Electronic Shelf Label (ESL) Market: Overview
According to a recent report by Reports and Data, the Global Electronic Shelf lable Market size was valued at USD 587.6 Million in 2019 and is projected to reach USD 3.14 Billion in terms of value, delivering a CAGR of 23.8% through 2027. The market growth is driven by increased adoption of ESL or digital price tag for enhancing operational efficiency with real-time product positioning and popularizing trend of retail automation.
The electronic shelf labels are witnessing major adoption demand from retail stores on a large scale. ESLs utilize a centralized pricing system in order to coordinate and align with fluctuations in pricing across different levels. It also employs an LCD or E Ink™ display, which is generally fixed to retail shelves to show the current product prices to customers. Moreover, ESLs enable dynamic pricing that acclimates to several factors, including a drop in price, an increase in price to consider low inventory, or allowing the rapid sale of items that are nearing expiry date.
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Electronic Shelf Label (ESL) Market Dynamics
Rapid technology advancements in retail automation are positively impacting the ESL market growth. Several industry players are collaborating to roll out advanced technology ESL for the retail sector. For instance, In 2019, The Kroger Company, an American retail company, displayed an interest in ESL-related prospects in its collaboration with Microsoft for the conception of Enhanced Display for Grocery Environment or EDGE Shelf. This new system runs on Microsoft Azure and is a connected IoT sensor that sends real-time information from every shelf in a retail store. It is highly beneficial for data processing in the vicinity of smart shelves, on smartphone applications of the retailers, and for overall in-store management.
Apart from its usage in price fluctuations, it can also be used to convey promotions through dynamic advertising, any with diet-related information. However, high costs related to the installation of electronic shelf labels, and set up other infrastructure like smart shelves, may negatively impact industry growth.
Electronic Shelf Label (ESL) Market: Regional Outlook
Europe held the largest chunk of the global market share in 2019 and is forecast to witness a growth rate of 23.1% over the analysis period.
North America accounted for the second-largest market share in the base year and is poised to grow significantly due to the presence of leading retail firms and supportive regional government initiatives towards innovation in technology and automation.
The APAC region is projected to experience the fastest growth rate of 25.3% over the analysis period due to macroeconomic aspects, along with the rapid proliferation of the internet in countries like China and India. Growing expenditure on lifestyle products and expansion of the retail sector in the region is enhancing the necessity for in-store automation, which, in turn is bolstering electronic shelf label market revenue share.
Electronic Shelf Label (ESL) Major players in the Market
- Samsung Electro-Mechanics
- Diebold Nixdorf
- Teraoka Seiko
- E Ink Holdings
- Clearink Display
- Panasonic Corporation
Impact of COVID-19 on Electronic Shelf Label Market
The outbreak of current COVID-19 is affecting the global economy in different ways, mainly by creating supply chain & market disruption and by directly affecting demand and production. The effect of lockdowns, curfews, and social distancing measures taken by several regional governments has dramatically disrupted the retail sector. In a bid to avoid the mass spread of the virus, individuals prefer online purchases over retail, which is hugely impacting the industry. The solution to various multi-layered uncertainties experienced by product manufacturers and industries involved in the supply chain are covered in this research report.
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Regional analysis includes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- Detailed overview of the parent market
- Changing electronic shelf label market dynamics in the industry
- In-depth electronic shelf label market segmentation
- Historical, present, and projected electronic shelf label market size in terms of volume and value
- Recent positive electronic shelf label market trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Segments, sub-segments, and geographical regions exhibiting promising growth
- A neutral perspective on the electronic shelf label market
Electronic Shelf Label (ESL) Market: Segmentation
This report shows the revenue growth at global, regional, and country levels to provide an analysis of the market trends in each segment and sub-segment from 2017 to 2027. For this study, Reports and Data has segmented the Electronic Shelf Label Market based on type, technology, component, store type, and region.
Type Outlook (Revenue, USD Million; 2017-2027)
- Segmented E-Paper
- Full Graphic E-Paper
Technology Outlook (Revenue, USD Million; 2017-2027)
- Radio Frequency
- Near Field Communication
Component Outlook (Revenue, USD Million; 2017-2027)
Store Type Outlook (Revenue, USD Million; 2017-2027)
- Super Markets
- Hyper Markets
- Specialty Stores
- Non-Food Retail Store
Read News About “Electronic Shelf Label (ESL) Market Information by Type (LCD, Segmented E-Paper and Full-Graphic E-Paper), Technology (Radio Frequency (RF), Infrared, Near Field Communication (NFC)), Component, Store Type (Supermarkets, Hypermarkets, Specialty Stores) and forecast 2017-2027” @ https://www.globenewswire.com/news-release/2020/08/06/2074754/0/en/Electronic-Shelf-Label-Market-To-Reach-USD-3-14-Billion-By-2027-Reports-and-Data.html