Global UV LED printer market is expected to expand at a CAGR of 8.5% during the time period i.e. 2017-2020. Furthermore, the market is projected to flourish at a CAGR of 9.9% over the time period of 2021-2024. Increasing number of printing industries all over the globe on the back of positive GDP figures are the major dynamic factor behind the expansion of UV LED printer market
Global UV LED printer market is segmented into ink system, format type and end use. The ink system segment is further segmented into cartridge system and bulk tanks, out of which, bulk tanks segment with 77.4% market share is anticipated to have largest share by the end of 2024
Factors Strengthening the Market Growth:
Printing industry has been witnessing continuous enhancements in printing technologies. UV LED printers are capable of printing near every material such as aluminium, plastic, glass and other materials
Increasing utilization of printed products for advertisement purposes is likely to augment the sales of UV LED printers across the globe. Moreover, various manufacturing industries are producing printed products in order to impress consumers. This factor is anticipated to increase the adoption of UV LED printers in end use industries such as textile industries, sign graphics industries and other end use industries
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UV LED printers are low energy consumption technology. UV LED printers are newest printing technologies and have some of the key advantages such as low electricity consumption and compact design
Moreover, adoption of UV LED printers is envisioned to increase in upcoming years due to factors such as higher productivity and higher life span of UV LED printers
Geographic Overview:
North America is slated to account for a leading share of 24.7% in the terms of revenue by 2024 in the UV LED printer market.
Europe market is expected to expand at a CAGR of 7.5% during the forecast period i.e. 2017-2024. Further, Germany & Italy are the major contributor to the growth of UV LED printer market. In addition to this, Germany UV LED printer market is expected to reach USD 21.3 Million by the end of 2024 from USD 15.1 Million in 2016
Asia-Pacific is expected to showcase lucrative growth over the forecast period i.e. 2017-2024 by registering a CAGR of 12.1% over the forecast period
China UV LED printer market was held at USD 26.3 Million in 2016 and is anticipated to reach substantial revenue by the end of 2024. China UV LED printer market accounted for a market share of 38.6% in 2016 and further, is expected to account for more than 30% by the end of 2024. China UV LED printer market is expected to achieve Y-o-Y growth rate of 11.7% in 2024 as compared to previous year
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