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The ink-based segment is projected to grow at the fastest rate, according to a new report.
The large-format printer market is growing. According to a new report from B2B research provider MarketsandMarkets, the market for production equipment is projected to reach $11.4 billion by 2026 from $8.8 billion in 2021, increasing at a compound annual growth rate (CAGR) of 5.4 percent.
North America is large-format printing’s largest market, as it’s home to major manufacturers such as Hewlett-Packard, Electronics for Imaging, Xerox Corp. and Lexmark, according to MarketsandMarkets. Growth in the region is predominantly driven by large-scale investments by companies, high demand for large-scale prints and technological advancements.
The report also included a COVID-19 impact analysis by offering, connectivity (wired, wireless), printing material (porous, non-porous), technology (ink-based, toner-based), print width, ink type, application and geography. While another coronavirus outbreak is expected to affect the large-format printer market, a steady recovery is expected in 2022.
In technology, the ink-based segment is expected to grow at the highest rate. This is primarily due to the increased use of inkjet large-format printers for technical and CAD printing applications. Whereas some industries traditionally preferred laser printers for this, inkjet printer manufacturers have started providing faster options with reduced running costs, which has led to their widespread adoption. This has also created less of a demand for toner-based printers, according to the report.
Additionally, the demand for UV-cured ink is expected to increase and the segment is projected to hold the largest market share during the forecast period. The report states that in many cases, UV-cured inks are replacing solvent options due to their near instant dry time, UV resistance, low environmental impact and ability to be applied to a range of surfaces — including uncoated and rigid textures.