The thermal printing market is expected to grow from USD 43.2 billion in 2020 to USD 53.5 billion by 2025; it is expected to grow at a CAGR of 4.4% during the forecast period. Rising utilization of automatic identification and data capture technologies for improving productivity, increasing concerns regarding product safety and anti-counterfeiting, increasing use of thermal printing technology in latest on-demand printing applications, rising penetration of wireless technologies in mobile printers, and growing use of RFID and barcode thermal printers in the fast-growing e-commerce industry are the key driving factors for the thermal printing market.
Thermal printing market for healthcare & hospitality application to grow at highest CAGR during the forecast period
The healthcare & hospitality application is expected to witness the highest CAGR in the thermal printing market during the forecast period. The use of smart labels helps in the instant tracking of patients and medical equipment, whenever required, especially in emergencies. Thermal printers are widely used for printing labels and tags that are compatible with various processes in the healthcare application and help to improve patient flow, bed utilization, and asset allocation.
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Barcode printers for thermal printer market to account for largest market share during the forecast period
The thermal printing market, by printer type, is segmented into barcode printers, POS printers, kiosk & ticket Printers, RFID printers, and card printers. Barcode printers segment is expected to lead the thermal printer market, in terms of size, during the forecast period. Thermal barcode printers are extensively used in small, medium, and large businesses to label and subsequently track the products to be shipped. This is one of the significant factors that has led to the leading position of barcode printers in the thermal printer market.
North America in thermal printing market to account for the largest market share during the forecast period
North America is expected to account for the largest share of the thermal printing market during the forecast period. Among all applications, retail, transportation & logistics, manufacturing & industrial, and healthcare & hospitality are the major application areas in which thermal printers are used in the region. Several companies offering thermal printers and supplies have their presence in this region, which further adds to the growth of the market in North America. Zebra Technologies (US), Honeywell International (US), NCR Corporation (US), and Avery Dennison (US) are among a few of the providers of thermal printers having a presence in North America.
Key Market Players
Key players in the thermal printing market include Zebra Technologies (US), SATO Holdings (Japan), Seiko Epson (Japan), Star Micronics (Japan), and Honeywell International (US). Zebra Technologies is one of the leading players in the market and has over 35 years of experience and expertise in the field of printers. Strong brand name and broad product portfolio are two key factors resulting in the leading position of Zebra Technologies in the market. Apart from the strong brand name and product portfolio, the company also has strong R&D capabilities and geographic presence.