Because RFID technology can track products remotely, the widespread popularity of RFID tags currently used for bar codes poses a challenge to thermal printer sales. Due to their readability and password protection, most manufacturers tend to choose RFID tags instead of other alternatives. However, it is reported that a significant increase in the demand for printing of bar codes, bills and receipts will provide attractive opportunities for thermal printer manufacturers, which is more prominent in developing countries in the Asia Pacific region.
In terms of value, the global thermal printer market is expected to thrive at a compound annual growth rate of 6.6% during the 2018-2028 forecast period and will exceed $4.5 billion by the end of 2028.
The need for a compact, convenient and economical thermal printing solution still exists,
The high demand for mobile printers has significantly driven the growth of the thermal printer market. Because mobile thermal printers are less expensive than desktop and industrial counterparts, mobile printers may continue to gain higher traction throughout the forecast period. Retailers and wholesalers are expected to be more mobile printers because they are compact, efficient and provide high performance.
On the basis of product types, sales of thermal transfer printers on the market have increased. Although thermal transfer printers are expected to dominate throughout the forecast period, direct thermal printers are believed to have significant growth potential in the coming years. The latter is further subdivided into - direct thermal industrial printers, direct hot desktop printers and direct thermal mobile printers. While retailers are moving from thermal transfer printers to direct thermal printers for high speed performance and low maintenance, consumers are more likely to prefer the latter because of lower costs and faster speeds.
In terms of end use, the retail and consumer goods industries remain the undisputed leader, with growing demand for grocery products, food and beverages, apparel and apparel. The study reveals attractive opportunities in the institutional sector, including hotels, hospitals and healthcare, and banking and financial services. Depending on the print speed, a printer that is 4-8 inches per second will still be the most sought-after printer, while printers larger than 8 inches are expected to face price challenges, resulting in relatively low preferences. The regional review of the market led to continued dominance in North America and growth prospects for emerging economies in Asia Pacific and Eastern Europe.
Leading manufacturers competing in the global thermal printer market are working to develop stand-alone thermal printers with enhanced storage capacity that can perform the functions of computers and traditional printers. While this printing solution will provide more efficient functionality, it will also reduce cost pressures.