Electronic Shelf Label Market Expected to Reach $3.5 Billion, Globally, By 2031 at 15.5% CAGR: Allied Market Research

Necessity for more cost efficient and less time-consuming alternatives to paper labels and increased operational efficiency with real time product positioning, owing to utilization of electronic shelf labels drive the growth of the global electronic shelf label market.

PORTLAND, Ore., Oct. 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Electronic Shelf Label Market By Product Type (LCD, Segmented E-Paper, and Full-Graphic EPaper), Display Size (Less than 3 Inch, 3 Inch to 7 Inch, 7 Inch to 10 Inch, and More than 10 Inch), Component (Displays, Batteries, Transceiver, Microprocessors, and Others), Communication Technology (Radio Frequency, Infrared, Near Field Communication, and Others), Store Type (Hypermarkets, Supermarkets, Non-Food Retail Stores, Specialty Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global electronic shelf label industry is estimated to generate $825.1 million in 2021 and $3.5 billion by 2031, witnessing a CAGR of 15.5% from 2021 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers and Opportunities

Necessity for more cost efficient and less time-consuming alternatives to paper labels and increased operational efficiency with real time product positioning, owing to utilization of electronic shelf labels fuel the growth of the global electronic shelf label market. However, high expenses of installation & infrastructure cost and low return on investment hinder the market growth. On the other hand, surge in demand for business process optimization and automation in the retail industry present new opportunities in the market in the coming years.

Report Coverage and Details:

Report Coverage	Details
Forecast Period	2022-2031
Base Year	2021
Market Size in 2021	$825.1 million
Market Size in 2031	$3.5 billion
CAGR	15.5 %
No. of Pages in Report	428
Segments Covered	Product Type, Display Size, Component, Communication Technology, Store Type, and Region
Drivers	Increase in adoption of automation in the retail sector
	Rise in demand for business process optimization
	Surge in purchasing power of consumers and economic growth
Opportunities	Technological advancements with real-time data
Restrains	High expenses of installation and infrastructure

COVID-19 Scenario:

• The electronic shelf label market was negatively impacted by the outbreak of the COVID-19 pandemic. With governments all over the world imposing lockdowns, manufacturing facilities across the globe were shut down, owing to crisis and unavailability of workforce.
• Furthermore, the pandemic disrupted the global supply chain. Key players operating in the market temporarily witnessed a slowdown, owing to lack of availability of skilled professionals to develop electronic shelf label market solutions.
• However, the market is gradually recovering since 2021 and is expected to continue remaining in the growth stage during the forecast period.

The Displays segment to dominate the market in terms of revenue during the forecast period

Based on component, the displays segment contributed to the largest share of nearly one-third of the global electronic shelf label market in 2021, and is expected to lead the trail during the forecast period. Moreover, the same segment is projected to witness the fastest CAGR of 18.22% from 2021 to 2031. Display component uses interactive graphics to pass on real time information to customers or staff. Unlike regular paper labels, electronic shelf labels allow for a wide viewing angle and low power requirements.

The Radio Frequency segment to maintain its lion's share during the forecast period

Based on communication technology, the radio frequency segment held the largest share of more than one-third of the global electronic shelf label market in 2021, and is expected to maintain a prominent growth during the forecast period, owing to its ability to provide bidirectional communication. It transmits pricing and product information and receives updates. Moreover, growing application of radio frequency in other technologies such as ZigBee, Z-Wave, and BLE are also contributing to the increase in demand for radio frequency in electronic labels. However, the near field communication segment is likely to exhibit the highest CAGR of 17.73% in 2031. Majority of customers prefer near field communication technology over other digital innovations, such as QR code and Bluetooth beacon, owing to its high speed and improved control on information.

The LCD segment to garner the largest revenue by 2031

Based on product type, the LCD segment was the largest market in 2021, accounting for more than two-fifths of the global electronic shelf label market, and is likely to lead the trail throughout the forecast period. The advantages of LCD shelf screens in electronic shelf label technology are that they look better, provide much more options to customers, promote sales and advertise products in addition to shelf labeling and pricing. Moreover, in the last few years, the prices of LCD shelf screens started to drop significantly, which also play a vital role in the adoption of LCD screens. However, the full-graphic e-paper segment is anticipated to manifest the fastest CAGR of 16.81% during the forecast period. The fully-graphic e-paper display segment is gaining attraction among retailers, owing to its advance features such as multi-color displays, wide visibility, and high aesthetics.

Asia Pacific to garner the largest revenue by 2031

Based on region, Europe was the largest market in 2021, accounting for nearly one-third of the global electronic shelf label market, owing to the presence of key players in this region. However, Asia-Pacific is anticipated to manifest the largest revenue growth and grow at the fastest CAGR of 17.17% during the forecast period, due to the adoption of innovation technologies and advancements in the retail sector in the region.

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Leading Market Players:

• Diebold Nixdorf Incorporated
• Samsung Electro-Mechanics Co., Ltd.
• Pricer AB
• Displaydata Limited.
• Panasonic Corporation
• NCR Corporation
• SES-imagotag
• CLEARink Displays, Inc.
• SoluM Co., Ltd.
• EInk Holdings, Inc.
• M2Communication

Key Benefits For Stakeholders:

• This report provides a quantitative electronic shelf label market analysis of the market segments, current trends, estimations, and dynamics of the electronic shelf label market analysis from 2021 to 2031 to identify the prevailing electronic shelf label market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the electronic shelf label market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global electronic shelf label market trends, key players, market segments, application areas, electronic shelf label market forecast and market growth strategies.

Electronic Shelf Label Market Key Segments:

By Component:

• Displays
• Batteries
• Transceiver
• Microprocessors
• Others

By Communication Technology:

• Radio Frequency
• Infrared
• Near Field Communication
• Others

By Product Type:

• LCD
• Segmented E-Paper
• Full-Graphic E-Paper

By Store Type:

• Hypermarkets
• Supermarkets
• Non-Food Retail Stores
• Specialty Stores
• Others

By Display Size:

• Less than 3 Inch
• 3 Inch to 7 Inch
• 7 Inch to 10 Inch
• More than 10 Inch

By Region:

• North America (U.S., Canada, and Mexico)
• Europe (Germany, Italy, France, Spain, U.K., Russia, and Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East and Africa)

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