Barcode Printer Market Size, Share & Trends Analysis Report By Product (Desktop, Mobile, Industrial), By Technology (Thermal Transfer, Direct Transfer, Laser, Impact, Inkjet), By End-user, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global barcode printer market size was valued at USD 4.20 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. The growth is projected to be driven by the rising demand for industrial printers across various industrial sectors. The growing adoption of barcode printers streamlining logistics operations is driving the growth. While barcode printers are providing an efficient way to monitor products during their movement along the supply chain, they are also helping in storing IoT numbers and serial numbers to handle the information while the product moves through different channels, thereby encouraging the adoption of barcode printers.

Barcode printers, also called specialty printers, print barcode tags, receipts, and labels to be directly printed on or attached to physical objects. They are generally used to label cartons, receipts, and label retail, medical, and food items with European Article Numbers (EANs) or Universal Product Codes (UPCs) before shipment. Moreover, the increased adoption of radio frequency identification (RFID) which extends numerous advantages over barcodes is expected to hinder the growth of the industry.

Aggressive investments by the government to encourage the industry incumbents to adopt the latest technologies, including barcode technology, bode well for market growth. Barcode technology is increasingly being used for robotics, which means the continued implementation of robots across various industries and industry verticals translates into a growing demand for barcode printers. For instance, as per the statistics provided by the International Federation of Robotics (FIR), almost 21,700 industrial robots have been deployed across the industrial sector in the U.K.

Several manufacturing entities are adopting modern technologies to rake in various benefits, such as simplified workflows, reduced prices, and increased quality assurance, thereby driving the adoption of barcode printers across the globe. Market players are responding to the situation by introducing innovative solutions in line with the evolving demands from the incumbents of various end-use industries and industry verticals. Moreover, the growing demand for packaged food in countries such as China and India is particularly expected to fuel the demand for barcode printers over the forecast period.

COVID Impact Analysis

The outbreak of the COVID-19 pandemic took a severe toll on the global economy. However, it played a decisive role in driving the growth of the market. While the launch and distribution of several products had to be deferred owing to the lockdowns and restrictions on the movement of people and goods forced owing to stop the spread of coronavirus, the installation of barcode systems gained noticeable traction in the manufacturing industry, where barcodes were installed to maintain social distancing without compromising the efficiency of the inventory management. Incumbents of the retail and e-commerce industries also adopted barcode printers aggressively to cater to the unabated growth of e-commerce sales in the wake of the lockdowns and restrictions on the movement of people.

Given the outbreak of the pandemic, several companies had to confront challenges, such as new safety requirements, unpredictable production volumes, and lower operational headcount. These companies went on to deploy barcodes to maintain the production of essential products and support the supply chain. As such, several manufacturers reevaluated their labeling functions to eliminate any human interference. Benefits, such as scalability, accuracy, automation, efficiency, and security, among others, associated with barcode technology encouraged these manufacturers to adopt barcode printers. Incumbents of the pharmaceutical & healthcare industry particularly adopted barcode printers following the outbreak of the COVID-19 pandemic to ensure that the efficiency of the production of certain medicines and drugs is not compromised.

Product Insights

The industrial printers segment dominated the overall market with a revenue share of 65.9% in 2022 and is expected to witness a CAGR of over 7.0% during the forecast period. Industrial barcode printers are specialized computer printers used to print high-quality, long-lasting barcodes onto labels, tags, packages, and other items. They tend to be rugged and reliable as they are often deployed in demanding environments, such as warehouses, manufacturing plants, and retail stores. They are also easy to use as the printing process is usually automated to facilitate faster turnaround times. Apart from printing barcodes, they can also be used for tracking inventory, labeling products, and keeping track of customer data, among other applications.

The desktop printers segment is anticipated to witness the fastest CAGR of 6.4% throughout the forecast period. Desktop barcode printers help businesses in printing labels, tags, and cards quickly, accurately, and efficiently. They can be an ideal tool for businesses that need to produce large volumes of barcoded items. Desktop barcode printers are available in a variety of sizes, styles, and colors; and businesses can choose the appropriate model for their needs. Apart from printing labels and tags, these printers can also print receipts, ID cards, invoices, and other documents. Moreover, these printers are compatible with a variety of software programs that can allow businesses to easily design, print, and manage their barcoded items.

Technology Insights

The thermal transfer technology segment dominated the market with a revenue share of 38.3% in 2022. It is expected to grow at the fastest CAGR of over 7.0% throughout the forecast period. Thermal transfer is a process of printing that uses heat to transfer ink onto a substrate. The process involves using a thermal printhead to heat a thin layer of wax-based or resin-based ink on a transfer ribbon. A heat source, such as an infrared heating element, is used to heat the ribbon and melt the wax-based ink onto the label or substrate.

When the heated ink touches the paper, it melts and transfers the image onto the substrate. Thermal transfer is commonly used in barcode printers to create barcodes on labels, tags, tickets, and other products efficiently and cost-effectively requiring minimal maintenance. It is a relatively fast process and can produce clear, high-quality barcodes resistant to abrasion, chemicals, water, and fading.

