THERMAL PRINTING MARKET ANALYSIS

Global Thermal Printing Market  size was valued at US$ 45.60 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030.

The thermal printing market which uses heat to transfer images to paper, is expanding. It has widespread applications across a variety of industries, low operating expenses, and fast printing speeds. It is frequently utilized in a variety of applications, including ticket, tag, and receipt printing, barcode labeling, and point-of-sale (POS) systems. Technological advancements are crucial in this dynamic market. To meet the changing requirements of end users, manufacturers are constantly striving to develop thermal printers that are energy-efficient, high-speed, and high-resolution. The functionality and ease of use of thermal printing solutions have been further enhanced by the incorporation of mobile printing capabilities and wireless connectivity.

Global Thermal Printing Market - Regional Analysis

Figure 1. Global Thermal Printing Market Share (%), By Region, 2022

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North America accounted for the largest share contributing towards the revenue of the Thermal Printing Market . An increase in R&D by various key companies to launch new innovative products in the market is the key reason for the increased demand. For instance, on October 4, 2021, FUJITSU COMPONENT LIMITED a global business that provides cutting-edge solutions to a wide range of sectors, including the automotive, telecommunications, healthcare, and industrial sectors, specializing in the design and production of electronic components, introduced a 3-inch high-speed thermal printer mechanism. The clients of this printer can easily satisfy their printing needs such as ticketing, labeling, tagging, and other needs. In addition, manufacturing and industrial, retail, transportation, logistics, healthcare, hospitality, and retail are the primary sectors in the region where thermal printers are utilized. There are several key players in the North American region that offer Thermal Printing Solutions. This helps the market for thermal printers in North America grow even more.

Asia Pacific accounted for the second largest share of generating revenue for the market. This is mainly due to the rising technological advancement in developing countries, like China and India. Major companies and BNCs (Multi National Companies) are investing in these countries which is driving the market revenue growth. In addition, high disposable income, rapid industrialization, and rapid expansion of the automotive, medical, and electronics industries is anticipated to boost regional market expansion.

Global Thermal Printing Market  - Segmentation

Figure 2. Global Thermal Printing Market Share (%), By End Use Industry, 2022

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Thermal Printers are frequently used by small, medium, and large businesses to label and track transported goods. It is a significant factor in the dominance of barcode printers in the Global Thermal Printing Market.

Barcoding technology is essential for a streamlined and adaptable retail industry due to the expansion of global retail stores. It is difficult for many businesses to maintain product flow while tracking them as they travel. While thermal printers are ideal for printing invoices and receipts, they can also be used to print barcode labels. Owners of businesses can quickly and easily create labels for a variety of purposes by combining a thermal printer and a barcode maker. Products can be marked with these labels, inventory can be tracked, files can be organized, shipments can be managed, and overall operational efficiency can be improved. The use of heat-sensitive label stock is one advantage of thermal printing for barcodes. Thermal labels are made to withstand harsh conditions, not fade, and remain legible over time. Businesses can ensure that the barcodes remain intact and scannable by using durable label stock, preventing any disruptions to the tracking and inventory management processes. Because it improves product identification and tracking accuracy, reduces manual labor, and reduces errors, this reliability is essential for a streamlined retail industry

Global Thermal Printing Market  was valued at US$ 45.60 Billion in 2022 and is expected to reach US$ 64.17 Billion by 2030, exhibiting a CAGR of 4.5% between 2023 and 2030.

Global Thermal Printing Market - Key Competitors

Key companies operating in the global 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.

