June 05, 2020
As per the report titled ‘Electronic Shelf Label Market Size By Product, By Technology, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global electronic shelf label market is expected to record a healthy growth rate through 2026.
Rising demand from the global retail sector due to inclination towards automation and need to improve operational efficiency is driving the growth of global electronic shelf label market. Electronic shelf labels (ESLs) are systems used by retailers display updates prices and other information about the product to effectively sell goods in stores. Usually the information displayed are sell by dates, nutritional content in food products, and specifications for electronics.
ESL modules generally use electronic paper or liquid crystal paper to display product information. A real-time communication network in these systems allow the prices to be updated automatically whenever the price of a product is changed.
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Based on the product spectrum, the market is categorized into segmented e-paper ESL, LCD ESL, and full graphic e-paper ESL. The report cites that LCD segment is poised to record tremendous growth over the forecast period, owing to extensive product adoption in pharmacies, hypermarkets, and convenience store chains due to its affordability. Furthermore, advancements LCD ESL such as wide viewing angle-based LCD display and full-color display will to boost the segment growth.
In terms of technology, IR segment is expected to show promising growth in the forthcoming years, owing to the emergence of new technologies like light-based infrared. The waves emitted by light will serve as communication mode between the transmitter and the receiver, which can be used in retail stores and other areas where ESL has application.
Elaborating on the application spectrum, electronic shelf label market is bifurcated into industrial and commercial segments. The commercial segment is further split into hypermarket, supermarket, non-food retail, and others. Non-food retail segment is set to witness an escalating demand for ESL, owing to rapid expansion of supermarkets and shopping centers.
Meanwhile, others application is also estimated to showcase decent growth trend due to growing adoption of ESL systems across logistics. Surging demand for efficient inventory & stock management has compelled logistics providers to invest in these devices. The information and color code display in ESL enables identification of inventories that need to be replaced or updated.
From a regional standpoint, North America electronic shelf label market is reckoned to amass substantial gains over the forecast timeline. Presence of major industry participants in the region, along with comparatively lower cost of products and technology integration are stimulating the industry growth in North America.
Latin America electronic shelf label market is slated to grow considerably in the coming years, owing to improving economic conditions of countries like Brazil and Mexico. Increasing FDIs and rapid globalization are expected to drive the adoption ESL across retail sector in the region.
Major players in global electronic shelf label market are Altierre Corp., Advantech Co. Ltd., Displaydata Ltd., Hanshow Technology Co., Ltd., E Ink Corporation, Herbert Retail Ltd., M2COMM, LG Innotek, New Zealand Electronic Shelf Labelling Ltd., Pricer AB, and Opticon Sensors Europe B.V. among others.