Escalating demand for LCD and E-paper to display the product pricing will fuel electronic shelf label (ESL) market growth over the next few years. High need for automation across retail sector is expected to drive the industry trends in the near future. As per Global Market Insights, Inc., “Electronic Shelf Label (ESL) market size is anticipated to record a CAGR of 18% over 2016-2024.” Moreover, next generation electronic shelf label with advanced features such as long battery life, indoor mapping & navigation technology, and real-time bi-directional responsive system is expected to foster the industry growth over the coming years. High ROI in a short period and ability to make dynamic product allocation will generate lucrative avenues for the ESL industry.
Europe Electronic Shelf Label Market size, by product, 2012-2024 (USD Million)
Low power operability as well as enhanced capability for price change per time slots will lead to rise in the rate of acceptance of electronic shelf labels across various sectors. Furthermore, software solutions used for updating the online prices of the in-store items will enhance the usability of electronic shelf labels, further driving the ESL industry growth.
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Electronic shelf labels are extensively used across non-food retail stores, hypermarkets, and supermarkets. Hypermarkets, which accounted for 45% of the global ESL industry share in 2015, will witness a considerable growth over the coming timeframe. High preference for automated systems will drive the revenue. Electronic shelf label (ESL) market size in non-food retail stores sector is expected to surpass USD 200 million by 2024. Growing popularity of electronic shelf labels across multi-chain stores as well as single stores will drive the growth. Supermarkets are expected to contribute significantly towards the overall revenue over the coming timeframe.
Based on the various communication technologies, Electronic shelf label (ESL) industry is segmented into RF (Radio Frequency) and infrared communication technologies. RF communication technology, which contributed over half of the global revenue in 2015, is projected to drive the industry share over the period of 2016-2024. High application of this technology across ZigBee, Z-wave, Bluetooth low energy, and Wi-Fi segments will drive the growth. IR (infrared) communication technology, which accounted for 40% of the Electronic shelf label (ELS) market share in 2015, will witness a substantial surge over the next few years. Beneficial features such as high security, cost-effectiveness, and wide communication range have added to its growing popularity across various segments.
Below are the regional trends positively impacting electronic shelf label (ESL) market over 2016-2024
- Asia Pacific electronic shelf label (ESL) industry is expected to display a high growth potential over the coming seven years. Presence of large number of start-up firms, low costs, and a growing consumer base are few of the factors predicted to contribute substantially towards the regional growth.
- Rapidly expanding retail sector is expected to drive North America electronic shelf label (ESL) market value over the coming timeframe. U.S. is anticipated to make substantial contributions towards the regional share.
Market players will focus on R& D investments and introduce new products to gain maximum ROI. Key industry participants include LG Innotek, M2Communication, E Ink Corporation, Wincor Nixdorf, Altierre Corporation, and Displaydata.
Author Name : Dhananjay Punekar