Research Nester’s recent market research analysis on “Thermal Printheads Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global thermal printheads market in terms of market segmentation by application, product type, and by region.
Growing Concern for the Growing Trend of Digital and Cashless Payments to Promote Global Market Share of Thermal Printheads
The global thermal printhead market is estimated to grow majorly on account of the increasing trends in digital and cashless payments. People are now more likely to use QR codes to complete transactions thanks to digital payments. Thermal printers carefully print these codes, which contain the bank information, to provide a crisper image. Southeast Asia and India were the largest regions to scan QR Codes in 2020 providing a share at 15 million and 8 million, respectively. Additionally, India reported around 24 billion digital transactions in the third quarter of FY23. Furthermore, the market expansion can be linked to the expanding use of thermal printers for printing receipts at retail establishments. Every year, retailers in the UK distribute about 11 billion receipts. Additionally, nearly seven out of ten Americans prefer receiving a paper receipt.
Thermal printers are commonly used in medical settings to capture real-time rhythm strips on hospital heart monitors. Therefore, an increase in cardiovascular disease cases is expected to drive the market growth. Heart attack and stroke are the cause of more than four in five deaths from cardiovascular disease, according to the World Health Organization. Cardiovascular disease (CVD) is the leading cause of death worldwide, claiming an estimated 17.9 million lives each year.
Some of the major growth factors and challenges that are associated with the growth of the global thermal printheads market are:
Growth Drivers:
· Increasing Usage of Portable and Retail Thermal Printing Technologies
· Integration of IoT Technology in Printing
Challenges:
Damages can be caused by excessive heating and poor maintenance, the high heat output of a thermal printer raises the possibility of print head deterioration over time. Additionally, it contributes to other associated costs. Mismatched heat and pressure ratios can damage the printheads. Therefore, the temperature settings of thermal printers should be carefully adjusted. Also, the print head can get scratched during printing, so it must be kept clean at all times. Wear and tear can affect printer life and image quality. Also, limited function availability in thermal printers is some of the major factors anticipated to hamper the global market size of thermal printheads.
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By Application, the global thermal printhead market is segmented into mobile, receipt, barcode, photo, card printers, and others. The barcode segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of this segment can be attributed owing to the increasing utilization of digital payments, and also payments via bar codes and QR codes. QR code reach increased by almost 96% between 2018 and 2020. A survey of respondents in the US and UK found that about 47% favored his use of QR codes. Moreover, in developing countries, the proportion of digital payments increased from about 35% in 2014 to 57% in 2021. Moreover, two-thirds of adults worldwide now make and receive digital payments.
By region, the Asia Pacific thermal printheads market is to generate the highest revenue by the end of 2035. This growth is anticipated widely by the growing use of digital transactions and the wide frequency of using barcodes at the time of transactions in this region. On the other hand, the market size in the region is expected to grow owing to the increasing use of thermal printheads for printing medical rhythms, patient information, and receipts in hospitals. Therefore, increasing the number of patients admitted to hospitals and expanding hospital capacity is expected to drive the growth of the market in the region.
This report also provides the existing competitive scenario of some of the key players of the global thermal printheads market which includes company profiling of KYOCERA Corporation, ROHM CO., LTD., ITOCHU Corporation, Toshiba Tec Corporation, and Shandong Hualing Electronics Co., Ltd.
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