canon Inc, on 5th August 2021, announced the evolution of the new imagePROGRAF TZ-5300 series and next generation imagePROGRAF TX-5310 series large format printers. The new TZ range offers High Speed, Productivity and Seamless Workflow Management. This development in the inkjet printers is anticipated to fuel the growth of the inkjet printer market.
Restraint - The major restraining factor that will negatively impact the growth of the Inkjet Printers Market includes the health hazards that are caused upon exposure to the chemicals used for printing and the environmental hazards when the printing wastes are not handled in a proper manner.
Opportunity - Hybrid printing using the inkjet printers is one of the latest printing technologies that is expected to find huge opportunities in the upcoming years as it offers more work to be done in a shorter duration of time and it is cost effective.
Challenges - The continuous exposure to the printing chemicals causes various health hazards and it needs to be handled with proper safety provisions. This factor will be a major challenge encountered by the inkjet printer market.
Recent Developments
- On 12th July 2021, Canon Inc. announced its launch of the PIXMA G570 and PIXMA G670 6-colour refillable ink tank photo printers. It is specially designed for home and small businesses. It offers high-quality photo prints at low cost.
- On 06th October 2021, Xerox Corporation announced that it has joined the Gartner Peer Insights Customer First Program. Xerox was awardedwith the Customer First Badge. Xerox, which is the only supplier of Managed Print Services in the Distributed Workplace to earn this badge.
- On 5th October 2021, Xerox Corporation acquires Competitive Computing (C2) that will help in expanding its IT services business. Competitive Computing (C2) serves all over New England and the United States and has been recognized as “Best of Business” for IT services in Vermont for the past two years.
- On 27th April 2021 Hewlett-Packard Development Company L.P. announced its launch of Smartest Printing System, HP+. It is a breakthrough cloud-based ecosystem that is secure, productive, and uniquely sustainable making it always ready to print remotely anywhere at any time. It has been designed for consumers and small businesses.
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Segments Covered in the Report
By Type
- Multifunctional Printers
- Desktop Printers
- Large Format Printers
- Inkjet Press Printers
- Industrial Printers
- Textile Printers
- Others
By Technology
- Continuous Inkjet
- Drop on Demand
- UV Inkjet
- Others
By End-user
- Consumer
- Education
- Industrial
- Textile
- Pharmaceutical
- Others
By Geography
- North America
- Europe
- Asia Pacific
- LAMEA
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