Digital Production Printer Market is estimated to be 7.3 Billion by 2029 with a CAGR of 11.9% during the forecasted period.
Today books and magazines publishers are shifting from regular production to digital production printing. This is often because the technique is more economical. The worldwide Digital Production Printer market is experiencing tremendous growth recently. As a results of rising demand for high-speed printing and multiple applications in areas like commercial, publishing, and label and packaging, the worldwide production printer market is experiencing splendid growth in recent time. Also the extensive use of printing in applications like large-scale package printing, label printing of cartons, flexible package, corrugated packaging, and plastic packaging.
The report "Global Digital Production Printer Market, By Type (Monochrome and Color), By Technology (Inkjet and Toner), By Production Method (Cut Sheet, Continuous Feed, Sheet Fed, and Web Based), By Application (Transactional, Commercial, Publishing, Label & Packaging, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
· In June 2014, Konica Minolta signed an agreement with Ergo Asia Pty Limited (Australia), a leading Asian marketing production management services provider, whereby it would acquire all the latter’s shares.
· In February 2015, Ricoh started a new company in the Middle East as part of its strategy to more directly support customers and partners in key emerging markets globally as well as to meet local needs and the demand for new digital office solutions.
· In January 2020, Ricoh, a Japanese company, announced the start of the new manufacturing organization, Ricoh Manufacturing (China) Ltd, in April 2020. With the launch of production at the new manufacturing organization, existing production sites in China will be reorganized. Production at Ricoh Asia Industry (Shenzhen) Ltd was expected to end in the spring of 2020, and production at Ricoh Components & Products (Shenzhen) Ltd is likely to finish in the fall of 2020.
Analyst View:
Packaging applications are among the major sources of demand for production printers, as digital package printing has become more mainstream. Product manufacturers are increasingly addressing focused groups of buyers through increasingly customizing cardboard boxes and labels. Packaging gained high importance. While many printers and converters have used their printing systems for digital label production, in 2020, folding cartons and flexible packaging are expected to become increasingly focused. With tactile elements on packaging materials and creatively designed outer packaging, brand owners further focus on driving the consumers' attention on their products.
The growth of e-commerce is expected to drive the demand for better packaging solutions worldwide. This is expected to drive the Production Printing solutions in packaging to meet the needs of this market where competition is very high. The evolution of e-commerce is expected to create demands for printing methods that can match the speed, volumes, and standardization that this industry demands. However, high initial investment cost might be hampering the growth of the market.
Key Market Insights from the report:
The global digital production printer market accounted for 2.7 billion in 2020 and is estimated to be US$ 7.3 billion by 2029 and is anticipated to register a CAGR of 11.9%. The market report has been segmented on the basis of type, technology, production method, application and region.
· Depending upon production method, the continuous feed segment is projected to grow at highest CAGR over the forecast period.
· Depending upon application, the publishing segment is projected to grow at highest CAGR over the forecast period.
· By region, Asia-Pacific is expected to be the fastest-growing market for Production Printing with India, Indonesia, and Vietnam showing high growth rates markets. According to the CII (Confederation of Indian Industry), India is anticipated to become the fifth largest consumer market by 2025. According to an ASSOCHAM-EY joint study, the printing and packaging industry in India is anticipated to grow to USD 72.6 billion by 2020, growing at a CAGR of 18%.
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Competitive Landscape:
The prominent player operating in the global digital production printer market includes Xerox, Hewlett-Packard, Ricoh Company, Konica Minolta, Canon, Agfa, Gevaert, EFI Electronics, Eastman Kodak Company, Inca Digital Printers, and Miyakoshi Co.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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