Electronic Shelf Label Market Growth Report & Share by 2030

Electronic Shelf Label Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Components (Hardware, Software, and Services); Hardware (Displays, Batteries, Transceivers, Microprocessors, and Others); Product Type (LCD ESL and E-Paper based ESL); Store Type (Hypermarkets, Supermarkets, Non-Food Retail Stores, Specialty Stores, and Others); and Communication Technology (Radio Frequency, Infrared, Near Field Communication, and Others)

  • Report Code : TIPRE00007465
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 222
Buy Now

The electronic shelf label market size was valued at US$ 2.20 billion in 2022 and is expected to reach US$ 8.37 billion by 2030. The electronic shelf label market is estimated to record a CAGR of 18.2% from 2022 to 2030.

Analyst Perspective:

Factors such as an increasing number of supermarkets, malls, and stores, reduced labor availability, and trending retail automation demands are influencing the electronic shelf label market growth. However, the high installation charges and supporting infrastructure needed for the system are key challenges restraining the electronic shelf label market growth. Moreover, the world is moving ahead toward digitalization. As the ESL system has a low maintenance cost, the retail industry is widely adopting the system, owing to its benefits for retailers. This creates a big opportunity for the market players operating in the electronic shelf label system market. Also, the Industry 4.0 integration and the emergence of advanced technologies for ESL, such as ePaper with multicolor and battery-free solutions, is anticipated to influence the electronic shelf label market positively.

Electronic Shelf Label Market Overview:

Retailers use the electronic shelf label system for displaying product pricing on shelves. This system is gaining immense popularity as it has benefits such as product pricing being updated automatically whenever a price is changed from a central control server. The rising number of supermarkets, specialty stores, and hypermarkets are raising demand for the electronic shelf label market. The US, China, France, Germany, and Japan are the five leading countries contributing to the highest revenue share in the electronic shelf label market.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Electronic Shelf Label Market: Strategic Insights

Electronic Shelf Label Market

  • CAGR (2022 - 2030)
    18.2%
  • Market Size 2022
    US$ 2.2 Billion
  • Market Size 2030
    US$ 8.37 Billion

Market Dynamics

GROWTH DRIVERS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
FUTURE TRENDS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
OPPORTUNITIES
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX

Key Players

  • LabelNest
  • Displaydata Ltd
  • Panasonic Holdings Corp
  • M2C Communication DOO
  • Hanshow Technology
  • Opticon Sensors Europe BV
  • Ses Imagotag SA
  • Samsung Electro-Mechanics Co Ltd
  • Diebold Nixdorf, Incorporated

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Components
  • Hardware
  • Software
  • Services
Hardware
  • Displays
  • Batteries
  • Transceivers
  • Microprocessors
  • Others
Product Type
  • LCD ESL and E-Paper based ESL
Store Type
  • Hypermarkets
  • Supermarkets
  • Non-Food Retail Stores
  • Specialty Stores
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Electronic Shelf Label Market Driver:

Rise in Strategic Initiatives by Market Stakeholders Drives Electronic Shelf Label Market Growth

Automation in the retail industry has benefitted retailers on a large scale by reducing human errors. In addition, the retail sector across the world is continuously growing. For example, according to the US government, retail sales in the US increased by 3.1% from US$ 5,402.3 billion in 2019 to US$ 5,570.4 billion in 2020. According to the India Brand Equity Foundation, the Indian retail sector is anticipated to reach US$ 2 trillion in value by 2032. The retail industry is increasingly emphasizing reducing total operational costs by removing manual operations in stores associated with stock, changing prices, and more. Therefore, the demand for automation solutions throughout the retail industry is rising. Furthermore, the concept of automation also includes the utilization of ESLs in retail stores with an aim to eliminate the maximum manual tasks, which will help in lowering overheads.

The market players in the electronic shelf label (ESL) market are engaging in various organic and inorganic growth strategies to cater to the growing demand for retail products. This further drives the electronic shelf label (ESL) market growth. A few of the growth strategies are mentioned below.

