DUBLIN, December 07, 2021--(BUSINESS WIRE)--The "Electronic Shelf Label Market by Product Type, Display Type, Component, Communication Technology, End User, and Geography - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Electronic Shelf Labels Market is expected to reach a value of $2.57 billion by 2028, at a CAGR of 21.8% during the forecast period 2021-2028.
The growth of this market is mainly attributed to the stringent environmental regulations concerning the use of paper, the rising trend of retail automation, and the higher efficiency and time savings feature offered by ESLs compared to traditional paper labels.
Based on product type, the electronic shelf labels market is segmented into e-paper, LCD, and TFT. The e-paper segment is expected to account for the largest share of the electronic shelf labels market in 2021.
The large share of this segment is mainly attributed to their extremely low power consumption, very wide viewing angles, mono and 3-and 4-color options, and paper-like readability under all store lighting conditions.
Moreover, e-paper-based ESLs are environment-friendly, cost-effective, then LCD/LED technologies. Moreover, the e-paper electronic shelf labels segment is expected to witness significant growth during the forecast period 2021-2028.
Based on display type, the electronic shelf labels market is segmented into full graphics, black & white, and segmented. The full graphics segment is expected to account for the largest share of the electronic shelf labels market in 2021.
The large share of this segment is due to its ability to display the price and facilitate stock management by enabling price updates at any time and simplified customer interactions, reassignments, and firmware updates via a simple tap on an NFC-enabled smartphone. These ESLs are widely used label tags to include promotional ads, customized fonts, barcodes, and QR codes. Moreover, this segment is also expected to showcase the highest CAGR throughout the forecast period.
Based on component, the electronic shelf labels market is segmented into hardware and software. The hardware segment is expected to account for the largest market share in 2021 and the highest CAGR during the forecast period. The factors attributed to this segment's growth are due to its low cost as ESL manufacturers produce a majority of the components in-house, while outsourcing some of the components, such as chipsets, displays, and batteries.
Moreover, e-paper-based displays are widely used in terms of display utilization due to low power consumption, paper-like readability, and thinner body. ESL is widely available in different sizes, colors, and graphics depending upon the application it uses.
Based on communication technology, the electronic shelf labels market is segmented into NFC, Wi-Fi, Bluetooth, and RFID. The NFC segment holds the largest market share and is also expected to grow at the highest CAGR during the forecast period. The major factors towards the dominance of this segment as NFC-enabled ESL provides seamless connectivity and personalized customer experience.
Based on the end user, the electronic shelf labels market is segmented into retail, automotive retail, manufacturing, and other end users. Among these end-users, the retail segment is expected to hold the largest market share in 2021.
The large share of this segment is mainly attributed to the need to comply with the frequent price changes, complex product specifications, and dynamic offers and discounts. The retail industry is a leading end-user of ESL, with over 60% of the deployments in this sector.
Retailers use an ESL system for displaying product pricing on shelves. The product pricing is automatically updated whenever a price is changed from a central control server. However, automotive retail is subjected to showcase the highest CAGR during the forecast period.
The European region is estimated to account for the largest share of the electronic shelf labels market in 2021. The large share of this region is primarily attributed to the implementation of sustainability practice, the rise of predictive data analytics & competitor intelligence, the emergence and prominence of omnichannel and retail reality.
In addition, Government-sponsored funding and the emphasis on the adoption of ESLs are also boosting the European ESLs market. The government has subjected a consumer protection law in the European Union (EU) to adopt retail automation in the region.
Highly Effective and Time-Saving Compared to Traditional Paper Labelling
Growing Environmental Concerns Regarding the Use of Paper
Rising Trend of Retail Automation
High Installation Cost
Lack of Proper Infrastructure for Wireless Technology in Developing Regions
Integration of Advanced Retail Technologies, Real-Time Product Info, and Price with AR and AI
Low Margins of Retailers Hindering Deployment of Automation Technology in Stores
Need for Advanced Battery Technology for Extended Battery Life
The key players operating in the electronic shelf labels market are
Teraoka Seiko Co. Ltd.
Mariella Labels OY
Opticon Sensors Europe B.V.
RAINUS Co. Ltd.
SoluM Co. Ltd.
Store Intelligence Inc.
Zhejiang Hanshow Technology Co. Ltd.
Diebold Nixdorf Incorporated
NZ Electronic Shelf Labelling
CLEARink Displays Inc.
E Ink Holdings Inc.
Scope of the Report
Electronic Shelf Labels Market, by Product Type
Electronic Shelf Labels Market, by Display Type
Black & White
Electronic Shelf Labels Market, by Component
Less than 3 Inches
More than 10 Inches
Electronic Shelf Labels Market, by Communication Technology
Electronic Shelf Labels Market, by End User
Hypermarkets & Supermarkets
Food Retail Stores
Pharmacies & Drugstores
Fashion & Clothing Stores
Other Retail Stores
Other End Users
For more information about this report visit https://www.researchandmarkets.com/r/cqzfz5
View source version on businesswire.com: https://www.businesswire.com/news/home/20211207005651/en/
Laura Wood, Senior Press Manager
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