NEWARK, DEL, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Anticipated to reach a valuation of US$ 434.3 million in 2023, the adoption of thermal printing in Korea is projected to exhibit a Compound Annual Growth Rate (CAGR) of 4.9% over the forecasted period. Projections indicate that the net revenue derived from thermal printer 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 industry in Korea is experiencing a robust surge, marked by dynamic shifts and trends that are reshaping the landscape of this cutting-edge sector. This comprehensive analysis unveils key insights, trends, 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 growth, driven by a surge in demand for efficient and eco-friendly printing solutions. The adoption of thermal printing technologies has permeated various industries, including retail, healthcare, logistics, and more. The shift towards paperless initiatives and the need for high-speed, reliable printing solutions have positioned thermal printing as a frontrunner in the modern business landscape.
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Top Key Trends Influencing Demand for Thermal Printing in Korea:
Sustainability Takes Center Stage: In line with global trends, Korean businesses are increasingly prioritizing sustainability. Thermal printing, with its direct thermal and thermal transfer technologies, eliminates the need for traditional ink or toner, resulting in a more eco-friendly printing solution. Companies are recognizing the environmental benefits 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 efficient labeling and barcode printing. Thermal printing, known for its high-quality and durable labels, has become the preferred choice for e-commerce businesses looking to enhance operational efficiency and provide a seamless customer experience.
Advancements in Technology: Continuous innovation in thermal printing technology is playing a pivotal role in shaping the industry. The integration of RFID technology, enhanced connectivity options, and improved print speeds are catering to the evolving needs of businesses. These technological advancements are contributing to the growing adoption of thermal printing solutions across diverse sectors.
"The thermal printing sector in Korea is at the forefront of technological innovation and sustainability. The convergence of these factors is propelling the industry to new heights, with businesses across diverse sectors recognizing the value of thermal printing in enhancing efficiency and reducing environmental impact” Says, Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Category-wise Insights:
Retail: The retail sector in Korea is witnessing a surge in demand for on-demand and high-quality labeling solutions. Thermal printers are enabling retailers to streamline operations, improve inventory management, and enhance the overall customer experience.
Healthcare: In the healthcare industry, the need for accurate and durable labeling is critical. Thermal printing technology ensures the creation of legible and long-lasting labels for medications, patient records, and laboratory samples, contributing to the efficiency and safety of healthcare processes.
Logistics and Transportation: With the emphasis on traceability and efficiency in logistics, thermal printing has become indispensable. The sector is leveraging thermal printers for shipping labels, tracking information, and inventory management, reducing errors and enhancing overall supply chain visibility.
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Competitive Landscape:
The thermal printing market in Korea is characterized by intense competition and a diverse array of players. Key market participants include
- Zebra Technologies Co., Ltd.
- Honeywell (formerly Datamax-O'Neil)
- Sato Corporation
- TSC Auto ID Technology Co., Ltd.
- Printronix Co., Ltd.
- Fujifilm Co., Ltd.
- BIXOLON Co., Ltd.
- Postek Electronics Co., Ltd.
- Citizen Systems
- Epson Korea
- Sam4S Korea
- Sewoo Electronics Co., Ltd.
- Star Micronics Co., Ltd.
Each striving to innovate and capture a significant share of the expanding market. Product diversification, strategic partnerships, and a focus on sustainability are emerging as key strategies for companies looking to stay ahead in this competitive landscape.
Recent Developments:
The industry has witnessed several notable developments, including [Brief Overview of Recent Developments]. These milestones underscore the dynamism of the thermal printing sector in Korea and its ability to adapt to changing market demands.
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Key Segmentations:
By Printer Type:
- Barcode Printer
- POS Printer
- Kiosk & Ticket Printer
- RFID Printer
- Card Printer
By Printing Technology:
- Direct Thermal
- Thermal Transfer
- Dye Diffusion Thermal Transfer
By End Use Industry:
- Retail & Wholesale
- Transportation & Logistics
- Healthcare
- Travel & Hospitality
- Media & Entertainment
- Manufacturing
- Government
- Other End-Use Industries
By Key City/Province:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
- Rest of Korea
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflecting his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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