New York City, NY, 14 January, 2020/ 24 Market Reports: It is estimated for the large format printer market to grow from USD 8.4 billion in 2016 to that of USD 10.2 billion by 2023 witnessing the growth at a CAGR of 3.8% during the forecast period of 2017 to 2023. The increasing demand for large format printing in the textile, advertising, and packaging industries; the rising adoption of UV-curable inks in outdoor advertising, CAD, and technical printing applications; and the growing importance of digital document production in commercial printing applications are the factors that are driving the growth of the market during the forecast period.
The large format printer with a print width ranging from 24’’ to 36’’ is expected to achieve the highest growth in the market during the forecast period. From tile murals and signage to CAD applications, these printers can be employed in various applications and own great versatility. Many manufacturers are providing significant growth to this market.
In the technical and CAD printing, there is increasing use of large format inkjet printers which is the major reason for the growth of the large format inkjet printers or ink-based printers. As these printers use lesser colours and own higher printing speed than inkjet printers these are preferred in industries such as architecture, engineering, and construction. The widespread adoption of inkjet printers in this industry is been taking place with time as large format inkjet printer manufacturers have started providing faster inkjet printers with reduced running costs for the large type of printing.
Increased number of uses of indoor signage such as warning signs on highways and roads, large corporate emblems, promotional signage and window displays are driving the growth of the market for the large format printer market for signage applications. The increasing demand for signage is expected to drive the demand for large format printers market during the forecast period.
Due to the rapid growth in the signage and advertising sector in the Americas, the market in the region is witnessing the growth at a rapid pace during the forecast period. Major players in the region are investing more in outdoor advertising and indoor signage thus driving the growth for the market during the forecast period. The market in the region is much more mature compared to that of the markets in APAC and other regions. The Americas is estimated to lead the market throughout the forecast period.