Industry 4.0 to Revolutionize New-generation Printing Technologies
Printing technologies have evolved at a rapid pace over the past couple of decades, due to a host of factors. From earlier iterations of mechanical printers used across industrial and commercial sectors to superior-quality digital printing – the printing sector has come a long way. Players involved in the current advanced printers market are largely burdened with an array of challenges such as the development of improved and cost-effective printers. Although modern-day printers are more affordable and have a higher consumer attractiveness, market players are expected to improve the overall quality of their printers to gain a competitive edge. Advanced printers are increasingly being used in several applications, including CAD & technical printing, commercial & publications, advertising & décor, signage, and apparel & textile.
The advent of the 3D printing technology is set to play a key role in augmenting the global advanced printers market during the forecast period. At present, although the adoption of 3D printing continues to remain lower than that of laser and inkjet printers, the demand for 3D printers is expected to gain momentum over the second half of the forecast period. With Industry 4.0 making inroads across the global industrial sector, advanced printers are anticipated to be connected by data to optimize the manufacturing process in a spectrum of industries. At the back of these factors, the global advanced printers market is expected to attain a market value of ~US$ 230 Bn by the end of 2027.
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Advanced Printer Market: Overview
- According to Transparency Market Research’s latest research report on the global advanced printer market for the historical period of 2017–2018 and the forecast period of 2019–2027, the rising demand for advanced printers for use in various applications is expected to boost the global advanced printer market during the forecast period
- In terms of revenue, the global advanced printer market is estimated to reach value of ~US$ 230 Bn by 2027, expanding at a CAGR of ~3% throughout the forecast period
Government Efforts to Propel Textile Industry: A Key Driver
- The textile industry holds importance in a country’s economy, as it contributes significantly to the country’s GDP. India, China, South Korea, the U.S., and member countries of the European Union have prominent textile industries. Governments are trying to propel the industry through various policies.
- With growth of the textile industry, digital textile printing has also evolved. Digital printing is rising at a rapid pace in the textile & apparel sector, owing to the increasing consumer demand.
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Advent of 3D Printing Technology to Propel Market Growth
Over the past decade, the digital fabrication technology, which is also known as additive manufacturing, and 3D printing have gained considerable popularity. At present, within the advanced printers market, the fast-paced advancements in the 3D printing technology are likely to accelerate the adoption of advanced printers during the assessment period. The uptake of 3D printers around the world continues to witness consistent growth, particularly to produce open-source designs in a host of domains, including automotive industry, healthcare industry, aviation industry, and locomotive industry. At present, players operating in the current advanced printers market are increasingly exploring the potential of 3D printers in the manufacturing sector. In recent years, 3D printing has rightfully emerged as one of the most efficient and flexible techniques in the manufacturing sector. At present, research & development activities continue to explore applications and materials that are being used in the 3D printing sector.
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Amidst COVID-19 Pandemic, Market Players to Create Contingency Plans
The ongoing COVID-19 crisis is likely to stall the growth of the global advanced printers market particularly in 2020. As the demand for advanced printers continues to decline during the pandemic, offline sales are expected to experience a sluggish period. Online sales are also projected to take a hit as trade restrictions coupled with lockdowns enforced by governments have created glaring bottlenecks within the supply chain. Market players are estimated to deploy their contingency strategies to minimize the impact of the novel COVID-19 pandemic on the advanced printers market.