Impact of COVID 19 on Thermal Printing Market

The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.

At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Thermal Printing Market. We are working diligently to help companies take rapid decisions by studying: 

• The impact of COVID-19 on the Thermal Printing Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
• The rapid shifts in the strategies of the Top 50 companies in the Thermal Printing Market
• The shifting short-term priorities of the top 50 companies' clients and their client's clients

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According to the new research report "Thermal Printing Market by Offering (Printer, Supplies), Printer Type (Barcode, POS, Kiosk & Ticket, RFID, and Card), Format Type (Industrial, Desktop, Mobile), Printing Technology (DT, TT, D2T2), Application and Geography - Global Forecast to 2025", published by MarketsandMarkets™, 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% from 2020 to 2025.

The growth of the thermal printing market is driven by factors such as rising utilization of automatic identification and data capture technologies for improving productivity, growing concerns regarding product safety and anti-counterfeiting, increasing use of thermal printing technology in latest on-demand printing applications, rising penetration of wireless technologies in mobile printers, and growing use of RFID and barcode thermal printers in the fast-growing e-commerce industry.

Browse in-depth TOC on "Thermal Printing Market"

64 – Tables
53 – Figures
145 – Pages 

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Barcode printer segment to hold the largest share of the thermal printer market, by type, in 2020

Barcode printer segment will lead the thermal printer market, by type, in terms of size, in 2020. 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.

The market for healthcare & hospitality application to grow at the highest CAGR during the forecast period

The thermal printing market, based on application, has been segmented into retail, transportation & logistics, manufacturing & industrial, healthcare & hospitality, government, and others. Among all applications, the thermal printing market for healthcare & hospitality applications is expected to witness the highest growth 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.

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North America to hold the largest share of thermal printing market by 2020

North America is expected to hold the largest share of the thermal printing market by 2020. The US leads the market in North America owing to its well-established economy that encourages government and private investments in new technologies. APAC is expected to account for the second-largest share of the thermal printing market during the forecast period. China and Japan are significant demand-generating countries for thermal printers in this region.

A few key players operating in the thermal printing market are Zebra Technologies (US), SATO Holdings (Japan), Seiko Epson (Japan), Fujitsu (Japan), Star Micronics (Japan), BIXOLON (South Korea), and Honeywell International (US).

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Scenarios of impact of Coronavirus on Thermal Imaging market

We salute industry experts helping companies survive and sustain in this economic pandemic; they are working day and night to help companies take rapid-decisions by finding

·  Covid Impact on Thermal Imaging Market, growth/decline in product type/use cases of Thermal Imaging Market due to cascaded impact of Covid 19 on Extended Ecosystem..

·  How top 50 companies in Thermal Imaging Market are making rapid shifts in their strategies as we speak here...

·  Outside-in view of top 50 companies client and client's clients shifting short-term priorities

Speak to Our Analyst to analyse how COVID-19 to analyse how it is impacting your clients and your client’s clients. (CTA)

The global Thermal Imaging Market is estimated to grow from USD 3.4 billion in 2020 to USD 4.6 billion by 2025; at a CAGR of 6.2%. Increasing government expenditure on the aerospace & defense sector is one of the factors fueling the growth of this market.

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Thermal Imaging Market for uncooled technology-based thermal products accounted for larger share of market in 2019

The Thermal Imaging market for uncooled thermal products accounted for a larger share of the market in 2019. The growth of this market is attributed to the increasing demand for uncooled thermal solutions for commercial applications. Furthermore, the availability of HD resolution makes uncooled thermal solutions an ideal solution for high-resolution applications, such as military security and surveillance, perimeter protection, industrial detection, and automotive diagnostic. Moreover, they offer long-time services due to the presence of less moving parts.

Thermal Imaging Market for SWIR thermal products expected to grow at highest CAGR during forecast period

The SWIR segment is projected to lead the thermal imaging market with the highest CAGR of 8.9% from 2020 to 2025. The growth is expected due to several advantages offered by SWIR, such as the ability to see through a glass, availability in small size, and ability to see the covert laser. Moreover, as the technological advancements and efforts to launch new low-priced SWIR cameras, is likely to increase the penetration of SWIR cameras.

Thermal Imaging Market for thermal modules is expected to grow at highest CAGR during forecast period

Thermal modules are estimated to grow at the highest CAGR during the forecast period. The growth is estimated owing to their compact size, low cost, and flexibility to integrate with other devices such as drones, smartphones, and wearables, enabling them to penetrate in new application areas. Leonardo S.p.A. (Rome, Italy), and Leonardo DRS (US), BAE Systems (UK), and Xenics (Belgium) are the major manufacturer and supplier of thermal modules.

