The COVID-19 pandemic has caused the global print equipment market to dip by almost 24 per cent in 2020 against the previous year due to the COVID-19 pandemic, according to research firm Smithers.
However, in its The Future of Print Equipment Markets to 2026 report, it identified that the print equipment market is forecast to reach a value of US$15.75 billion by 2026.
In 2021, the market is expected to reach US$15.86 billion, a growth of nearly 20 per cent from 2020.
“COVID-19 has had a major effect on the print machinery market, with an accelerating effect on trends that were already being established. The crisis has bought about enduring socio-economic changes to consumer behaviours that will directly affect buying patterns,” Smithers said.
“There is considerable discussion throughout the report covering the effects of the COVID-19 pandemic, which had an immediate effect on the printing equipment market in 2020 and has far-reaching consequences throughout the review period.”
Other findings of the report include:
- The move to online activity together with increasing importance of social media will favour digital print due to its inherent ability to print short run, variable content images quickly and efficiently
- Sales of analogue printing equipment are negatively impacted by this change as the overall volume of print falls, and an increasing portion of remaining volume is printed by digital processes.
- Technology continues to develop, with many manufacturers of printing equipment developing automated facilities on their presses to increase speed and overall operational effectiveness.
“Through the report, you’ll be able to discover the key drivers affecting the sales and installed base of both analogue and digital printing machinery, the impact and recovery of printing machinery segments from the effects of the COVID-19 pandemic in terms of both sales and installed base of equipment, and the technological developments within the printing machinery segments that will drive growth in the next five years,” Smithers added.
The full report can be downloaded from Smithers’ website.
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter