NEWARK, DEL, Nov. 13, 2023 (GLOBE NEWSWIRE) — Anticipated to achieve a valuation of US$ 434.3 million in 2023, the adoption of thermal printing in Korea is projected to exhibit a Compound Annual Development Fee (CAGR) of 4.9% over the forecasted interval. Projections point out that the web income derived from thermal printer gross sales is poised to escalate to US$ 694.9 million by 2033, reflecting a promising trajectory for the thermal printing market in Korea.
The thermal printing business in Korea is experiencing a strong surge, marked by dynamic shifts and developments which can be reshaping the panorama of this cutting-edge sector. This complete evaluation unveils key insights, developments, and developments driving the demand for thermal printing in Korea.
Key Insights on the Thermal Printing Sector of Korea:
The Korean thermal printing sector has witnessed unprecedented development, pushed by a surge in demand for environment friendly and eco-friendly printing options. The adoption of thermal printing applied sciences has permeated varied industries, together with retail, healthcare, logistics, and extra. The shift in direction of paperless initiatives and the necessity for high-speed, dependable printing options have positioned thermal printing as a frontrunner within the fashionable enterprise panorama.
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Prime Key Traits Influencing Demand for Thermal Printing in Korea:
Sustainability Takes Heart Stage: In step with international developments, Korean companies are more and more prioritizing sustainability. Thermal printing, with its direct thermal and thermal switch applied sciences, eliminates the necessity for conventional ink or toner, leading to a extra eco-friendly printing answer. Firms are recognizing the environmental advantages and cost-effectiveness of thermal printing, driving a surge in adoption.
Rise of E-commerce: The thriving e-commerce sector in Korea is fueling demand for environment friendly labeling and barcode printing. Thermal printing, identified for its high-quality and sturdy labels, has turn out to be the popular alternative for e-commerce companies trying to improve operational effectivity and supply a seamless buyer expertise.
Developments in Expertise: Steady innovation in thermal printing know-how is taking part in a pivotal function in shaping the business. The combination of RFID know-how, enhanced connectivity choices, and improved print speeds are catering to the evolving wants of companies. These technological developments are contributing to the rising adoption of thermal printing options throughout numerous sectors.
“The thermal printing sector in Korea is on the forefront of technological innovation and sustainability. The convergence of those components is propelling the business to new heights, with companies throughout numerous sectors recognizing the worth of thermal printing in enhancing effectivity and lowering environmental impression” Says, Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Class-wise Insights:
Retail: The retail sector in Korea is witnessing a surge in demand for on-demand and high-quality labeling options. Thermal printers are enabling retailers to streamline operations, enhance stock administration, and improve the general buyer expertise.
Healthcare: Within the healthcare business, the necessity for correct and sturdy labeling is crucial. Thermal printing know-how ensures the creation of legible and long-lasting labels for drugs, affected person information, and laboratory samples, contributing to the effectivity and security of healthcare processes.
Logistics and Transportation: With the emphasis on traceability and effectivity in logistics, thermal printing has turn out to be indispensable. The sector is leveraging thermal printers for delivery labels, monitoring data, and stock administration, lowering errors and enhancing general provide chain visibility.
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Aggressive Panorama:
The thermal printing market in Korea is characterised by intense competitors and a various array of gamers. Key market individuals embody
- Zebra Applied sciences Co., Ltd.
- Honeywell (previously Datamax-O’Neil)
- Sato Company
- TSC Auto ID Expertise Co., Ltd.
- Printronix Co., Ltd.
- Fujifilm Co., Ltd.
- BIXOLON Co., Ltd.
- Postek Electronics Co., Ltd.
- Citizen Techniques
- Epson Korea
- Sam4S Korea
- Sewoo Electronics Co., Ltd.
- Star Micronics Co., Ltd.
Every striving to innovate and seize a big share of the increasing market. Product diversification, strategic partnerships, and a deal with sustainability are rising as key methods for corporations trying to keep forward on this aggressive panorama.
Current Developments:
The business has witnessed a number of notable developments, together with [Brief Overview of Recent Developments]. These milestones underscore the dynamism of the thermal printing sector in Korea and its potential to adapt to altering market calls for.
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Key Segmentations:
By Printer Sort:
- Barcode Printer
- POS Printer
- Kiosk & Ticket Printer
- RFID Printer
- Card Printer
By Printing Expertise:
- Direct Thermal
- Thermal Switch
- Dye Diffusion Thermal Switch
By Finish Use Trade:
- Retail & Wholesale
- Transportation & Logistics
- Healthcare
- Journey & Hospitality
- Media & Leisure
- Manufacturing
- Authorities
- Different Finish-Use Industries
By Key Metropolis/Province:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
- Remainder of Korea
Writer:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market analysis and consulting agency. Sudip is dedicated to shaping the market analysis business with credible options and continually makes a buzz within the media together with his thought management. His huge expertise in market analysis and undertaking administration a shopper electronics will possible stay the main end-use sector cross verticals in APAC, EMEA, and the Americas reflecting his growth-oriented strategy to purchasers.
He’s a robust believer and proponent of innovation-based options, emphasizing custom-made options to satisfy one shopper’s necessities at a time. His foresightedness and visionary strategy lately received him acknowledged because the ‘World Icon in Enterprise Consulting’ on the ET Inspiring Leaders Awards 2022.
Discover wide-ranging Protection of FMI’s Expertise Market Insights Panorama
The worldwide thermal printing market is estimated to be valued at US$ 13.3 billion in 2023. The market is projected to achieve US$ 28.4 billion by 2033, exhibiting a CAGR of seven.8% from 2023 to 2033.
Demand for thermal printing in Western Europe is projected to rise at a CAGR of 6.5% by way of 2033. Gross sales are projected to surpass US$ 5,027.7 million by 2033, up from US$ 2,682.6 million in 2023.
The demand for thermal printing in Japan was US$ 661.8 million in 2022 and is predicted to achieve US$ 700 million in 2023. Gross sales are anticipated to achieve a worth of US$ 1,210.7 million by 2033.
The Micro Printing Market income totaled US$ 595.8 Million in 2021 and is estimated to achieve US$ 1,459.2 Million by 2032, rising at a CAGR of 8.6% for 2032.
The worldwide 3D printing market is prone to attain a market valuation of US$ 27.7 billion by the 12 months 2023, accelerating with a powerful CAGR of 21% from 2023 to 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR licensed, recipient of the Stevie Award, and a member of the Larger New York Chamber of Commerce) provides profound insights into the driving components which can be boosting demand available in the market. FMI stands because the main international supplier of market intelligence, advisory providers, consulting, and occasions for the Packaging, Meals and Beverage, Client, Expertise, Healthcare, Industrial, and Chemical substances markets. With an enormous group of over 5000 analysts worldwide, FMI supplies international, regional, and native experience on numerous domains and business developments throughout greater than 110 international locations.
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