London, UK—The large-format printer market is expected to grow by $325.65M, decelerating at a CAGR of more than 1% during the forecast period, according to research firm Technavio. The new report covers the years 2020 to 2024.
The report provides a detailed analysis of the market by technology (aqueous, solvent, UV-cured, and latex) as well as region (APAC, North America, Europe, South America, and MEA). It also analyzes the market’s competitive landscape. The primary vendors included in the report are Agfa-Gevaert NV; Canon Inc.; Fujifilm Holdings Corp.; HP Inc.; Kyocera Corp.; Ricoh Co. Ltd.; Roland DG Corp.; Seiko Epson Corp.; Sony Corp.; and Xerox Corp.
Moreover, Technavio attributes the growing adoption of UV-curable ink as one of the major factors propelling growth in the large-format printer segment. In addition, based on technology, the aqueous sector is expected to also witness lucrative growth during the forecast period.
Furthermore, by geography, the APAC region will see strong growth during the forecast period. In fact, according to Technavio, approximately 76% of the large-format printer market’s overall growth is expected to originate from APAC. China and Japan are the key markets for large-format printers in APAC.
Industry Impact of Covid-19 on Large-Format Printer Market
The ongoing Covid-19 pandemic continues to unfold, with severe impact on people, communities and businesses. As a result, Technavio believes that growth in several industries will be impacted significantly. However, numerous other markets may remain unscathed and show promising growth opportunities during the pandemic. As the pandemic spreads in some regions and plateaus in other regions, the company is revaluating the impact on businesses; it will also update its report forecasts.
As of the present, the research firm asserts that the Information Technology industry is expected to have mixed impact due to the spread of the Covid-19 virus. However, the Information Technology market will have direct impact due to the spread.
In the short term, the market demand will show at-par growth due to the increase in infections and reduced economic activity.
Notably, as the business impact of Covid-19 spreads, the Large-Format Printers Market by Technology and Region – Forecast and Analysis 2020–2024 study projects that the market is expected to have neutral and at-par growth.
Technavio is a global technology research and advisory company. Their research and analysis focus on emerging market trends. In addition, it provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting; they cover 800 technologies, spanning across 50 countries.