  • In January 2023, Ynvisible Interactive Inc. launched a large-format electronic shelf label display for grocery store retailers.
  • In May 2023, Pricer & StrongPoint unveiled electronic shelf labels that can display graphics in yellow, red, black, and white. The use of high-resolution graphics and vibrant colors attracts more customers and increases store sales.
  • In November 2021, Saule Technologies launched its new electronic price and advertising labels powered by perovskite photovoltaic cells. This technology allows the operator to operate the message displayed on the label several times a day if needed.

Thus, such strategic initiatives by market players drive the electronic shelf label market growth.

Electronic Shelf Label Market Report Segmentation and Scope:

The electronic shelf label market is segmented on the basis of component, store type, product type, technology, and geography. Based on component, the global electronic shelf label market is segmented into hardware, software, and services. Based on store type, the electronic shelf label market is bifurcated into hypermarkets, supermarkets, non-food retail stores, and specialty stores. Based on product type, the global electronic shelf label market is segmented into LCD ESL and E-Paper-based ESL. Based on technology, the global electronic shelf label market is segmented into radio frequency, infrared, near-field communication, and others. By geography, the electronic shelf label market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Electronic Shelf Label Market Segmental Analysis:

Based on component, the electronic shelf label market is segmented into hardware, software, and services. The hardware segment held the largest share of the electronic shelf label market in 2022. Some of the hardware components in the ESL ecosystem are LED, batteries, sensors, NFC readers, analog switches, electronic papers, electronic ink, liquid crystal displays, radio, microcontrollers, and others. ESL hardware ecosystem generally involves the circuit design of the communication station and the terminal display label. The standard chipset is used to execute the basic functional requirements of ESLs. An RF module controls typical communication between the communication station and the terminal display label. The demand for hardware is rising in the market as new supermarkets, hypermarkets, convenience stores, specialty stores, and other non-food retail stores are growing due to rapid urbanization. These stores require advanced technology to display their product prices, reduce labor costs, and save time to update the continuously changing cost in real time.

In addition, the ESL system helps to track customers' movement and patterns, which helps the retailers understand their behavior and make changes in their product display to attract customers and increase their sales. Thus, such benefits of ESL lead to the adoption of these solutions in the newly developed stores and generate the demand for the hardware required to install ESL solutions.

The software and services are required for the configuration of the system and properties on the label itself. They are required to store the database for the list of prices. The software used for the configuration is mainly used for network management, storing and processing file systems, and transmission of data. It also processes and packs the data of product information and their prices configured into packets of information. These data packets are sent to the communication station through a wireless network. Generally, centralized software is responsible for the building and maintenance of the network for the data communication among the label management software and the terminal display. Due to the rise in the demand for retail products, retailers are widely adopting advanced technology to save time and the cost of manual work, which leads to the adoption of ESL solutions, which further fuels segment growth.

Electronic Shelf Label Market Regional Analysis:

The North America electronic shelf label market size was valued at US$ 850.43 million in 2022 and is projected to reach US$ 3099.31 million by 2030; it is expected to register a CAGR of 17.5% from 2022 to 2030. North America includes the US, Canada, and Mexico. The availability of efficient infrastructure in developed nations has facilitated manufacturing companies to explore the limits of science, technology, and commerce. The US is a developed country in terms of modern technology, standard of living, and infrastructure, among other factors. Across North America, technological advancements have led to a substantially competitive market. North America is a hub of technological developments that comply with economically robust countries. As a result, electronics & semiconductor manufacturing and retail industries in North America continue to develop and remain the principal factors for driving prosperity and innovation.   Companies are constantly enhancing the overall processes to meet the customers' demand for high-quality solutions and products in the best possible way.

The North America market is mature and homogenous, with huge product penetration. The North America electronic shelf label market is propelled by the huge presence of retail stores and significant development in the retail sector. This region is home to most of the world's largest retailers. Canada and Mexico have their own largest retail chains, and both countries have retail companies that conduct business operations worldwide. The retail industry is responsible for almost two-thirds of the US GDP. The major US retail chains include Walmart, Albertsons Companies, CVS Health, Amazon, Walgreens Boots Alliance, Costco, Kroger Co., and Target.

