Newark, May 31, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the electronic shelf label market will grow from USD 1.3 billion in 2022 and reach USD 4.6 billion by 2032. The ESL technology is enormous and is achieving high growth; it is anticipated to change the retail industry which has pushed the electronic shelf labels market.
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Europe to account for largest market size during the forecast period.
Europe is expected to have the largest market share in the electronic shelf label market. The growth of the electronic shelf label market in Europe region is because the European Commission has started to execute the customer protection cooperation regulation. The rule protects customers from fraud and misleading pricing and product details. In expansion, essential companies in the retail sector include advanced technologies to capitulate with strict rules. Pricer, head office in Sweden, Europe, has presented electronic shelf labels for shops incorporating infrared (IR) technology and delivering automated pricing updating technology. It is expected to form an appealing prospect for the market of electronic shelf labels in this region.
The LCD Segment Accounted for the Largest Market share of 39% and market revenue of 0.50 billion in 2022.
The product type segment is divided into Segmented E-Paper, Full-Graphic E-Paper, and LCD. The LCD segment dominated the market, with a market share of around 39% and market revenue of 0.50 billion in 2022. They are operated in houses, buildings, schools, factories, workplaces, and automobiles. LCDs are very famous despite the availability of different types of display technologies on the market. LCDs are recognized for being energy savers, and although power is needed to light each individual pixel, LCDs use lesser power than non-LCD devices.
The display segment accounted for the largest market share of 25% and market revenue of 0.32 billion in 2022.
The component segment is divided into batteries, transceiver, displays, microprocessors, and others. The display segment dominated the market, with a market share of around 25% and market revenue of 0.32 billion in 2022. An electronic shelf label system is a display system that substitutes traditional paper. An electronic shelf label is a dynamic display technology operated in retail stores to display product details.
The hypermarket segment accounted for the largest market share of 17% and market revenue of 0.22 billion in 2022.
The application segment is divided into supermarkets, non-food retail stores, hypermarkets, specialty stores, and others. The hypermarket segment dominated the market, with a market share of around 17% and market revenue of 0.22 billion in 2022. An electronic shelf label system is operated in shops to display the recent pricing of products on shelves. Once a new price is generated by the pricing system, it is automatically updated on a shelf. The largest revenue share in the global electronic shelf label market is in countries like Germany, the US, Japan, China, and France.
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Advancement in market
In September 2022, SOLUM started to enter into the Southeast Asian Electronic Shelf Label firm in Vietnam. SOLUM declared it will deliver Electronic Shelf Label goods to Vietnam's "WinMart." Among the three most prominent private groups in Vietnam, Masan Group holds WinMart as a subsidiary.
Market Dynamics
Drivers: Consumer Satisfaction and Consumer Experience
Customer retention and engagement are essential indicators of consumer satisfaction. Enhancing the in-store consumer experience is one of the crucial success factors for POS managers, and electronic displays can recreate a vital role. For example, the customer can quickly notice information about the product they are considering, its price, and its origin; they can also better recognize the promotional items.
Restraints: Temperature and Cost Restrains
Upfront costs, time spent monitoring and managing the system, and some systems are purchased, while others can be leased. Also, beware of environmental constraints such as heat and cold, especially in cars sitting under a hot sun or enduring sub-freezing temperatures.
Opportunities: Growth Prospect of Electronic Paper Technology in New Markets
The ESL technology is enormous and is achieving high growth; it is anticipated to change the retail industry. The use of electronic paper is not limited only to ESL. Regardless, it can be included in various ways, like digital sign boards, smart watches, flexible displays implanted in smart cards, wearable electronics, and status display bars on electronic products. It could be operated to label anything from office binders, electronic billboards, and shelves in addition to a current method for labelling foods & drugs.
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Some of the major players operating in the electronic shelf label market are:
• Altieer Corporation
• Clearing Display
• Diebold Nixdorf
• Displaydata Limited
• E Ink Holdings Incorporation
• NCR Corporation.
• Panasonic Corporation
• Pricer
• Samsung Electro-Mechanics
• SES-imagotag
Key Segments cover in the market:
By Product Type:
• Segmented E-Paper
• Full-Graphic E-Paper
• LCD
By Component:
• Batteries
• Transceiver
• Displays
• Microprocessors
• Others
By Application:
• Supermarkets
• Non-Food Retail Stores
• Hypermarkets
• Specialty Stores
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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