03 Mar Digital textile printing market to grow 18pc by 2021
The digital textile printing market is expected to grow at an impressive compound annual growth rate (CAGR) of more than 18 per cent globally till 2021, according to a recent data.
International Expo Consults (IEC), part of Falak Holding, has earmarked textile printing, digital signage, LED as the sectors to watch out for in 2018.
Sign & Graphic Imaging Dubai 2018 (SGI Dubai 2018), the Middle East’s largest printing, signage and graphic industry show, which opened yesterday (January 14) caters to the needs of exhibitors and visitors in the LED and textile printing industries apart from signage, outdoor media, screen and digital printing industries.
The show will run until January 16th at Halls 4, 5, 6, 7 and 8 within the Dubai World Trade Centre.
Sharif Rahman, CEO, International Expo Consults, organiser of SGI Dubai 2018, said: “Some of the highlighted areas at the show to be considered are heat transfer technology, décor printing, digital textile printing, fabric printing and wall graphic among others.”
Europe, Middle East and Africa (EMEA) commands a dominating position worldwide in the case of textile and clothing market and thereby occupies the largest share in the global digital textile printing market, said a statement.
UAE’s textile market is the second largest trading market, next to oil; and is expected to further grow from 2017 – 2021 due to the lower cost of raw materials. This acceleration in the textile market is expected to grow the digital textile printing market in the five-year period, it added.
Rahman continued: “Advantages of LED lights over incandescent and fluorescent lamps are the foremost factor driving the LED lighting market growth.”
“Additionally, the energy efficiency factor, increased brightness, and a larger lifespan are some of the major reason LED lighting enjoys tremendous market opportunities in the years to come. The never-ending cycle of new product launches utilising the most innovative technology by the manufacturers keeps the global population interested in the technology,” he added.
According to a report, the global LED lighting market was valued at $26.09 billion in 2016. The figure is expected to increase to $54.28 billion in another six years, accelerating at a CAGR of approximately 13 per cent from 2017 to 2022.
The Middle East and Africa region will also display significant growth in the near future. Especially the UAE and Saudi Arabia are expected to display conspicuous market share going forward. Another report highlighted that the GCC LED lighting market will witness a CAGR of 16.8 per cent in the 2015– 2020 time period. Sales at the end of term would amount to $1.9 billion.
Rahman said: “2017 saw an increased consumption of video content, a factor that makes ignoring digital signage very risky. With advertisers creating engaging content which captures the imagination of the consumers, digital signage will play a huge role in promoting brands all over the world.”
“The construction boom in the run upto Expo 2020 will also create demand in many commercial installations,” he added.
During the recent years, growth in the advertising space has given great business to the digital signage industry. Over the world, the growth of digital signage market is driven by the increasing demand in the retail sector. Globally the segment is growing at a rate of 8.21 per cent in the next 5 years.
The spurt is primarily due to significant technological advancements complemented by dwindling manufacturing costs. An industry expert commented that country has witnessed roughly 25 per cent growth in the previous year but is expected to grow rapidly to nearly 50 per cent in the next three years, building up to the Expo 2020 event.
The SGI Dubai 2018 show is hosting several events during the three-days including ‘Knowledge Series’ – a panel discussion involving some of the biggest names in the regional market; ‘Wall of Fame’ – competition for the most creative artwork of 2017 and ‘Masters of Wrap’ – a car wrapping competition in collaboration with Avery Dennison and Strings International.
The event welcomed over 300 global exhibitors from across 35 countries around the world. Thousands of people from over 70 countries have already visited the show, it stated. – TradeArabia News Service