Electronic Shelf Label Market growth will be driven by increasing availability of automation solutions for the commercial sector, which surpassed USD 450 million globally in 2017 in conjunction with the growing number of retail outlets. Products such as groceries or seasonal fruits can witness price fluctuations while the stacking of new products also raises difficulties for retail staff to manage and update the pricing tags. The necessity to save time and energy spent for inventory management at stores with a large number of items has directed businesses towards the electronic shelf label industry.
RF-enabled ESL market will witness significant growth due to increasing adoption of radio frequency. Low cost of the technology is encouraging the small retailers to adopt the RF-enabled solutions. Also, RF technology is flexible and allows fast & easy rectification of issues. NFC-enabled electronic shelf label market will grow due to ease of use of these devices with other handheld devices by simply bringing the devices closer. Also, the technology enables communication between labels and tags.
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The International Grocery Research Organization has projected that the electronic shelf label market from global grocery retail market in will be adding sales of nearly USD 2.7 trillion by 2022, driven by growing population and higher spending on grocery products. Subsequently, multinational hypermarket chains have targeted global expansion for catering to the incessant demand for groceries as well as non-food retail items. SPAR, for instance, has been able to build lean practices and supply chain networks, and has over 12,500 stores in 44 countries throughout 4 continents.
LCD electronic shelf label market will hold a majority share in the industry due to low cost and high efficiency of LCD displays. These offer advantages such as low power consumption and bi-stable features that aid the industry growth. The full graphic e-paper ESL products are gaining prominence in the industry as these provide support for full graphic imaging and crisp display. Also, these products can work on the communication network that updates pricing in real-time.
According to a key ESL manufacturer, replacing paper labels with the electronic ones could experience cost savings of up to 60%, while adopting a more responsive pricing method and creating a modern brand image. The electronic shelf label market will see tremendous demand from big supermarket and hypermarket companies for eliminating manual errors in updating prices, freeing up the staff’s time to increase productivity and to implement strategic pricing decisions. Groceries from a major part of everyday spending by billions of people around the globe, and supermarket chains undergo daily shelf rotation of essential items. In 2017, it was found that there were a total of 38,581 supermarkets in the U.S., indicating the growth potential for the electronic shelf label market.
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Asia Pacific electronic shelf label market will grow at a high rate due to positively changing consumption patterns and economic development of countries including India and China. Development of retail industry in the region due to swelling sales of consumables will positively impact the growth of industry in the region. Also, expansion of business by the international retailers in the region is one of the major factors for the increasing demand of these products. For instance, in August 2018, Swedish furniture giant Ikea expanded its presence by opening a store in India.
With the rising frequency of innovations in connectivity, IoT and smart technologies, the electronic shelf label market can be expected to transform significantly, supported by better accessibility to AI and cloud-based services. SES-imagotag, LG Innotek, M2Communication, CEST, Displaydata, Price AB and Teraoka Seiko Co. Ltd. are come key participants in the global electronic shelf label market, which is projected to exhibit a 13% CAGR from 2018 to 2024.
Electronic Shelf Label Market, By Product
- LCD ESL
- Segmented e-paper ESL
- Full graphic e-paper ESL
Electronic Shelf Label Market, By Technology
Electronic Shelf Label Market, By Application
- Non-Food Retail
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