The global market for Wide Format Printers is projected to reach US$4.3 billion by 2024, driven by growing user demand for faster turnarounds and short run print jobs, coupled with the versatility of the printers finding application in diverse range of applications.
Despite the onslaught of online and electronic media, print media remains relevant, providing brands with a portable, flexible, tangible and technology-free medium for consumer engagement and interaction in a manner that digital media is incapable of. Wide format printing and Grand or Super Wide format printing, is a powerful marketing communication and promotion tool, with large-size prints being a highly popular display option for conference, public events, trade shows, product or business launches, and art exhibitions. The convergence of wide format printing with digital media is one of the key growth accelerators in the market, with large-format print service providers leveraging technological innovation and creativity in order to find new ways for print media to complement digital media. Application of wide format technologies is possible in all kinds of printing businesses. Specialized finishing and digital printing technologies could be used for printing big size books that children could play with. Personalized pot holders, kitchen linens and tea cosies could also be created.
Traditional printing businesses have a compelling reason for integrating wide format printers into their portfolio in order to supplement their revenues. Against the backdrop of the growing user demand for short-run print jobs and faster turnarounds, large format printing meets the objectives of reducing overhead costs, speeding up turnaround time, and boosting return on investment through on-demand and just-in-time printing. Wide format printing delivers fast turnaround time, improved operating environments, highly efficient workflows and better logistics, which translates into economic and environmental benefits for printing service providers. Traditional commercial printing firms are complementing their existing capabilities with wide format printing in order to transform into single-window counters for all the printed communications material requirements of customers from diverse verticals including media and advertising, entertainment, event management, retail, healthcare, education, and hospitality, among others.
The versatility of the printers and the diversity of applications is one of the key reasons why wide format printed materials continue to be used even in the present digital marketing age. In addition to producing banners, signage, posters, wall coverings, printed textiles, window and vehicle graphics, labels and POP displays, wide format printing provides commercial printers a stepping stone into markets such as packaging and proofing. The rapid global penetration of the Internet has unlocked a huge market for mass customization and personalization of printer articles, thereby opening a world of opportunities for wide format printers. The growing demand for 3D printing is expected to spur the market for wide format printers. Solvent and eco-solvent inks are the ideal choice for wide format printing applications such as outdoor durable signage, vehicle wraps and point-of-purchase/point-of-sale displays. However, owing to concerns related to the environmental impact of volatile organic chemicals (VOCs) present in solvent inks, print service providers are shifting from solvent inks to aqueous and UV curable inks.
Europe represents the largest market worldwide, followed closely by the US. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.3% over the analysis period. Among ink types, Aqueous Ink based Wide Format Printers constitute the largest market segment, while UV-Cured Ink and Latex Ink based Wide Format Printers are poised to clock the fastest growth over the analysis period. On the other hand, rising environmental concerns are expected to lead to the decline of the Solvent Ink based Wide Format Printers market.
Major players in the market include Agfa-Gevaert N.V., Canon Inc., Oce-Technologies B.V., Durst Group, Electronics for Imaging Inc., HP, Inc., Konica Minolta Inc., Mimaki Engineering Co., Ltd., Ricoh Company, Ltd., Roland DG Corporation, Seiko Epson Corporation, and Xerox Corporation among others.