The global digital printing market size is expected to grow from USD 24.56 billion in 2021 to USD 35.62 billion by 2027 at a CAGR of 6.4%.
Impact of COVID-19 on Global Digital Printing Market
The analog printing technology still holds significant market shares in many fields, so there must be plenty of lengths left for digital transfer. However, thanks to COVID-19, shops were closed, trade events and exhibitions were postponed and even museums barred visitors inside, and a few publishers stopped producing. The digital printing industry has continued to grow and has been recognized as a fast, innovative, disruptive technology while actually dominating the printing industry today. This also means, unfortunately, that most common inkjet applications have become a global asset.
Driver: Increasing demand for sustainable printing
Prior to digital printing, many colorful works were printed offset. Because the initial setup costs for a full offset operation are high and time-consuming it is usually less expensive to order small amounts. In the past, usually, print buyers bought more printing than they needed because the price of each piece was lower when ordering more. Inevitably, they were left with trash, discarded items that would eventually be thrown away in an old recycling bin that would not save the environment. Today, with digital printing, all of that has changed. Clients can have that beautiful full-color brochure, the way they want it when they need it, and at the exact price needed at a reasonable price. This is because when you print a work digitally the final computer file from a graphic designer or first printing department is sent directly to a digital printing machine eliminating expensive and time-consuming printing, color separation, plates, etc., required for offset work.
Restraint: High initial investment
Digital printing has a higher cost per page than standard offset printing methods, but this cost is usually reduced by avoiding the cost of all the technical steps needed to make printing plates. It also allows for much-needed printing, short editing time, and even image modification (dynamic data) used for each view. Saving on labor and the ever-increasing power of digital printing equipment means that digital printing reaches a point where it can or will surpass the ability of offset printing technology to produce a few thousand large sheets at a lower cost.
Opportunity: Growing demand for in-plant markets
In plants, data centers, and service centers must demonstrate the importance of participants, which can be a challenge in any environment. Digital printing is fast becoming a reliable and secure future for many successful corporate publishers. Plant printing offers a variety of printing and related services. Although its main function is to work for a parent organization, more than 50% of indoor plants also provide imported printing operations to finance equipment purchases.
Challenge: Rising demand for digital advertisements and eBooks
Printed and digital advertising is better suited to reach different groups of people than other forms of advertising. Digital advertising helps to spread a wide area network to a specific type of customer, while traditional print advertising tends to work better at driving the business at the local level. Assessing how each type of ad reaches the reader, and how much those ads cost compared to how much they return from investment, is important in determining which ad scheme is right for a particular company or product. Companies in the budget can focus more on the choice of digital statistics that are targeted at demographics to maximize the impact of their advertising campaigns per dollar. Simply put, a digital ad has the potential to give the advertiser greater control over who sees it, which means less money being spent on people who are not interested in a common ad title. Digital advertising is also very helpful in generating useful marketing information and is the best solution for many business needs based on remote and in-service services.
Inkjet printhead to account for the largest share during the forecast period
By printing a digital inkjet, the ink is transmitted directly to the surface. Instead of relying on aluminum plates and rubber bedding to convey the image, digital printing uses liquid ink during production. Traditional home inkjet printers are one of the most common forms of digital printing. Of the three types of inkjet technology, thermal inkjet (TIJ) offers low entry costs and ownership costs. Piezo drop-on-demand second printing technology to consider. Continuous inkjet systems (CIJ) require significant care, additional operator training, and maximum downtime. However, the cost of inkjet printing equipment is much lower than that of offset printing as there are no costs for the production of plates, plates, and printing costs. In addition to the high cost, printing presses and printing equipment require highly skilled offset printing, which adds to the labor costs.
UV-cured ink to grow with the highest CAGR during the forecast period
As part of the rapidly growing ink in digital printing, UV inks offer different printing benefits to different substrates. Ultra UV ink offers fast curing, high-quality printing, adhesion, scratch resistance, light fastness, color density, no organic compounds (VOCs), and more. Using UV light instead of heat, UV treatment quickly installs a solid layer of ink into the substrate. Although conventional heat-drying procedures include solvent evaporation, UV curing does not. Since UV curing also does not produce contaminants or cause coat coating or volume loss, it leads to higher productivity, more resistant effects, and less damage and energy consumption.
North America to account for the largest share during the forecast period
The proliferation of sustainable printing solutions in the pharmaceutical, healthcare, packaging, and label industries is in line with the need for affordable printing methods which is one of the factors contributing to the growth of the North American digital printing market. In addition, the introduction of printing technology in small and medium-sized companies offers lucrative opportunities in the North American digital printing market. The emergence of COVID-19 has slowed the growth rate of the market by 2020, and the market is projected to witness slow growth until the end of 2021. The market was particularly affected by a few barriers created during the COVID-19 epidemic in the construction industry including food security, health and safety measures, deliveries, contract obligations, and delays or cancellations of a project. As a result, it has led to a decline in demand for the digital printing industry in North America.