Growing requirement of high volume production and adoption of novel technologies in printing industry boosts market.
The global Thermal Printing Market is expected to grow at 7.1% CAGR throughout the forecast period 2021-2031. Incorporation of data capture technologies to elevate productivity along with development in automatic identification is a key factor encouraging the adoption of thermal printing. Growing demand for on-demand printing applications and use of thermal printing technology will elevate the market growth, evaluated by ESOMAR-certified consulting firm Future Market Insights (FMI) in this study.
According to the study, thermal printers produce high quality prints and offer high speed printing solution in comparison with conventional impact printers. Owing to such qualities, they are becoming highly popular in retail stores leading to increased demand. COVID-19 pandemic has led to increased sales in small thermal printers while slump in sales was observed for large office printers due to implementation of work from home model. With recovery of the industries, a gradual growth is expected throughout the forecast period.
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“Growing industrialization and surging economic growth in the emerging economies will provide hospitable conditions for rapid market growth,” remarks the FMI analyst.
Key Takeaways: Thermal Printing Market
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Leading players profiled by FMI operating in thermal printing market include NCR Corporation, Zebra Technologies Corporation, HP Development Company L.P., Toshiba Tec Corporation, Star Micronics Co., Ltd., Advantech Co., Ltd., BIXOLON CO., LTD., Citizen Systems, Honeywell International Inc., Fujitsu Limited, Seiko Epson Corporation, Brother Industries, Ltd., NEC Corporation, SATO HOLDINGS CORPORATION, TSC Auto ID Technology Co., Ltd. According to FMI, Top players are interested in strategic merger and collaboration with regional distributors and manufacturers to strengthen their supply chain and expand on a global level.
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