Global Thermal Printing Market - Recent Developments

1. On July 26, 2022, Toshiba Tec Corporation a global leader in providing innovative solutions in the fields of retail, printing, and labeling, offering a wide range of products and services that enhance operational efficiency and customer experiences and com, Inc. a popular online platform in Japan that provides price comparison and consumer review services for a wide range of products and services, signed a Letter of Intent (LOI) to support Kakaku.com Inc's "Tabelog Order" strategically. Toshiba TEC Corp (Toshiba TEC) a subsidiary of Toshiba Corp carries out the development, manufacturing, and selling of office machinery and electrical machinery. "Tabelog," which is run by Kakaku.com, Inc. is one of the most extensive restaurant search and reservation websites in Japan. It lists approximately 830,000 restaurants and has 87.63 Billion monthly users. Customers will also be able to enjoy a more relaxing dining experience thanks to the in-store mobile ordering service known as "Tabelog Order." The "IT Introduction Subsidy 2022," which aims to promote DX, has selected the service as a project to be subsidized. In order to support DX promotion in the retail, food, and beverage industries and contribute to the growth of a sustainable society, the three businesses will collaborate on their strengths and accumulated expertise.
2. As on June 6, 2022, Zebra Technologies a global leader in the provision of cutting-edge solutions for enterprise asset intelligence, specializing in RFID, mobile computing, data capture, and barcode printing and scanning, completed the acquisition of Matrox Imaging. Matrox Imaging is the machine vision industry's supplier of vision software, smart cameras, 3D sensors, vision controllers, I/O cards, and frame grabbers. Zebra's machine vision products, software, and services for the on-demand economy, which is constrained by a lack of labor and a limited supply of upstream goods and materials, have been enhanced by the acquisition of Matrox Imaging. Zebra's fixed industrial scanning and machine vision portfolio has recently been launched, and Matrox Imaging's solutions significantly enhance Zebra's growing software, machine learning, and deep learning expertise. Zebra anticipates using both cash on hand and fully committed financing from its credit facility to pay for the US$ 875 Billion purchase price. The deal is expected to close in 2022, subject to customary closing conditions like regulatory approval. Matrox Imaging has a higher profit margin profile than Zebra and annual sales of approximately US$ 100 Billion.
3. On December 8, 2022, SHEIN, an online retailer of fashion, beauty, and lifestyle products, announced of its adoption of digital thermal transfer printing in order to increase printing efficiencies and reduce the environmental impact of textile manufacturing in the supply chain. Digital thermal transfer printing is increasingly being adopted by SHEIN. The company wants to increase printing efficiency and lessen the environmental impact of textile manufacturing in its supply chain. SHEIN's multi-year strategic plan to replace traditional screen printing with less water-intensive printing methods for a significant portion of its printed products has reached a new milestone. SHEIN has switched over to digital thermal transfer printing for more than half of its directly sourced prints since the initiative's inception in December 2018. SHEIN's small-batch production process makes use of this method, which helps to reduce inventory waste and conserve resources from the beginning. Even though digital printing is more expensive than traditional screen printing, it has many advantages, like saving water and energy. Digital thermal transfer is a method of printing in which dyes are first printed on thermal transfer paper before being incorporated into the fabric to create a pattern. SHEIN's digital thermal transfer printing technology is completely dry, whereas conventional screen printing requires 0.49 tons of water to produce 100 meters of fabric. This results in improved operational efficiency and a smaller water footprint for each garment.
4. On January 10, 2022, Brother International Co., launched a new RJ-3200 printer series consisting of two high-performance label and receipt printers designed to fit the needs of the modern worker. Brother International Co. is a multinational company that specializes in the manufacturing and distribution of various products, including printers, sewing machines, label printers, scanners, and other computer-related electronics. The company is a subsidiary of Brother Industries Ltd., which is headquartered in Nagoya, Japan. The improved range of printers launched by the company has a longer battery life, fast print speeds of up to 5ips (127 mm/sec), and a durable design that can withstand drops of up to 2 meters. These features make the improved range the ideal companion for retail and field service employees who require quick and dependable printing. The RJ-3200 models have applications that can help with everything from shelf labeling, price markdowns, click-and-collect, quotes, estimates, and invoices. They also have applications that can help with price markdowns. The Brother RJ-3230BL label and receipt printer has an IP54 certification, has been drop tested from 2 meters, and has a print resolution of 203 dots per inch. It connects via Bluetooth or USB. The Brother RJ-3250WBL label and receipt printer has Wi-Fi connectivity in addition to the same design and functionality as the Brother RJ-3230BL.

Global Thermal Printing Market – Drivers

Higher Adoption of Automatic Identification & Data Capture (AIDC)

The use of barcodes in transactions has increased as the number of cashless payments has increased. For instance, According to Ministry of Electronics and Informstion Technology of India, from 2,071 crore transactions in FY 2017-18 to 8,840 crore transactions in FY 2021-22, digital payment transactions have significantly increased as a result of coordinated efforts by the entire government and all stakeholders. The expansion of digital payments in India and the availability of numerous simple and convenient digital payment options have made it easier for citizens to live comfortably, increased financial inclusion, and the expansion of businesses and the economy. In addition, the proliferation of digital payments has encouraged the expansion of businesses, particularly SMEs. Barcodes make it possible for small and medium-sized businesses (SMEs) to accept digital payments without requiring costly point-of-sale systems.

Rising Use of Portable and Retail Thermal Printing Technologies

The retail sector utilizes specialized point-of-sale (POS) printers designed to deliver transaction receipts primarily to customers, making it the largest end user of thermal printing technology. The lowest but adequate thermal grades of receipt papers are direct thermal media. Both manned and increasingly automated self-checkout systems are used in the industry. Over the next few years, direct thermal media with greater outdoor capability will replace thermal transfer products in the market. Because the printers are conveniently smaller than a portable desktops, this results in a situation that is more adaptable and comfortable for users. In order to provide more opportunities for customer engagement, additional kiosks will be placed in the future, particularly in the aisles rather than check-out areas. For instance, an individual shopping at a clothing store. A salesperson with an mPOS device and a portable thermal printer approaches the customer directly rather than going to a specific checkout counter. The sales associate scans the items, makes the payment on the handheld device, and uses the portable thermal printer to instantly print a receipt. The receipt is given to the customer immediately, facilitating a smooth and convenient shopping experience.

