The thermal printing market is expected to grow from USD 43.2 billion in 2020 to USD 53.5 billion by 2025; it is expected to grow at a CAGR of 4.4% during the forecast period.
North America is expected to account for the largest share of the thermal printing market during the forecast period. Among all applications, retail, transportation & logistics, manufacturing & industrial, and healthcare & hospitality are the major application areas in which thermal printers are used in the region. Several companies offering thermal printers and supplies have their presence in this region, which further adds to the growth of the market in North America. Zebra Technologies (US), Honeywell International (US), NCR Corporation (US), and Avery Dennison (US) are among a few of the providers of thermal printers having a presence in North America.
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Key Market Players
Zebra Technologies (US), SATO Holdings (Japan), Seiko Epson (Japan), Star Micronics (Japan), and Honeywell International (US).
The healthcare & hospitality application is expected to witness the highest CAGR in the thermal printing market during the forecast period. The use of smart labels helps in the instant tracking of patients and medical equipment, whenever required, especially in emergencies. Thermal printers are widely used for printing labels and tags that are compatible with various processes in the healthcare application and help to improve patient flow, bed utilization, and asset allocation.
The thermal printing market, by printer type, is segmented into barcode printers, POS printers, kiosk & ticket Printers, RFID printers, and card printers. Barcode printers segment is expected to lead the thermal printer market, in terms of size, during the forecast period. Thermal barcode printers are extensively used in small, medium, and large businesses to label and subsequently track the products to be shipped. This is one of the significant factors that has led to the leading position of barcode printers in the thermal printer market.
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