by Thermal printing refers to a digital printing technique that produces images by heating coated thermally sensitive paper or ribbons. This process does not require toner, ink, or dampening fluid. Thermal printing offers benefits such as durable low-cost paper for printing, compatibility with various operating systems, fast printing speed, and compact size. Hence, thermal printers have wide applications in POS terminals, tags & labels, tickets, receipts, banking slips etc. across industries such as retail, healthcare, transportation, banking.
The global Thermal Printing Market is estimated to be valued at US$ 47.14 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the major trends in the thermal printing market is the rising adoption of barcode printing. Barcode printing helps simplify operations, reduce costs and enhance inventory management. Barcode labels printed by thermal printers help industries such as retail and logistics track inventory in real-time. Technological advancements are leading to the development of innovative thermal transfer printers with advanced features. For instance, new printers offer higher printing speed, better image quality, energy efficiency and compatibility with different operating systems. Adoption of IoT and integration of mobility solutions is also supporting the growth of wireless thermal printers. Growing e-commerce industry and expanding retail sector in developing regions are projected to offer lucrative growth opportunities.
Porter’s Analysis:
Threat of new entrants: The high initial investment cost involved in setting up thermal printing infrastructure acts as a barrier for new players to enter this industry.
Bargaining power of buyers: Thermal printing solutions are widely used across various industries. Therefore buyers have moderate bargaining power due to availability of alternative providers.
Bargaining power of suppliers: There exists a large number of raw material and component suppliers for thermal printing industry resulting in low bargaining power of suppliers.
Threat of new substitutes: presence of emerging printing technologies like inkjet and laser printing poses as substitutes but thermal printing still holds advantages of durability and cost effectiveness.
Competitive rivalry: The thermal printing market is highly fragmented with presence of numerous global and regional vendors intensifying competition.
Key Takeaways:
The Global Thermal Printing Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing application in transport & logistics and healthcare industries.
The market size for 2023 is US$ 47.14 Bn. The transport & logistics end use segment is the largest contributor to the thermal printing market owing to huge demand for tickets, waybills, and labels in this industry. The Asia Pacific region dominated the thermal printing market in 2022 attributed to strong manufacturing base in China and presence of prominent players in the region.
Key players operating in the thermal printing market are Zebra Technologies Corporation, TSC Auto ID Technology Co., Ltd., Toshiba TEC Corporation, Honeywell International, Inc., Bixolon Co., Ltd., Citizen Holdings Co., Ltd., Star Micronics Co., Ltd., Seiko Epson Corporation, SATO Holdings Corporation, HP India Sales Private Limited and Brother International Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
