Thermal Printing Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2030)

By Printer Type :

Based on the printer type, the market is segregated into POS printers, barcode printers, kiosk & ticket printers, RFID printers, and card printers. Barcode printers segment accounted for the largest revenue share in the year 2022. The increasing adoption of barcode technology in retail, logistics, and manufacturing industry is driving the growth of the market. Barcode printers are designed specifically for printing barcodes in industries including retail, logistics, manufacturing, and healthcare. Consequently, barcode printers are crucial for product identification, inventory management, and supply chain tracking. For instance, in April 2023, SATO Europe GmbH launched smart and intuitive 4" barcode printer called CT4-LX-HC featuring 4.3-inch color touchscreen to achieve next-level patient and consumer care in healthcare sector.

The RFID printer segment is anticipated to emerge as the fastest-growing segment during the forecast period. RFID printers are used for encoding and printing RFID tags and labels. RFID printers automate the process of data collection, thereby reducing human effort and error. As a result, RFID technology is utilized in sectors including retail, logistics, healthcare, and manufacturing for asset tracking, and supply chain optimization. Furthermore, the ability of RFID readers to scan multiple barcodes simultaneously is accelerating the growth of thermal printing market.

By Format Type :

Based on the format type, the market is trifurcated into industrial format, desktop format, and mobile format. The desktop format segment accounted for the largest revenue share in the year 2022. The cost-effectiveness, ease of use, and the ability of desktop thermal printers to offer a smaller footprint is driving the growth of the market. Desktop format thermal printers are compact and versatile printers that are suitable for small to medium-sized businesses, retail stores, offices, and healthcare settings. Desktop thermal printers have applications including printing receipts, labels, barcodes, and other essential documents. For instance, in March 2022, TSC Printronix launched series of desktop printers including TX310, TX210, and TX610 that are designed to deliver high print speeds of 6"/second, 8"/second, and 4"/second respectively for printing labels in manufacturing, transport & logistics and healthcare industry. Consequently, the increasing adoption of point-of-sale systems is propelling the growth of the market.

The mobile format segment is anticipated to witness the fastest CAGR growth during the forecast period. The lightweight, compact size, and portability of mobile thermal printers is accelerating the growth of the market. Mobile thermal printers are widely used by field service technicians, delivery drivers, healthcare professionals, and other mobile workers requiring portable printing capabilities. Consequently, the increasing demand for on-site printing of labels and documents is driving the growth of the market.

By Technology :

Based on the technology, the market is trifurcated into Direct Thermal (DT), Thermal transfer (TT), and Dye diffusion thermal transfer (D2T2). Direct thermal (DT) segment accounted for the largest revenue share in the year 2022. Direct thermal printing technology deploys heat-sensitive paper or labels to produce images without the requirement for ink or toner. The heat from the print head activates the chemicals on the thermal media, resulting in a black or grayscale print. For instance, in January 2021, Avery Dennison Corporation introduced new recycled direct thermal paper labels featuring high image resolution, high print speed, and are compatible with a wide range of printers. Therefore, the application of direct thermal technology for printing shipping labels, barcode labels, and tickets is propelling the growth of the market.

The thermal transfer segment is anticipated to register the fastest CAGR growth during the forecast period. Thermal transfer printing involves the transfer of ink from a ribbon onto the media, including labels or tags. The print head applies heat to the ribbon, melting the ink and transferring it onto the substrate. As a result, the technology offers durable and long-lasting prints that are resistant to environmental factors including heat, light, and chemicals. Thus, the rising need for high-quality prints and long-term durability in label printing is proliferating the growth of the market.

By End-User :

Based on the end-user, the market is segmented into transportation & logistics, retail, healthcare, manufacturing, and others. The retail segment accounted for the largest revenue share in the year 2022. The increasing demand for clear and accurate product labeling coupled with pricing information in retail industry is driving the growth of thermal printing market. Thermal printers offer quick transaction processing, high-quality receipts, and cost-effective printing solutions for retailers. For instance, in February 2020, Videojet Technologies Inc. launched cool black solvent thermal inkjet ink for printing high-quality codes and labels on food products, high-end cosmetics, and pharmaceuticals products. Therefore, the growing adoption of thermal printing in retail industry for applications, including point-of-sale (POS) receipts, product labels, and price tags is driving the growth of the market.

The transportation and logistics segment is anticipated to witness fastest CAGR growth during the forecast period. Thermal printing has a crucial role in the transportation and logistics sector for accurate labeling and tracking of packages. The increasing volume of e-commerce shipments has resulted in increasing demand for thermal printers to improve supply chain visibility and logistics operations. Consequently, the application of thermal printing for printing packing slips and invoices is proliferating the growth of the market.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share in the year 2022. The increasing adoption of advanced thermal printing technologies including RFID technology to improve print quality is driving the growth of the market. Retailers are increasingly adopting thermal printers to produce faster printing speeds with enhanced connectivity options for efficient business operations. Moreover, the growing e-commerce industry in North America is propelling the growth of the market. For instance, in May 2021, Zebra Technologies Corporation launched first wireless label printing solution called ZSB Series printer for label printing in e-commerce operations. Thus, the rising e-commerce industry coupled with the adoption of advanced printing technologies is propelling the growth of the regional market.

Asia-Pacific region accounted for the revenue share of USD 11,536.14 million in 2022 and is expected to reach USD 17,185.55 million in 2030, registering a CAGR of 5.3% during the forecast period. Additionally, in the region, China accounted for the largest revenue share of 33.40% in the year 2022. Asia-Pacific has a strong manufacturing base for thermal printing devices and components. Manufacturers in the region are taking several initiatives to manufacture printers and supplies for retail and e-commerce industry. Moreover, rapidly growing retail industry in the Asia-Pacific region is accelerating the growth of the regional market.