Dublin, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The "Global Electronic Shelf Label Market, By Component; By Display Type; By Communication; By Power; By Color; By Display Size; By Store Type; By Retail Format - Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The Electronic Shelf Label (ESL) market is poised for remarkable expansion, progressing from its 2022 valuation of USD 1,133.6 million to an estimated USD 5,930.6 million by 2030. This substantial growth is anticipated to be propelled by a robust Compound Annual Growth Rate (CAGR) of 23.48% during the forecast period of 2023-2030.
Driving Factors
- Global Retail Automation Demand Spurs Growth: The increasing need for global retail automation is driving the utilization of Electronic Shelf Labels (ESL). These labels provide real-time price updates, ensuring price consistency across all store shelves. With instantaneous synchronization of price changes, ESLs eliminate mismatches between displayed and actual prices.
- Retail Giants Embrace Digitization: In April 2023, SES-imagotag announced its partnership with Walmart for deploying the latest-generation VUSION platform across several hundred Walmart U.S. stores. This digitization at scale empowers stores to become efficient, interactive, and impactful assets, underpinning the retail business.
- NFC Technology Integration Expands Capabilities: Adoption of Near Field Communication (NFC) technology has expanded ESL capabilities, fostering seamless customer interactions, enhanced engagement, streamlined payments, and improved inventory management. NFC-enabled ESLs enable novel shopping experiences and valuable insights into customer behavior. The technology facilitates contactless interactions between ESLs and customers' smartphones or NFC-enabled devices, enabling product information access, promotions, and even purchases with a simple tap.
Segmental Insights
- Label Management Software Takes the Lead: The Label Management Software segment is poised for robust growth, exhibiting a CAGR of 23.4%.
- E-Paper Dominates Display Type: E-Paper emerges as a dominant display type, capturing over 45% of the market share in 2022.
- IR Communication Segment Shows Promise: In terms of revenue, the IR communication segment is projected to surpass USD 2,115.2 million by 2030.
- Battery Powered Segment Holds Opportunity: The Battery Powered segment presents an opportunity of over USD 2,500 million during the forecast period.
- Multi-color Display Segment's Revenue: The Multi-color display segment generates USD 636.58 million revenue in 2022.
- Hypermarket Leads Retail Format: The Hypermarket retail format is predicted to exceed USD 3,309.3 million by 2030.
- European Dominance: Europe commands the largest market share, accounting for over 40% and generating USD 503.1 million in revenue in 2022.
Competitive Landscape
The ESL market features established players like SES-imagotag, Pricer AB, E Ink Holdings, Displaydata, M2Communication, Samsung Display Solutions, Diebold Nixdorf, Opticon Sensors Europe, Teraoka Seiko, NZ Electronic Shelf Labelling, Panasonic Corporation, and NCR Corporation. These players significantly contribute to the market and possess a global presence.
In June 2022, Pricer announced the launch of advanced technologies that enhance in-store operational performance and elevate the customer experience. In August 2022, Canadian retailer Federated Co-operatives Ltd. (FCL) launched a 120-store expansion rollout agreement to leverage the VISION IoT cloud platform for streamlined price changes and markdowns.
Conclusion
The global Electronic Shelf Label (ESL) market is on a trajectory of substantial growth, driven by retail automation demands, technological integrations like NFC, and strategic partnerships with industry giants. The convergence of digitization and customer engagement underpins the sector's rapid expansion, offering abundant opportunities for innovation and market entry.
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