Inkjet Printers Market Analysis: Multifunctional and Large Format Inkjet Printers to Register Highest Growth
The global demand for inkjet printers witnessed a massive downfall in the first half of 2020 on account of lockdown and social distancing barriers implemented due to the spread of coronavirus disease throughout the world. Big as well as small manufacturing companies went through the worst phase and suffered heavy losses in 2020. To overcome the previous losses, business firms in 2021 are focusing on research and developments to ensure uniqueness in their services.
Recognized corporations are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for inkjet printers with largest market share. The corporations like HP Inc., Canon Inc., Brother Industries, Ltd., Seiko Epson Corporation, Xerox Corporation, Hitachi Industrial Equipment Systems Co., Ltd, Lexmark International Inc., Domino Printing Sciences plc, Inkjet, Inc., and Videojet Technologies, Inc., and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings.
For instance, Canon India announced the launch of seven new Ink Tank Printers - PIXMA G3060, PIXMA G3021, PIXMA G3020, PIXMA G2060, PIXMA G2021, PIXMA G2020, and PIXMA G1020 which strengthened its Ink Tank Printer segment. This iconic range includes features like drip-free, hands-free ink refilling mechanism, and a user-replaceable maintenance cartridge to offer maximum productivity. The new models aim at giving out better printing speed and have an “economy” mode that enables the consumers to print up to 7700 colored pages or 7600 black pages.
All developing and developed nations are predicted to pick up pace through 2030 owing to the emergence of leading manufacturing companies and new domestic players. The Asia Pacific market is projected to grow at the fastest rate owing to the low manufacturing costs. North America holds the largest market share. All the other key regions such as Latin America, Eastern and Western Europe and MEA are driving the market growth and opening various opportunities for manufacturers.
According to the latest market report published by Future Market Insights titled “Inkjet Printers Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2028,” the high print quality and the lower investment cost of inkjet printers is expected to boost the global inkjet printers market during the forecast period, 2018-2028. Globally, the revenue generated from sales of inkjet printers has been estimated to be around US$ 40,941 Mn in 2018 and is projected to increase at a CAGR of 6.5% by value, during the forecast period 2018-2028.
The demand for multifunctional inkjet printers and the large format inkjet printers are expected to be higher during the forecast period. The high demand of large format inkjet printers is due to the use of large format inkjet printers in the industries such as advertisement where the requirement for the higher print resolution, and better print quality is essential which is fulfilled by inkjet printers. Besides, the large format inkjet printers are used by the photographers because of their capability to print the photographs without the pixel split, proper color and combination.
Inkjet printers provide the unique solution for the photographers with the ability to print on any substrate. Multifunctional inkjet printers which are extensively used in offices and institutes such as schools and colleges are expected to acquire the largest market share at the end of forecast period. The versatility of multifunctional inkjet printers to print, scan, fax, copy, paper handling has propelled the penetration of multifunctional printers. The lower cost associated with the low variants of multifunctional inkjet printers has increased the use of multifunctional inkjet printers in place of single functional inkjet printers. Besides, some of the multi-functional inkjet printers are available with the connectivity of Wi-Fi, USB, Bluetooth, LCD screen and touch which makes the control of these printers more user-friendly.
The fast pace growth of textile inkjet printer is attributed to the increasing penetration of textile inkjet printers in the textile industries. The textile inkjet printers can change the design and pattern of the print rapidly. This enables the manufacturer to print different colors, designs, and patterns on the same fabric. The higher operating speed offered by textile inkjet printers as compared to other conventional printing techniques such as screen printing, is expected to contribute further to the growth of textile inkjet printers in the textile industries. The printing speed of textile inkjet printers rages up to 1000 meters per minute.
Industrial inkjet printers are used for the marking and coding of the product. The expansion of the global packaging industry and the higher operating speed offered by industrial inkjet printers is expected to bolster the growth of industrial inkjet printers in packaging. The high velocity of industrial inkjet printers allows the nozzle to be placed at a greater distance from the product. The greater distance allows the manufacturer to set any product of different shapes and sizes. The high speed of the drop ejection allows the higher speed of the inkjet printers for marking and coding.
The inkjet printers are used in industries to print date, barcodes, logos and lot codes on the products of different shapes and sizes. The lower maintenance cost and option to fill different types of inks associated with the continuous inkjet technology which is used in industrial inkjet printers is expected to contribute to the growth of industrial inkjet printers.
Inkjet press is used in the publication for the bulk printing such as printing of books, catalogues, and magazines. Inkjet printers are expected to have a lower share in the forecast period. The restraint for the inkjet press growth is the higher cost of inkjet press as compared to other printing techniques for bulk production. The use of single functional inkjet printers is expected to decline in the forecast period due to the increased penetration of laser printers. The laser printers provide lower running cost as compared to inkjet printers. The inkjet printer cartridges are expensive and have lower printing capacity while the laser printers tonner has very high printing capacity. The ink of ink cartridges dries up if the printers are not used for long.
The market volume for global inkjet printers is expected to expand at 1.8X over the forecast period, 2018-2028
Detailed profiles of companies are also included in the report to evaluate their strategies, key product offerings, financials, and recent developments. The key players of the global inkjet printers market are HP Inc., Canon Inc., Brother Industries, Ltd., Seiko Epson Corporation, Xerox Corporation, Hitachi Industrial Equipment Systems Co., Ltd, Lexmark International Inc., Domino Printing Sciences plc, Inkjet, Inc., and Videojet Technologies, Inc.
The companies are actively working in research and development to enhance the ink carrying capabilities of the inkjet printers. In July, 2018 Brother Industries, Ltd. launched INKvestment inkjet printers which can be used without refilling inks for at least a year. In June 2018, Canon announced to launch refillable inkjet printers named Pixma series. Seiko Epson Corporation which is a global leader in refillable inkjet printers market in 2018 announced the cumulative global sales of inktank inkjet printers sales of 30 million units from the time product was launched in back 2010.
In the global inkjet printers market report, we have discussed individual strategies followed by these companies concerning enhancing their product portfolio, creating new marketing techniques, mergers, and acquisitions. The ‘Competitive Landscape’ section is included to provide report audiences with a dashboard view and company share collectively.
Key Segments Covered
By Printer Type
- Single functional Printers
- Multi-functional Printers
- Large Format Printers
- Industrial Inkjet Printers
- Textile Inkjet Printers
- Inkjet Press
By Technology Type
- Continuous Inkjet
- Drop on Demand
- Thermal DOD
- Piezoelectric DOD
By End-Use Industry
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Australia & New Zealand
- Rest of APAC
- GCC Countries
- South Africa
- North Africa
- Rest of MEA