PUBLISHER: The Business Research Company | PRODUCT CODE: 1409388
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409388
“Electronic Shelf Label Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electronic shelf label market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electronic shelf label? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The electronic shelf label market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An Electronic Shelf Label (ESL) is a digital display employed in retail establishments to showcase product information such as price, promotions, and details. The primary function of Electronic Shelf Labels (ESLs) is to provide real-time pricing and product information.
The main components of an electronic shelf label include displays, batteries, transceivers, and microprocessors. Displays are visual devices that convey information and are used across various applications, including consumer electronics, advertising, digital signage, medical devices, and automotive displays. Different types of products include LCDs (liquid-crystal display), segmented e-paper displays, and fully graphic e-paper displays, available in various sizes. These displays utilize communication methods such as radio frequency, infrared, near-field communication, among others. Electronic shelf labels find applications in supermarkets, convenience stores, departmental stores, specialty stores, and pharmacies.
The electronic shelf label market research report is one of a series of new reports from The Business Research Company that provides electronic shelf label market statistics, including electronic shelf label industry global market size, regional shares, competitors with an electronic shelf label market share, detailed electronic shelf label market segments, market trends, and opportunities, and any further data you may need to thrive in the electronic shelf label industry. This electronic shelf label market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electronic shelf label market size has grown rapidly in recent years. It will grow from $1.14 billion in 2023 to $1.34 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth observed in the historical period can be attributed to factors such as improvements in retail efficiency, advancements in inventory management, the enhancement of customer experience, cost reduction initiatives, and the influence of competitive market dynamics.
The electronic shelf label market size is expected to see rapid growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The anticipated growth in the forecast period can be attributed to the ongoing digital transformation in the retail sector, increased demand for real-time pricing information, a growing focus on sustainability practices, integration with emerging retail technologies, and the expansion of global retail operations. Major trends expected in this period include the adoption of Electronic Shelf Labels (ESLs) in non-food retail sectors, the incorporation of touchless shopping features, the implementation of cloud-based ESL platforms, an emphasis on enhanced battery life and energy efficiency in ESL solutions, and a trend towards customization and personalization in ESL offerings.
The surge in automation adoption within the retail sector is anticipated to be a significant driver propelling the growth of the electronic shelf-label (ESL) market in the foreseeable future. Automation in retail involves leveraging technology and machinery to streamline processes and ensure operational efficiency. It spans various functions, including inventory management, customer service enhancement, self-checkout mechanisms, and optimization of supply chain operations. Electronic shelf labels (ESLs) play a pivotal role in retail automation, aiding retailers in effectively managing prices, promotions, inventory, and elevating the overall shopping experience for customers. For instance, as reported by the World Economic Forum in January 2023, artificial intelligence services within the retail automation domain are projected to witness substantial growth from $5 billion to over $31 billion by 2028. Hence, the escalating adoption of automation in the retail landscape acts as a catalyst driving the electronic shelf-label market's growth.
The expanding realm of retail e-commerce is poised to drive the advancement of the electronic shelf-label market moving forward. Retail e-commerce, conducted through online platforms or dedicated websites, involves the buying and selling of goods and services over the internet. Within retail e-commerce, Electronic Shelf Labels (ESLs) serve critical functions such as real-time price updates, display of promotional pricing, discounts, special offers, and facilitation of services such as click-and-collect or buy online, pick up in-store (BOPIS). For instance, data from the U.S. Census Bureau News in November 2023 highlighted a 7.6% (±1.2%) increase in e-commerce sales in Q3 2023 compared to the same period in 2022, surpassing the 2.3% (±0.4%) growth observed in total retail sales during that timeframe. Consequently, the expanding landscape of retail e-commerce drives the growth trajectory of the electronic shelf-label market.
Product innovation stands out as a pivotal trend shaping the electronic shelf label market. Companies operating in this domain are embracing innovative and sustainable solutions, such as the utilization of perovskite photovoltaic cells instead of conventional batteries, to solidify their market positions. For instance, in November 2021, Saule Technologies, a Poland-based firm specializing in flexible solar cells based on perovskites, introduced a perovskite electronic shelf label-a pioneering ESL leveraging perovskite photovoltaic cells. This label integrates comprehensive IT and hardware systems alongside cloud-based computational and analytical capabilities using perovskite electronic shelf label (PESL)-enabled data transmitters. The perovskite electronic shelf label boasts virtually limitless power sourcing, eliminating the need for costly and time-consuming battery replacements. It promotes energy efficiency while departing from environmentally harmful batteries, aligning with sustainable practices.
Leading companies within the electronic shelf label (ESL) market are directing their focus towards integrating advanced technologies such as High-Density Low-Power Cellular Network (HiLPC) technology, aiming to fortify their market position. HiLPC technology represents an advanced wireless communication system strategically designed to facilitate efficient connectivity in densely populated areas while minimizing power consumption and maximizing network capacity. An illustrative case is Hanshow Technology, a China-based firm specializing in ESL solutions, which introduced its latest generation protocol of HiLPC technology alongside a four-color Electronic Shelf Label (ESL) in January 2023. This innovative HiLPC system architecture markedly elevates ESL communication speed, achieving update speeds surpassing 60,000 pieces per hour per ESL controller. Such enhanced efficiency expedites installation and binding processes. The HiLPC's exceptionally high system throughput enables the update of tens of millions of devices within minutes, significantly bolstering clients' ability to efficiently manage globally distributed stores.
In November 2022, Jumbo Supermarkten B.V., a Netherlands-based supermarket chain, forged a partnership with Hanshow Technology, marking a significant development in the ESL domain. Through this collaboration, Jumbo Supermarkten B.V. aims to digitize over 700 stores across the Netherlands and Belgium by integrating more than 11 million electronic shelf labels (ESLs). This partnership signifies Jumbo's commitment to digitally transforming its extensive network of stores, positioning itself as a leading retailer across Europe. Notably, Hanshow Technology, recognized as a China-based developer and manufacturer of ESLs and digital store solutions, specializes in offering customized IoT touchpoint solutions, showcasing its proficiency in catering to diverse market needs and demands.
Major companies operating in the electronic shelf label market report are SES-imagotag, Pricer AB, E Ink Holdings Inc., Displaydata Limited, M2Communication, Solum ESL, Diebold Nixdorf, Opticon Sensors Europe B.V., Teraoka Seiko Co Ltd., MinewTag, Panasonic Holdings Corporation, NCR Corporation, LG Innotek Co. Ltd., CLEARink Displays Inc., Shanghai SUNMI Technology Co. Ltd., troniTAG GmbH, Displaydata Ltd., Samsung Electro-Mechanics Co. Ltd., Altierre Corporation, LG Corporation, M Communication Inc., Wincor Nixdorf AG, AdvanTech Inc., Display Solutions AG, Hanshow Technology, Mcomm Group Inc., Mirador Marketing Ltd., Pervasive Displays Inc., SoluM Co. Ltd., T-Logistics Co. Ltd. .
Europe was the largest region in the electronic shelf label market in 2023. The regions covered in the electronic shelf label market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the electronic shelf label market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electronic shelf label market consists of sales of radio frequency identification (RFID) ESLs, electronic price labels (EPL) ESLs, LED (light-emitting diode) ESLs, and NFC (near-field communication) ESLs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.