Major companies in the printing machinery and equipment market include Goss International; Heidelberg Printing Machinery Co; Komori; Manroland and KBA. The global printing machinery and equipment market is expected to grow from $42.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Printing Machinery And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009808/?utm_source=GNW
04 billion in 2020 to $43.83 billion in 2021 at a compound annual growth rate (CAGR) of 4.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $56.16 billion in 2025 at a CAGR of 6%.
The printing machinery and equipment market consists of sales of printing machinery and equipment by entities (organizations, sole traders or partnerships) that produce printing and bookbinding machinery and equipment, such as printing presses, typesetting machinery, and bindery machinery. The printing machinery and equipment market is segmented into typesetting machinery; offset printing machinery; flexographic printing machinery; gravure printing machinery; printing trades binding machinery and equipment; and other printing machinery and equipment.
Western Europe was the largest region in the global printing machinery and equipment market, accounting for 41% of the market in 2020. Asia Pacific was the second largest region accounting for 37% of the global printing machinery and equipment market. Africa was the smallest region in the global printing machinery and equipment market.
Instant and on–the–go printing is one among the latest innovations in printing machinery and equipment manufacturing market. On-the-go printing refers to the wireless connectivity in printers that enable the user to commence printing hassle free by using smartphone app. This technology in printers encourages next generation of young users to be more creative and accustomed to the printer usage with technology. For instance, HP printers can be accessed through HP Smart app without any computer or wired connections.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the printing machinery and equipment manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Manufacturers depend heavily on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that printing machinery and equipment manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Rapid advances in technology is expected to drive innovation in printing machinery and equipment machinery manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs and higher margins .For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. These factors are expected to drive the printing machinery and equipment machinery manufacturing market during the forecast period.
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