Electronic Shelf Label Market Key Player Analysis:

LabelNest, Diebold Nixdorf Incorporated, Displaydata Limited, M2Communication, E Ink Holdings Inc, NZ Electronic Shelf Labelling, Pricer, Opticon Sensors Europe BV, Samsung Electro-Mechanics, Ses-Imagotag, and Teraoka Seiko are among the key companies operating in the electronic shelf label market.

Electronic Shelf Label Market Report Scope

Report Attribute Details
Market size in 2022 US$ 2.2 Billion
Market Size by 2030 US$ 8.37 Billion
Global CAGR (2022 - 2030) 18.2%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Components
  • Hardware
  • Software
  • Services
By Hardware
  • Displays
  • Batteries
  • Transceivers
  • Microprocessors
  • Others
By Product Type
  • LCD ESL and E-Paper based ESL
By Store Type
  • Hypermarkets
  • Supermarkets
  • Non-Food Retail Stores
  • Specialty Stores
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • LabelNest
  • Displaydata Ltd
  • Panasonic Holdings Corp
  • M2C Communication DOO
  • Hanshow Technology
  • Opticon Sensors Europe BV
  • Ses Imagotag SA
  • Samsung Electro-Mechanics Co Ltd
  • Diebold Nixdorf, Incorporated
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Electronic Shelf Label Market Recent Developments: 

    Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the electronic shelf label market. A few recent key electronic shelf label market developments are listed below:

    • In April 2023, Hanshow held its "Revitalization and Excellence" new product launch at the Chongqing International Expo Center in China, where they officially unveiled the four-color Nebular Pro series of Electronic Shelf Labels (ESLs).
    • In September 2021, Panasonic in India announced the expansion of its Electronic Shelf Labelling (ESL) and Digital Sign Edge 2.0 solutions. These innovative, tech-enabled display solutions have been designed to increase operational efficiencies for retailers and enterprises while driving the sustainability agenda. The advanced, upgraded ESL Solution will offer retailers more control over real-time pricing while bringing significant service improvement and store operation efficiency. ESL helps retailers achieve higher efficiencies with automated operation modules and reduce significant raw material and service costs by replacing paper with digital technology, making it an environmentally friendly and sustainable practice.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Components, Hardware, Product Type, Store Type, and Communication Technology

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Which is the leading component segment in the electronic shelf label market?

    The hardware segment led the electronic shelf label market with a significant share in 2022 and also expected to grow with the highest CAGR.

    What will be the market size for electronic shelf label market by 2030?

    The electronic shelf label market is expected to reach US$ 8.37 million by 2030.

    Which region is holding the major market share of global electronic shelf label market?

    The North America held the largest market share in 2022, followed by Europe and Asia Pacific.

    What are the future trends of the electronic shelf label market?

    Emergence of battery-free solutions is the future trend of the electronic shelf label market.

    What are the driving factors impacting the electronic shelf label market?

    Rapid adoption of game-changing technologies across retail–value chain, growth in supermarket/hypermarkets, and rise in strategic initiatives by market stakeholders are the driving factors impacting the electronic shelf label market.

    What is the estimated global market size for the electronic shelf label market in 2022?

    The electronic shelf label market was valued at US$ 2.20 billion in 2022 and is projected to reach US$ 8.37 billion by 2030; it is expected to grow at a CAGR of 18.2% during 2022–2030.

    Which is the fastest growing regional market?

    Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.

    Which are the key players holding the major market share of electronic shelf label market?

    The key players, holding majority shares, in electronic shelf label market includes SAMSUNG ELECTRO-MECHANIC; SES-imagotag; Panasonic Holdings Corporation; Pricer and Displaydata Ltd among others.

    The List of Companies - Electronic Shelf Label Market

    1. LabelNest
    2. Displaydata Ltd
    3. Panasonic Holdings Corp
    4. M2C Communication DOO
    5. Hanshow Technology
    6. Opticon Sensors Europe BV
    7. Ses Imagotag SA
    8. Samsung Electro-Mechanics Co Ltd
    9. Diebold Nixdorf, Incorporated
    10. Pricer AB

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

    Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

    Trends and growth analysis reports related to Electronic Shelf Label Market