Growth in banking sector and rising adoption of ID cards in manufacturing sector to largely contribute to the growth of the global market
Card printer ribbons are essentially those consumables that hold the printing ink that is to be printed on cards, especially bank cards and ID cards. They guarantee sharp barcodes, crisp text and accurate colour patterns. Card printer ribbons print the card with the help of thermal technology and using ribbon cartridges. Typically, they do not have PLC (Programmable Logic Controllers) and have to rely on external computers.
Manufacturers involved in card printers and associated consumables are investing in research and development to develop and innovate new products to cater to changing customer requirements. Earlier, ink was used for printing purposes, however, with technological advancements, the consumables used for printing cards have changed. New card printing machines use ribbons as they offer high quality ID cards with crisp detailing. This has pushed the application of card printers and its consumables in different industries such as banking, healthcare, manufacturing etc.
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Analysis of card printer ribbons says that the global market is dominated by limited number of manufacturers. They are introducing new products and technologies and are strategically focusing on reinforcing their base in the early phase of the product life cycle.
According to our research, the global market for card printer ribbons is projected to expand at a value CAGR of 3.9% during the period of forecast, 2018-2028. In 2017, the sales of card ribbon printers reflected a value of US$ 653.4 Mn and are expected to touch a valuation a little under US$ 1 Bn by the end of the year of assessment (2028).
Growing banking sector to significantly push the demand for card printer ribbons
Banking sector has witnessed noteworthy growth since the past several years across the globe. Governments in several developing countries are aiding their citizens to open bank accounts and are promoting use of credit and debit cards. Banks are looking forward to gain incremental profitability from service or product innovations that are deployed through digital channels.
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This profitability can be achieved through efficiencies that are derived from process optimization and requisite operational changes. Consequently, banks are looking for better quality advanced ID cards for customers. This has pushed the demand for ID card printers and their consumables, such as card printer ribbons.
Increasing adoption of ID cards in manufacturing industry to boost sales of card printer ribbons
Post 2008 economic crisis, the manufacturing sectors has shown steady growth path, albeit at a slower rate. With emergence of technological advancements, streamlining of manufacturing operations and automation are being carried out by various manufacturers across industry verticals worldwide, with a view to reduce material wastage and time and enhance output and efficiency.
Growth in the manufacturing sector is anticipated to generate significant growth opportunities with respect to sale of for card printers, barcoding being one of the main reason, which is widely used in manufacturing sector. This is expected to trigger the sale of card printer ribbons at a significant pace in the coming years. In addition, fabrication industry is also expected to witness moderate growth during the assessment period, which is expected to contribute to the growth of the global card printer ribbons market.
Dual sided printing to witness increased adoption during the assessment period
Dual sided ribbons are most preferred by end users due to their capability to hold printing ink on both sides. This feature enhances their usability as compared to single sided ribbons. The dual sided segment in the printing type category is expected to be highly attractive and the largest with respect to value and volume. This segment is anticipated to dominate the global market and is expected to reach a high market estimation of more than US$ 670 Mn by end of 2028.
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This post was originally published on Analytics News