[Research Report] 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.

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Electronic Shelf Label Market: Strategic Insights

Electronic Shelf Label Market

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  CAGR (2022 - 2030)

  18.2%
• Market Size 2022
  US$ 2.2 Billion
• Market Size 2030
  US$ 8.37 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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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

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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

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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.