According to a new study, the global inkjet printer market is expected to expand at a robust growth rate of 5.1% from 2021 to reach approximately USD 62.5 billion by 2030. During this period, on-demand printers are estimated to grow at the fastest rate.
"Significant growth in the advertising industry combined with the demand for higher print quality and better print resolution is estimated to drive the market growth," said Canada-based Precedence Research." The advertising industry utilizes large format printers to create posters, signs, banners, billboards, and hoardings. Billboards and banners include detailed information such as graphics, images, and logos to attract the attention of customers. Thus, the growth of the advertising industry will significantly contribute to the growth of the inkjet printers market.
The multifunction printers 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 over 25% in 2021.
On the basis of geography, North America is estimated to lead the market in 2021, contributing more than 30.1% revenue share, owing to the growth of the pharmaceutical industry in the region and presence of key market players.
Technology Insights
On the basis of technology, the inkjet printers market has been segmented into continuous inkjet, on-demand inkjet, UV inkjet, and others. This type of printers offers features such as minimal leakage of volatile organic compounds (VOCs), lower maintenance cost and option to fill different types of inks. All these features will be the driving factor for the market growth.
Drop-on-demand (DOD) inkjet technology printers are estimated to grow at the fastest rate during the forecast period as it offers beneficial features such as reduced downtime, flexibility, and functionality. In this type of inkjet printer, the liquid is ejected from the print head only when it needs to be dripped. It is mainly used for industrial applications such as printing on wood, gypsum boards, plastics, hardware, metals, packaging and concrete products.
Asia Pacific is expected to grow significantly over the forecast period due to the availability of cheap labor and lower manufacturing costs in the region. In addition, easy availability of raw materials for the production of inkjet printers is another factor contributing to the growth of the inkjet printer market in the region.
Market Dynamics
Increasing penetration of inkjet printers in developing countries coupled with rapid digitization is expected to be the major driving factor for the market growth.
Restraints - The major restraints that will negatively impact the growth of the inkjet printers market include health hazards due to exposure to chemicals used for printing and environmental hazards when printing waste is not properly disposed of.
Opportunities - Hybrid printing using inkjet printers is one of the latest printing technologies and is expected to have huge opportunities in the coming years as it allows more work to be done in lesser time and is cost effective.
Challenges - Constant exposure to printing chemicals can cause various health hazards that need to be handled with proper safety regulations. This factor will be a major challenge encountered by the inkjet printers market.