The direct transfer technology segment is anticipated to grow at a considerable CAGR of 8.9% throughout the forecast period. Direct transfer technology is used to print barcodes onto labels and other surfaces quickly and reliably using direct transfer technology. Direct transfer printers use a thermal transfer process to print barcodes. The printer applies heat to the label or surface, which causes a wax or resin-based ribbon to melt and transfer the barcode onto the surface. This method of printing is very reliable and produces high-quality barcodes with a long lifespan.

Direct transfer printers are ideal for businesses that require fast, accurate barcode printing as they can quickly produce barcodes in large numbers. They are also very versatile, as they can be used to print on a variety of surfaces, including plastic, paper, and metal. Direct transfer barcode printers are often used in retail and warehouse settings owing to their ability to print barcodes onto products and labels quickly and accurately.

End-User Insights

The manufacturing segment dominated the overall market with a revenue share of 34.6% in 2022 and is anticipated to witness a CAGR of more than 5.0% during the forecast period. The strong emphasis on industrial automation being pursued by several manufacturers worldwide to streamline manufacturing operations and make those more efficient as part of their efforts to enhance output while reducing wastage is driving the adoption of barcode printers in the manufacturing process.

Each product/part in the assembly line is allocated a specific barcode, which is recorded at every step of the manufacturing process to track the progress of the product/part in real-time. Barcode printers have a potent role to play in printing the barcodes on the product/part. For instance, several automotive manufacturers use a QR code, a form of a barcode, which can be read easily by camera phones or dedicated QR barcode readers.

The retail and e-commerce segment is projected to witness the highest CAGR of 10.0% throughout the forecast period. The use of barcodes allows retailers to track their inventories; compare sales of similar products; track product attributes, such as size and color; automate product re-ordering; identify the buying preferences of customers; and customize targeted promotions based on the buying habits of customers. Increasing demand for direct thermal technology which produces barcodes using heat on a heat-sensitive substrate that mainly serves the retail industry is fuelling the growth of the market.

Regional Insights

North America led the overall market with a revenue share of 31.3% in 2022. North America has a well-developed infrastructure and spends a large amount on extensive research and development base, which makes the region to be the top revenue contributor in the barcode printers industry during the projected period. The unabated growth of the retail and e-commerce industries in line with the growing preference for online shopping in the U.S. and Canada is also expected to drive the demand for barcode printers across North America as industry incumbents put a strong emphasis on automating various functions to enhance operational efficiency.

According to the U.S. Census Bureau’s 2021, the e-commerce industry is expanding at a significant rate. According to this, retail sales in the U.S. has increased by 17.1% reaching USD 6,522.6 billion in 2021. The substantial presence of SMEs in the North America region, which offer components and services to the giants such as Zebra Technologies Corp., Honeywell International Inc, and SATO Holdings Corporation, has also propelled the market growth.

Asia Pacific is poised for the fastest growth as several manufacturing entities in the region are adopting modern printing technologies to rake in various benefits, such as simplified workflows, reduced prices, and increased quality assurance, thereby driving the adoption of barcode printers across Asia Pacific. Market players are responding to the situation by introducing innovative solutions in line with the evolving demands from the incumbents of various end-use industries and industry verticals.

The growing demand for packaged food in countries, such as China and India, is particularly expected to fuel the demand for barcode printers over the forecast period. For instance, the packaged food business in India is projected to exceed USD 70 billion in the next 5-10 years according to the statistics published by India Brand Equity Foundation, making it one of the world’s top processed food markets which is further expected to increase the demand of barcode printers in developing economies such as India which is opportunistic for the market growth.

Key Companies & Market Share Insights

The market is consolidated and is anticipated to witness increased competition due to several players' presence. Major players are spending heavily on research and development activities to integrate advanced technologies in industrial barcode printers used by several industries, such as manufacturing, which has led to intensified competition among market players. The companies are also collaborating with local & regional players to gain a competitive edge over their peers and capture a significant market share.

Several key players are progressively undergoing mergers and acquisitions along with the new industry entrants to capture the escalating market potential and extend their geographic presence. For instance, in January 2023, AVERY DENNISON CORPORATION signed an agreement to acquire Thermopatch, under which it will expand its Apparel Solutions division including Retail Branding and Information Solutions (RBIS). Additionally, leverage Thermopatch's know-how and services to drive growth in external embellishments. Some prominent players in the global barcode printer market include:

• AVERY DENNISON CORPORATION

• Canon Inc.

• Dascom

• Honeywell International Inc.

• Oki Electric Industry Co., Ltd.

• Printronix

• SATO Holdings Corporation

• Zebra Technologies Corp

• Toshiba Tec Corporation

Barcode Printer Market Report Scope

Global Barcode Printer Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global barcode printer market report based on product, technology, end-user, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Desktop Printers

  • Mobile Printers

  • Industrial Printers

• Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • Thermal transfer

  • Direct Transfer

  • Laser

  • Impact

  • Inkjet

• End-user Outlook (Revenue, USD Million, 2017 - 2030)

  • Healthcare

  • Manufacturing

  • Retail & E-commerce

  • Transportation & Logistics

  • Government

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia-Pacific

    • China

    • India

    • Japan

  • South America

    • Brazil

  • Middle East & Africa