The digital printing market is expected to
grow from USD 21.08 Billion in 2016 to USD 28.85 Billion by 2023, at a CAGR of
4.48% between 2017 and 2023. This report provides the market size and future
growth potential of the market across different segments such as ink type,
print head type, substrate type, and geography. The study identifies and
analyzes the market dynamics such as drivers, restraints, opportunities, and
industry-specific challenges for the market. This report also profiles the
key players operating in the market. The base year considered for the
study is 2016, and the market size forecast is provided for the period between
2017 and 2023.
This report covers
the market based on ink type, print head type, substrate type, and
geography. The UV-cured ink type is expected to lead the market between 2017
and 2023. The UV-cured ink type is expected to be the fastest-growing
deployment mode in the market as it offers benefits such as quick drying,
environment-friendly, low price, and resistance to UV rays.
The development of
packaging and textile industries, and reduction in per unit cost of printing
with digital printers are majorly driving the growth of digital printing
technologies worldwide.
The market in APAC
is expected to grow at the highest rate between 2017 and 2023. APAC has
witnessed a rapid growth in industrialization over the past decade, which has
created a lot of opportunities for MPS. APAC is the market leader pertaining to
the overall textile printing industry. China and India are the biggest
suppliers of textiles and comprise the maximum number of textile printing
owners and marketers. They also hold the largest base of textile manufacturers.
These factors are majorly contributing to the growth of the market in APAC
during the forecast period.
North America is
expected to hold the largest share of the market in 2023. The North
American market has many startups and favorable compliance and government
regulations for the business environment. The enterprises in this region have a
rapid growth rate and a heavy demand for digital printing technology. Due to
favorable government regulations, European companies are also investing in the
North American market, which is expected to help the region to have the maximum
share of the digital printing market.
The major challenge
for the companies in the market is the rising demand for digital advertisements
and e-books. The major vendors in the digital printing market include Xerox
(US), Hewlett-Packard (US), Ricoh (Japan), and Canon (Japan). These players
adopted various strategies such as new product developments, mergers,
partnerships, collaborations, and expansions to cater to the needs of
customers.
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