Report : Electronic Shelf Label Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Components (Displays, Batteries, Transceivers, Microprocessors, Others); Product Type (LCD ESL, E-Paper based ESL); Store Type (Hypermarkets, Supermarkets, Non-Food Retail Stores, Specialty Stores, Other); Communication Technology (Radio Frequency, Infrared, Near Field Communication, Others); and Geography
Hypermarkets Segment Support Electronic Shelf Label Market Growth During 2020–2027
According to our latest market study on “Electronic Shelf Label Market Forecast to 2027 – COVID-19 Impact and Global Analysis – Components (Displays, Batteries, Transceivers, Microprocessors, Others); Product Type (LCD ESL, E-Paper based ESL); Store Type ( Hypermarkets, Supermarkets, Non-Food Retail Stores, Specialty Stores, Other ); Communication Technology (Radio Frequency, Infrared, Near Field Communication, Others),” the market was valued at US$ 464.7 million in 2019 and is projected to reach US$ 1577.6 million by 2027; it is expected to grow at a CAGR of 16.9% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.
Retailers use the electronic shelf label system for displaying product pricing on shelves. This system has benefits such as product pricing are automatically updated whenever a price is changed from a central control server. Hence its gaining popularity and boosting the need for the electronic shelf label market. The rising number of the supermarket, specialty store, and hypermarket are raising demand for the electronic shelf label market. The US, China, Germany, France, and Japan are five major countries contributing to the highest revenue share in the electronic shelf label market.
Some of the factors stimulating the market for electronic shelf labels include an increasing number of supermarkets, malls, stores, and others, reducing labor availability, and trending retail automation demands. However, high charges of installation and supporting infrastructure needed for the system is a key challenge that is restraining the growth of the electronic shelf label market. As the system has a low maintenance cost, the retail industry has proved the system effectively beneficial for retailers, which creates a big opportunity for the market player of the electronic shelf label system market. Also, integration of Industry 4.0 and the emergence of advanced technologies for ESL, such as battery-free solutions and ePaper with multicolor, are anticipated to be positive for the electronic shelf label market.
LabelNest, Diebold Nixdorf Incorporated, Displaydata Limited, E Ink Holdings Inc. M2Communication, NZ Electronic Shelf Labelling, Opticon Sensors Europe BV, Pricer,Samsung Electro-Mechanics, Ses-Imagotag, and Teraoka Seiko are among the key players operating in the electronic shelf label market.
Impact of COVID–19 Pandemic on North America Electronic Shelf Label Market
North America has the highest adoption and growth rate of new technologies owing to favourable government policies to boost innovation and strengthen the infrastructure capabilities. Hence, any impact on industries is expected to affect the economic growth of the region in a negative manner. At present, the US is the world’s worst affected country due to COVID-19 outbreak; thereby, influencing the high adoption of online shopping across the country.
It is becoming apparent with the COVID-19 pandemic spreading across the US that few can escape its scope, presenting significant challenges to all industries. The close down of all retail outlets by the government authorities coupled with the social distancing norms laid down by them is affecting the investments by retail outlets. For instance, the sales of online grocery segment across the US, recorded an increase by 210.1% due to the pandemic. Thus, the above-mentioned factors are adversely affecting the electronic shelf label market over the years.
The global electronic shelf label market has been segmented as follows:
Electronic Shelf Label Market – by Component
Electronic Shelf Label Market – by Product Type
Electronic Shelf Label Market – by Store Type
Electronic Shelf Label Market – by Communication Technology
Electronic Shelf Label Market– by Region