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Electronic Shelf Label Market to Cross USD 4.40 Billion by 2031 Driven by Rising Retail Automation and Evolving Consumer Behavior

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The Electronic Shelf Label Market, valued at USD 1.6 Billion in 2023, is expected to reach a staggering USD 4.40 Billion by 2031. This translates to a remarkable compound annual growth rate (CAGR) of 13.5% over the forecast period 2024-2031.

The Electronic Shelf Label (ESL) market is experiencing tremendous growth, fueled by the increasing adoption of retail automation solutions and the ever-evolving needs of modern consumers. As technology continues to reshape the retail landscape, ESLs are poised to become an indispensable tool for retailers seeking to optimize operations and enhance customer experience.

Market Report Scope

This market report offers a comprehensive analysis of the Electronic Shelf Label Market, encompassing current market trends, growth factors, segmentation analysis, regional outlook, and key player insights. The report delves into the various applications of ESLs across diverse retail segments, including supermarkets, hypermarkets, convenience stores, and specialty stores. It further explores the different types of ESL technologies available, such as LCD, segmented e-paper, and full-graphic e-paper, along with their respective advantages and limitations.

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Top Companies Featured in Electronic Shelf Label Market Report:

  • Advantech Inc
  • Altierre Corporation
  • Displaydata Limited
  • E Ink Holdings Inc
  • Herbert Retail Limited
  • M2COMM
  • Opticon Sensors Europe B.V
  • Diebold Nixdorf Incorporated
  • Teraoka Seiko Co Ltd
  • SoluM
  • SES-imagotag
  • Samsung Electronics Co. Ltd

Surging Trend of Retail Automation To Drive The Market Growth

Retail automation offers a plethora of benefits, including streamlined product supply, seamless business platform management, enhanced power supply efficiency, and faster checkout experiences. The rising demand for automation in the retail sector is attributed to the development of new supply channels and escalating labor costs. ESLs, alongside self-checkout systems and automated conveyors, are witnessing a significant surge in adoption as they not only elevate the shopping experience but also contribute to cost reduction for retailers. With customers becoming more price-sensitive and increasingly informed, the need for seamless price adjustments has amplified, propelling the growth of ESLs within the retail automation landscape. Additionally, the inclination of retailers to minimize operational expenses by reducing manual in-store operations is expected to bolster the demand for ESLs in the coming years. Furthermore, the growing purchasing power of consumers and economic expansion in emerging economies like China, South Korea, and Italy are paving the way for the wider adoption of retail automation solutions, including ESLs, on a global scale.

Electronic Shelf Label Industry Segmentation as Follows:

By Display Size 

  • Less than 3 inches
  • 3 to 7 inches
  • 7 to 10 inches
  • More than 10 inches

Less than 3 inches: This segment accounts for the dominant share of the market and is expected to maintain its lead throughout the forecast period. The widespread adoption of ESLs with display sizes under 3 inches can be attributed to the rising demand for price automation among tier I and tier II retailers. These retailers rely heavily on smaller labels due to the vast number of retail offerings and SKUs (Stock Keeping Units) available in their stores.

By Technology

  • Radio Frequency
  • Infrared
  • Near-field Communication
  • ZigBee
  • BLE
  • Wi-Fi
  • Others

Radio Frequency (RF): The RF segment currently holds the largest market share and is projected to maintain its dominance over the forecast period. The stability offered by RF-based ESLs is a key factor driving market growth within this segment. Additionally, these ESLs enable fully automated data transfer and possess electronic memory capabilities for information storage.

By Type

  • LCD ESL
  • Segmented e-paper ESL
  • Full graphic e-paper ESL
  • E-Ink

By Application

  • Industrial
  • Commercial
  • Supermarket and Hypermarket
  • Convenience Store
  • Departmental Store
  • Specialty Store
  • Pharmacies

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Impact of the Russia-Ukraine War on the Electronic Shelf Label Market

The ongoing conflict between Russia and Ukraine has disrupted global supply chains, leading to a shortage of critical components required for the production of electronic shelf labels. This shortage, coupled with rising raw material prices, is expected to exert upward pressure on the overall cost of ESLs. Additionally, the war has triggered economic uncertainty, potentially leading to delays in investment decisions related to retail automation projects, which could hamper the market growth in the short term. However, in the long run, the conflict is unlikely to significantly impede the long-term growth trajectory of the Electronic Shelf Label Market, as the underlying factors driving its adoption, such as retail automation and evolving consumer behavior, remain robust.

Electronic Shelf Label Market
Electronic Shelf Label Market Size and Growth Report

Europe Is Anticipated To Retain Its Dominant Position In The Electronic Shelf Label Market Throughout The Forecast Period

European retailers have been early adopters of ESLs for both retail and industrial applications. This established adoption base positions Europe as a mature market with significant growth potential. Several leading players in the Electronic Shelf Label Market are headquartered in Europe. This concentration of industry expertise and resources further fuels market growth within the region. The rising cost of labor in Europe is prompting retailers to invest in automation solutions like ESLs to minimize operational expenses.

Recent Developments

In November 2022: Pricer, a leading ESL provider, strengthened its partnership with StrongPoint, a prominent grocery retailer offering smart retail solutions across Europe. The expanded agreement extends StrongPoint’s distribution of Pricer’s ESLs to the UK and Ireland.

In September 2022: SES-imagotag, another major player in the ESL market, announced a collaboration with Instacart, a leading North American grocery technology company. This partnership facilitates the integration of SES-imagotag’s ESLs and VUSION IOT retail cloud platform within grocery stores, aiming to deliver an enhanced shopping experience.

This Electronic Shelf Label Market Report Equips You With Critical Insights Such As:

  • Gain a comprehensive understanding of the market drivers, trends, and challenges shaping the Electronic Shelf Label landscape.
  • Discover the most promising segments within the market based on display size, communication technology, and application.
  • Understand the competitive landscape by gaining insights into the strategies and market share of key players.
  • In-depth analysis of regional trends, growth potential, and challenges across key markets like Europe, North America, and Asia Pacific.
  • Access valuable market size and forecast data to accurately assess the potential return on investment for your ESL-related ventures.
  • Gain insights into potential disruptions like the Russia-Ukraine war and economic slowdowns, allowing you to proactively develop contingency plans and minimize their impact on your business.

Major Key Points from Table of Content

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Electronic Shelf Label Market Segmentation, By Type
9. Electronic Shelf Label Market Segmentation, By Technology
10. Electronic Shelf Label Market Segmentation, By Application Type
11. Electronic Shelf Label Market Segmentation, By Display Size
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion

Continued….

Access Detailed Research Insight with Full TOC and Graphs @ https://www.snsinsider.com/reports/electronic-shelf-label-market-1320

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