Wide Format Printers Market Expected to Reach USD 15.02 Bn by 2030
As per the report published by Kings Research, the Global Wide Format Printers Market was valued at USD 9.24 billion in 2022 and is projected to reach USD 15.02 billion by 2030, growing at a CAGR of 6.39% from 2023 to 2030.
The wide format printers market is growing at a rapid pace which is attributed to the increased demand for durable products and advancement in technology, which have led to more efficient operations such as cloud-based software and workflow solutions. Software integration enabled remote management and reduced costs for businesses and durability has also become increasingly prominent in the wide format printer market. The availability of more environmentally friendly solutions, such as the use of recycled material and printing inks, has become common in recent years.
This trend is expected to continue as consumers and businesses become more aware of their environmental impact. Growth opportunities in the wide format printer market have also risen from expansion into non-traditional markets such as home decoration and packaging. Industries such as wall coverings, textiles, and packaging have grown, where individual and personalized designs are becoming more common. In addition, 3D printing technology has advanced significantly in recent years, enabling a wide range of applications and developments in production methods which propels the market growth.
- Based on offering, the software segment is growing at a CAGR of 6.47% over the forecast period
- Based on ink type, the UV-Curable is expected to dominate over the forecast period
- Based on application, the commercial segment generated the highest revenue of USD 8.78 million in 2022
- On the basis of region, Asia Pacific accounted for the largest market share of 37% in 2022
Konica Minolta Business Solutions U.S.A., Inc. Launched the New Hybrid Wide Format Inkjet System
March 2023: Konica Minolta Business Solutions U.S.A., Inc. launched the new AccurioWide 250 hybrid wide format inkjet system. This new device is the fastest and widest print width model which ensures consistent image quality and color vibrancy.
Canon Launched the four-color Pigment Ink Large Format Printer to Broden their Product Portfolio
February 2023: Canon is broadening its printing portfolio with the introduction of the ImagePrograf TC-20, the first four-color pigment ink large format printer with an A1+ capacity. The TC-20 is compatible with free programs and applications such as PosterArtist and operates well with other ImagePrograf exceptional format printers.
Proliferating demand for Environmentally Friendly Printing Solutions Propels the Market Growth
As consumers are increasingly environmentally conscious, the demand for environmentally friendly printing solutions has increased. In this regard, environmentally friendly widescreen printers have become more common. Eco-friendly widescreen printers are designed to minimize harmful environmental impacts and usually have energy-efficient components, use more durable materials in the printing process, and produce little waste. The most common way that wide format printers can be environmentally friendly is by using alternative inks.
For instance, water-based inks pollute the air much less than solvent-based inks and are much safer for both the user and the environment. Some eco-friendly widescreen printers have water-based latex inks that are environmentally friendly, durable, and versatile. In addition to alternative inks, eco-friendly widescreen printers are designed to reduce overall waste. Many models have automatic systems that detect low ink levels or print quality problems, minimizing the number of printing errors and reducing the waste of ink, paper, and other materials. This improvement also results in significant annual savings which accelerates the market growth.
Increasing Adoption of UV-curable Inkjet Printer to Augment Market Growth
The popularization of UV-curable inkjet printers has boosted the growth of the wide format printer market during the forecast period. It provides high-quality images and increases productivity. It is widely used in various industries such as electronics, sales promotion, decoration, and many more. Direct printing on resin, glass, and metal is possible with a UV inkjet printer. In April 2021, Mimaki Engineering Co Ltd, a manufacturer of industrial inkjet printers, plotters, and 3D printers, announced the launch of JFX 600-2513 and JFX 550-2513 large UV inkjet printers. UV curable ink is used in printers and offers a fast, quick drying, low energy, and eco-friendly solution, these factors are augmenting the market growth.
Europe is Expected to Grow Rapidly with a CAGR of 6.50% over the Estimated Timeframe
Regional growth is proliferated by the growing popularity of cloud-based software solutions for remote management, collaboration, and information sharing across different locations. The expanding use of 3D printing and other digital technologies, especially in the architectural and mechanical industries also expedites the market share. The rising demand for greater personalization & customization of prints with an emphasis on high-quality, high-resolution graphics augments the market growth. Growing demand for large graphics and signage, especially in retail, hospitality, and events, these trends imply that the wide format printing market is constantly evolving to meet changing demands and new technologies, providing opportunities for growth and innovation for industry players.
In North America, the Wide Format Printers Market is Burgeoning with a Forecasted CAGR of 5.79%.
North America is growing expeditiously owing to the adoption of hybrid printing technologies that combine digital and analog printing, enabling more complex and sophisticated designs. The growing demand for custom and variable data printing in the region allows printing to be customized for individual clients or projects. The increasing investment in sustainable development is influencing the development of environmentally friendly printing solutions and technologies. These trends and innovations are shaping the future of wide format printers in North America.
Key players in the Market are Concentrating of Expanding their Product Portfolio Through New Product Developments
The global wide format printers market fragmented with key players such as Canon Inc., FUJIFILM, HP Development Company, L.P., Konica Minolta Inc, Lexmark International, Inc., Mimaki Engineering Co., Ltd., MODIX MODULAR TECHNOLOGIES LTD, Mutoh, Seiko Instruments Inc., Xerox Corporation. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.