Global Photographic and Photocopying Equipment Market Expected to be $30 Billion in 2025-30: ResearchAndMarkets
04 February 2021: The “Photographic and Photocopying Equipment Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global photographic and photocopying equipment market is expected to grow from $23.31 billion in 2020 to $24.33 billion in 2021 at a compound annual growth rate (CAGR) of 4.4%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $30.58 billion in 2025 at a CAGR of 6%.
The photographic and photocopying equipment market consists of sales of photographic and photocopying equipment by entities (organizations, sole traders and partnerships) that produce photographic and photocopying equipment such as cameras (except television and video), projectors, film developing equipment, photocopying equipment, and microfilm equipment. The photographic and photocopying equipment market is segmented into cameras (except television and video); projectors; photocopying equipment; and other photographic and photocopying equipment manufacturing.
Western Europe was the largest region in the global photographic and photocopying equipment market, accounting for 46% of the market in 2020. Asia Pacific was the second largest region accounting for 32% of the global photographic and photocopying equipment market. Africa was the smallest region in the global photographic and photocopying equipment market.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on photographic and photocopying equipment manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.
The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the photographic and photocopying equipment manufacturing market will recover from the shock across the forecast period as it is a ‘black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The photographic and photocopying equipment manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.
4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth.
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