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. 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.
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The thermal printing supplies segment is expected to dominate as well as witness significant growth in the thermal printing market during the forecast period. A lifetime of almost every printer involves the use of numerous thermal printing supplies, which is leading to the rapid upsurge in demand for supplies.
The market for RFID thermal printers is expected to witness significant growth during the forecast period. The increasing demand for RFID-printed labels in the supply chains of retail and healthcare industries is the main factor that is likely to contribute to the high growth of the market for RFID printers. The increasing use of thermal RFID printers in these applications is attributed to their flexibility, lightning-fast printing speed, less need for maintenance, and better image quality.
Among all applications, the thermal printing market for healthcare & hospitality applications is expected to grow at thehighest CAGR from 2020 to 2025. 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.
Among all regions, the thermal printing market in APACis expected to grow at the highest CAGR during the forecast period. China, Japan, and Australia are a few major countries that accelerate the growth of the thermal printing market in APAC. Moreover, the presence of a significant number of companies, such as SATO Holdings (Japan), Seiko Epson (Japan), Star Micronics (Japan), BIXOLON (South Korea), and Fujitsu (Japan), providing thermal printers also has a positive impact on the growth of the thermal printing market in APAC.
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Key players in the thermal printing market are grabbing opportunities by launching new products and expanding their global reach. Besides, expansions and product launches, partnerships, collaborations, and acquisitions were a fewof the other strategies adopted by companies in this market to strengthen their market position.