The market for digital printing is expected to grow exponentially from 2020 to 2027
According to CRI Report, the market for the global compound semiconductor has been segmented based on ink, technology, substrate, and region.
Digital printing is a method of printing a digital-based image directly onto various media, including textiles, glass, stone, among others. Digital printing is usually preferred by professional printers owing to the technological costs involved in setting up; however, digital printing is ecologically more beneficial as it involves zero wastage of any resources.
Emerging digital printing technologies, innovation in ink manufacturing and dispensing methods, and rising demand for high-speed printing devices are expected to create opportunities for market players during the forecast period. Furthermore, the increasing investments in the development of smaller digital printers and increasing consumer behavior towards the adoption of digital printing are also expected to impact the market positively. However, increasing online advertising can limit the market growth.
Based on ink, the market has been categorized as Aqueous Ink, Solvent Ink, UV Cured Ink, Latex Ink, and Dye Sublimation. The Solvent Ink segment is projected to account for the largest share during the review period. Additionally, the technological advancement in the digital printing market provides opportunities for the Aqueous Ink market. The advancement in viscosity and flow of inks in the printer is set to revolutionize the digital printing market, with new technologies introduced which will boost the reach and capacity of digital printing globally.However, the Dye Sublimationsegment is projected to register the highest CAGR owing to the increasing adoption of this technology in textiles,clothing, and fast fashion apparel sectors.
Based on the technology, the market has been categorized as inkjet printing and laser printing. The inkjet printing segment is further sub-segmented into thermal inkjet, piezo crystal inkjet, electrostatic inkjet, Micro-Electro-Mechanical System (MEMS). The thermal inkjet segment dominated the market in 2019 owing mainly to consumer preference as the technology has been around for over two decades now. Piezo crystal inkjet technology is also projected to witness increasing market share due to growing consumer awareness regarding the technology and increasing affordability in the adoption of the technology. However, the MEMS segment is expected to register the highest CAGR during the forecast period from 2020 to 2026 owing to the growing application of the technology in 3D printing for aerospace & defense projects and the automotive industry.
Based on substrate, the market has been categorized into plastic films, release liner, glass, textile, paper, ceramic, and others. The plastic films segment is expected to hold the largest market share owing to the high penetration of flexible packaging applications, including food and beverage packaging solutions. However, the ceramic segment is expected to register a substantial CAGR during the forecast period.
Regional Analysis
The global digital printing market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
North America, followed by Asia-Pacific, is expected to be the largest market in the forecast period owing to the high concentration of market players and the abundant availability of competent technical expertise. Furthermore, the increasing demand for sustainable printing and the rising consumer interest in digital printing technologies in the region further drive the growth of the digital printing market. Additionally, the market in Europe is projected to register a significant CAGR during the forecast period.
Key Players
The prominent players in the global digital printing industry are Hewlett-Packard Development Company, L.P. (US), Canon INC. (Japan), Ricoh Company, Ltd. (Japan), Mimaki EngineeringCo., Ltd. (Japan), Roland DG Corporation (Japan), Xerox Corporation (US), Seiko Epson Corporation (Japan), Durst Phototechnik AG(Germany), Electronics For Imaging, Inc.(US), and Inca Digital Printers Limited (UK).