Global Thermal Printing Market - Restraints

Competitive Price offering from new entrants

The expansion of the market is anticipated to be stifled in the near future by fierce rivalry among manufacturers of thermal printers. Manufacturers of thermal printers in China and India have easy access to inexpensive labor and raw materials, allowing them to lower product prices. In turn, this is expected to have a significant impact on players in global markets. It has been hard for major market players in developed economies like North America and Europe to compete with manufacturers from emerging economies because of rising functionality and performance and falling prices. Over the forecast period, this is anticipated to impede market expansion.    

Counterbalance - Established players in the global Thermal Printing Market may face challenges from competitive price offerings from new entrants from emerging economies, but a number of factors can counterbalance these constraints. To maintain a competitive edge, established manufacturers can capitalize on their brand reputation, invest in product innovation and differentiation, provide superior customer support and services, make use of existing distribution networks, and navigate regulatory requirements. Market leaders in the thermal printing sector can maintain their success and increase their share of the market by concentrating on these aspects.

Emergence of new printing methods is expected to hamper the global Thermal Printing Market  during the forecast period

The emergence of novel technology is anticipated to impede market expansion, despite the fact that thermal printing technology is superior to laser and ink-based printing for various applications. There is currently no alternative to RFID (Radio Frequency Identification Device), which is a new technology that is rapidly developing. In addition, there is no immediate threat to thermal printing, although a number of novel technologies are likely to restrict its market share in the near future. In addition, the market is anticipated to be threatened by direct-part manufacturing, mobile barcoding, RFID, and electronic shelf labels.

Counterbalance - The unique advantages, established infrastructure, cost-effectiveness, dependability, and ongoing innovation of thermal printing technology will help counterbalance the challenges posed by new printing methods for the global Thermal Printing Market. Consequently, thermal printing is anticipated to maintain its position as the preferred printing method for a variety of applications in the foreseeable future and to maintain its growth trajectory.

Global Thermal Printing Market – Opportunity

Technological Advancements         

Market expansion is anticipated to be fuelled by ongoing technological advancements in thermal printing. Thermal printers' speed, resolution, connectivity options, and durability are all being improved through research and development. The presentation of cutting-edge highlights like remote availability, portable printing capacities, and cloud incorporation is extending the application regions for warm printing, subsequently driving business sector development. In a variety of industries, thermal printing is adapting to the rising popularity of mobile printing. Thermal printers that support mobile printing allow users to print directly from mobile devices like smartphones and tablets. This feature is especially useful in applications like ticketing, field sales, and delivery services, where mobility and on-the-go printing are essential.

Advancements in Healthcare Digitization

The medical care area is progressively embracing digitalization and computerization, which incorporates the utilization of warm printers for printing patient names, wristbands, solutions, and clinical reports. Thermal printing solutions are in high demand in healthcare facilities due to the emphasis placed on patient safety, precise labelling, and traceability. The market for thermal printers in this field is expected to expand as healthcare systems all over the world strive for greater patient care and efficiency. One important aspect of healthcare digitization is the transition from paper-based records to electronic health records (EHRs). Labels, wristbands, and other documentation required for accurate patient identification and tracking within EHR systems are printed by thermal printers, which are crucial tools. As more healthcare providers adopt EHR systems to streamline operations and improve patient care, it is anticipated that demand for thermal printers will rise.

Global Thermal Printing Market – Impact of COVID-19 Pandemic Analysis

Global supply chains were disrupted by the pandemic, which affected the production and distribution of thermal printing equipment and components. The supply chain as a whole was impacted by delays in the manufacturing and delivery of thermal printers as a result of lockdown measures, travel restrictions, and temporary factory closures. During the pandemic, the retail sector, a significant market for thermal printing, encountered significant difficulties. Thermal printers used in point-of-sale (POS) systems, barcode labeling, and price tag printing saw a decline in demand as non-essential retail establishments were temporarily closed. There was a significant increase in e-commerce transactions as a result of the lockdowns and social distance measures that were in place. Thermal printing solutions for logistics and shipping, such as printing shipping labels and packing slips, saw an increase in demand as a result of the rise of online shopping. The pandemic had a positive effect on the Thermal Printing Market  because of an increase in e-commerce.

*Definition: Direct thermal printing, also known as thermal printing, is a type of digital printing in which an image is printed by passing thermal paper, which has a thermo chromic coating and is commonly referred to as such, over a print head that is made up of tiny electrically heated elements. When heated, the coating becomes black, resulting in an image.