Thermal Imaging Market for Security and surveillance application accounted for largest share of market in 2019

The security and surveillance application held the largest share of the thermal imaging market in 2019. The growth is attributed to the increasing government expenditure in the military sector. According to the Stockholm International Peace Research Institute (SIPRI), in 2018, the global military expenditure was USD 1,822 billion, which was increased by 2.6% compared to 2017. This increase is mainly carried out to procure advance protective systems and gadgets, which enables the soldiers to safeguard country borders from illegal human or animal activities.

Browse in-depth TOC on "Thermal Imaging Market"

121 – Tables

54 – Figures

188 – Pages

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Thermal Imaging Market for healthcare and life sciences vertical is expected to grow at highest CAGR during forecast period

The healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. The growth is attributed to increasing usage of thermography for detection of internal injuries without affecting the human body. This technique is also useful in monitoring wildlife health, which helps to cure and protect them from illness.

APAC is expected to grow at highest CAGR during forecast period

APAC is expected to grow at the highest CAGR during forecast period. The growth of the thermal imaging market in APAC is attributed to the presence of regional vendors in China and India, offering low-cost solutions, which in turn causes a decline in prices of thermal imaging products. Additionally, the increase in mass production of the thermal camera in China supports the growth of the market along with the presence of a number of OEMs as well as thermal imaging product manufacturers.

FLIR Systems, Inc. (Oregon, US), Fluke Corporation (Washington, US), Leonardo S.p.A. (Rome, Italy), L3HARRIS TECHNOLOGIES, INC. (Florida, US), and United Technologies (Connecticut, US) are the key players in the thermal imaging market. These players are increasingly undertaking strategies such as product launches & developments, expansions, partnerships, agreements, contracts, and mergers & acquisitions to increase their market share.

COVID-19 Impact on Functional Safety Market

According to the market research report "Functional Safety Market by Offering (Component (Safety Sensor, Programmable Safety System, Final Control Element), Services), System (ESD, TMC, F&G, HIPPS, BMS), Industry (Oil & Gas, Chemicals, Power Generation), and Region - Global Forecast to 2024", was worth USD 4.6 billion in 2019 and is projected to reach USD 7.1 billion by 2024, at a CAGR of 8.8%.

The major factors fueling the growth include strict mandates for safety regulations, surging demand for safety systems in the oil & gas industry, high requirement for reliable safety systems to ensure personnel and asset protection, and rise in industrial revolution 4.0.

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Safety sensors to lead functional safety market by 2024

The rising demand for functional safety-certified sensors in process industries and the increasing implementation of regulatory measures pertaining to functional safety by several governments are the key factors driving the growth of the market. Moreover, sensors used in a safety system are developed and designed to ensure safe, logic-based outputs in case a measurement or signal transmission does not occur. Safety sensors are used in automatic safety barriers, edges, electronic safety sensors, emergency stops (e-stops), palm buttons, safety controls, laser scanners, light curtains, mats, optoelectronic devices (single and multi-beam), and two-hand safety controls. Further, safety sensor is leading functional safety market as they perform important functions such as continuous process sensing and finding inconsistencies within processes.

Emergency shutdown systems to hold largest share of functional safety market during forecast period

The rising demand for functional safety-certified ESD systems in several industries and the increasing implementation of functional safety measures by several governments are the key factors driving the growth of the market for ESD systems. Oil & gas plants are prone to incidents that can adversely affect people and the environment. Functional safety systems such as emergency shutdown systems can considerably reduce the risk of accidents in oil & gas plants by initiating plant shutdown in emergencies. Therefore, functional safety systems are widely used in the oil & gas industry. ESD systems are widely used in petrochemicals, pharmaceuticals, manufacturing, power, and healthcare industries.

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Europe to be largest market for functional safety systems during forecast period

Europe presents a substantial market for functional safety systems as functional safety standards are strictly followed within the European Economic Area (comprises all European Union countries). The region’s safety standards and directives restrict the supply and operations of machines that do not meet the regulatory requirements. The region’s stringent regulatory standards and safety directives are driving the growth of the functional safety market in Europe.

Major players in the functional safety market include Emerson (US), Honeywell (US), Rockwell (US), ABB (Switzerland), Schneider (France), Yokogawa (Japan), General Electric (US), Hima Paul (US), Omron (Japan), Siemens (Germany), and Others.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com​