(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 19, 2022 (GLOBE NEWSWIRE) -- The report has been added to ResearchAndMarkets.com's offering.
The electronic shelf label market was evaluated at US$1,053.980 million for the year 2020, growing at a CAGR of 15.50% to reach the market size of US$2,890.406 million by the year 2027. Electronic Shelf Labels (ESL) are used by retailers to display product prices on shelves. The main controller server updates product prices automatically every time the price changes.
The digitalization of stores and the prevalence of the retail automation trend, as well as a cost-effective and less time-consuming substitute to paper labels, high demand for price optimization among major retailers, and enhanced operational effectiveness with real-time product positioning, are all contributing to the market's global growth.
The market's growth is further influenced by the increasing spread of the Internet of Things (IoT) and expanding digitization in the retail sector. Consistent retail growth has resulted in the rapid development of retail outlets, particularly supermarkets & hypermarkets, across key established and emerging nations globally. Electronic shelf labels, self-checking robots, self-checkout terminals, and other comparable technology have all helped retailers increase profit margins in the retail industry.
Furthermore, due to the rising acceptance of NFC technology in many devices, such as POS systems and smartphones, NFC penetration in the sector is likely to accelerate in the future years. This enables retailers to combine these devices with current portable devices, reducing the overall cost of label installation. This is a major factor in the market's expansion.
However, for disorganized merchants, the adoption of ESL technology may appear pricey, as a retailer must build more electrified shelves to be qualified for ESL tags, which increases installation costs. Furthermore, before installing any technology, retailers/companies always assess the benefits, particularly their capital and the time required for a return on investment (ROI).
The cost of technology is a substantial barrier to an unstructured retail market in economically developing nations like South Korea and India. The deployment of these labels also requires supporting infrastructure, which requires large expenditures from small and medium-scale shops. The aforementioned factors may hinder the market growth.
ESL solutions based on e-paper are predicted to have the largest market share by type. The ability of e-paper to project items in graphical form, combined with the possibility of improved energy efficiency, contributes to the segment's market dominance. For ESL offerings, market participants are projected to favour e-paper. Innolux Corporation and E Ink Holdings Inc., for example, cooperated in May 2020 to produce large-scale Advanced Color ePaper panels. Through this agreement, the companies want to strengthen the e-paper ecosystem and grow the e-paper business. These e-papers will primarily be utilized for in-vehicle advertising and retail advertising, among other applications.
Segmentation
By Type
LCD Based Label E- Paper Based Label Segmented Label Full-Graphic Label
By Technology
Infrared Near Field Communication Radio Frequency Bluetooth
By Component
By End-User
Supermarket Hypermarket Pharmacy
By Geography
North America USA Canada Mexico South America Brazil Argentina Europe United Kingdom Germany France Spain Middle East and Africa Saudi Arabia Israel Asia Pacific China Japan India South Korea Indonesia Thailand Taiwan
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Electronic shelf label Market Analysis, by Type
6. Electronic shelf label Market Analysis, by Technology
7. Electronic shelf label Market Analysis, by Component
8. Electronic shelf label Market Analysis, by End User
9. Electronic shelf label Market Analysis, by Geography
10. Competitive Environment and Analysis
11. Company Profiles
Companies Mentioned
Altierre Corporation Pricer AB SES-imagotag Diebold Nixdorf Incorporated Displaydata Ltd. E ink Holdings Samsung Electro-Mechanics Opticon Sensors Europe B.V M2COMM Teraoka Seiko Co., Ltd. Huawei Technologies Co. Ltd.
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Attachment
Electronic Shelf Label Market Electronic Shelf Label Market Tags