The Global Printer Market accounted for USD 42. 35 billion in revenue for 2020. It is expected to reach USD 54. 83 billion by 2026, registering a CAGR of 4. 55% during 2021-2026. With the outbreak of COVID -19, people started stocking up on lockdown essentials, a trend with the home printer market that grew considerably amid work-from-home situations.
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Printer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06129748/?utm_source=GNW
For instance, from April to June 2020, Brother Industries Limited experienced a surge in demand and witnessed a rise of 30% in sales for its momo laser printers and 42% in color laser printers, mainly catering to the home environment.
- The Global Printing Industry is experiencing a significant upsurge in emerging markets includes China, India, and the ASEAN region. Recent instances such as HP introduced the world’s first and high-capacity HP Neverstop Laser printers in the Indian market, featuring affordability and reducing common printing interruptions through innovations and digital integration. Similarly, Canon launched seven new ink tank printers in India. The PIXMA G Series printers feature a drip-free, hands-free ink refilling mechanism and a user-replaceable maintenance cartridge for minimum downtime in home and enterprise segments.
- The ecosystem of inks is also expected to evolve along with inkjet printing. Presently, solvent, water-based, and UV-based inks are widely used, with LED inks continually growing. The market is also experiencing the introduction of Hybrid UV/water systems. However, a relatively high ink cost remains a primary concern leading to lower switching rates of vendors from analog to digital. Increasing applications and economies of scale are expected to reduce the price of inks during the forecast period. Additionally, multiple benefits offered by multi-functional printers are further augmenting the market growth amongst the small and medium enterprises and individual users.
- Market Vendors are consistently investing in developing wireless printers to match countries’ rapidly advancing network infrastructure. For instance, in May 2021, Zebra Technologies Corporation released the ZSB Series printer, their first wireless label printing solution designed for the small office home office (SOHO) market. It includes eco-friendly label cartridges, a modern label designer, and mobile app software and further offers a cloud-based experience with rapid printing capabilities.
- The introduction of eco-friendly practices is experiencing significant changes in activities and processes. Apart from several new initiatives for printing industries, end-user sectors, and market vendors are trying to reuse, reduce and recycle.
Key Market Trends
Multifunctional Printers Adoption Expected to Grow Significantly
- The demand for MFP’s has grown considerably over the past few years as consumers have become more energy neutral. The energy needs of several standalone printers in a workplace are high, forcing organizations to develop print management strategies that included upgrading their equipment and managing their print, copy, and mail center.
- Companies like Ricoh, HP, Canon, and EPSON regularly invest in R&D and constantly battle to improve their offerings. For instance, in January 2021, Ricoh released the monochrome RICOH IM 9000/8000/7000, reflecting an all-around representation of all the critical offerings in their advanced MFP lineup. To rival this, in April 2021, Epson released the WorkForce Enterprise WF-M21000 monochrome A3 multifunction printer that prints at 100 ISO ppm.
- MFPs are also more secure than standalone printers. Since they utilize reduce a smaller number of units and reduced variability of machines, the risks are low, making it more accessible for IT staff to secure than individual desktop printers.
- Japan observed a major fall in MFP print volume in April and May of 2020, while Thailand’s MFP print volume was significantly impacted during April, May, and July of 2020. Vendors in the market were largely dependent on the services revenue rather than printing products revenue during the pandemic.
Asia-Pacific Region to Show Significant Growth
- Asia-Pacific is witnessing increased demand in the printer market as many prominent market players are operating in the region. Japan is the home to many such market players, which is also a domestic market for the companies such as Canon Inc., Seiko Epson Corporation, Ricoh Co., Ltd, Fujifilm Holdings Corporation, Brother Industries Ltd, etc.
- Printing hardware sales of the region declined due to constraints in customer businesses, which resulted in sales of related consumables fall. Market vendors witnessed increased sales of inkjet printers due to capturing demand for working and learning from home in countries including China and Japan and the recovery in the market in some emerging countries across education and remote working conditions.
- The region end-users are also adopting new technologies for their printing requirements. Market vendors are also focussing on extending their reach in developing countries like India. For instance, in September 2020, Canon India announced that Replika Press Pvt. Ltd. installed the VarioPrint i300, a B3 sheet-fed inkjet color digital printer. Replika Press became the first company in India to install the solution, an advanced inkjet technology.
- Moreover, in January 2021, Pantum, a developer and manufacturer of laser printers and printing solutions, announced the launch of the Elite Series printer, including the color laser printer model and A4 laser printer in the Indian market.
- Commercial and promotional printing, such as calendars, diaries, brochures, catalogs, etc., have been severely impacted, as many companies have switched to digital. For instance, Life Insurance Company (LIC) called off printing diaries in 2020, and many other government departments and companies followed the same
The Global Printer Market is is moderately consolidated, with a majority share acqyired by few number of global players. High investments in R&D, new product launches, market initiatives, mergers and acquisitions, partnerships, collaborations, are the prime growth strategies adopted by companies to sustain the competition. Key players in the market are Canon, Xerox, Ricoh, and Konica Minolta
- July 2021 - Epson America, Inc was awarded a Sourcewell contract for its portfolio of digital imaging solutions, including business inkjet print, copy, scan hardware, and large-format printers. The contract with Sourcewell opens new avenues for Epson Business First partners to provide high-quality business inkjet technology to the many institutions that rely on Sourcewell.
- July 2021 - Xerox introduced the Xerox AltaLink C8100 and Xerox AltaLink B8100 Series multi-function printers (MFPs) to better support the flexible work environments due to the pandemic, enhance companies to increase their digital transformation with access to the ConnectKey apps.
- July 2021 - Konica Minolta Business Solutions introduced the AccurioPress C7100 line of digital color presses packed with innovative technology to help businesses grow more profitably. The new AccurioPress C7100 model offers 100 pages per minute (ppm) with the AccurioPress C7090 at 90ppm.
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