The global precision farming market registered a revenue of nearly $1,462.5 million in 2018 and is anticipated to grow at a 4.9% CAGR, surpassing $2,139.0 million by 2026.
The market has witnessed a decline in the growth rate during the forecast period. The coronavirus has impacted every business. The production of most of the manufacturing units is closed due to the pandemic situation. Inkjet coders are mostly used in the manufacturing of various packaging products. Most of the industries use inkjet coders for printing the details on packaging materials of their product. The shutdown in production is predicted to adversely affect the inkjet coders market in the forecast period.
|Recovery By||Realtime BPS||*Estimate market Size, 2020,
|**Real Time market Size, 2020,
|5.1%||4.9%||Q3/Q4 2021||15||USD 1,599.3 Million||USD 1,247.4 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Inkjet coders are usually used to print product details giving brief information of the product. The market is predicted to grow due to the rise in the advancement in the technology, as these printers are used across industry verticals for printing details in the packaging part of the product.
On the contrary, the printing quality is very low as compared to other printing machines. The inkjet coders spread the ink while printing in the surface which is considered to be the major restraint for the market. Due to the splitting of ink, major manufacturers are preferring the laser printer which is considered to be the biggest challenge for the market in the forecast period.
The global inkjet coders market will witness a negative impact in the forecast period. The shutdown of many manufacturing units across regions has affected the inkjet coders market. The government is taking several initiatives to control the COVID-19 pandemic situation.
Until the pandemic situation controlled the market is predicted to degrade vastly. The main problem for the decline of the inkjet coder market is the shutting down of various industries where coders are mostly used. However, the flow of production in some of the industries such as food and beverages and pharmaceutical industries is predicted to drive the market during pandemic situation
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The inkjet coders market is projected to recover and register a positive growth by Q3/Q4 2021. The demand for inkjet coders is projected to grow with the advancement in the technology as compared to the laser printer and rise in the use of the inkjet coder in various industries for printing.
In addition to these factors, cost effective and easy integration of these printers is predicted to boost to the market in the forecast period. In addition, setting up of various industries across the region in the near future is predicted to create massive opportunities in the forecast period.
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Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-Term and Short-Term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Inkjet Coders Market , due to the impact on its extended ecosysytem
- Understanding the market behavior Pre- and Post-Covid-19 pandemic
- Startegy suggestions to overcome the nagative impact or turn the positive impact into the opportunity