New York, March 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Electronic Shelf Labels Market Size, Share & Industry Trends Analysis Report By Component, By Product Type, By Communications Technology, By Application, By Display Size, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06435147/?utm_source=GNW
In addition, using electronic shelf labels has boosted operating efficiency and enabled real-time product placement, all driving the growth of the electronic shelf label market. Moreover, it is anticipated that poor return on investment would restrain the expansion of the electronic shelf label market.
The growth of supermarkets and hypermarkets has significantly impacted the retail sector, driving increased demand for retail equipment and gadgets like computerized shelf labels. Moreover, real-time product placement, pricing optimization for retail outlets, retail automation trends under its digitization, and improved operational efficiency are often important market drivers.
Internet of Things (IoT) proliferation and rising retail sector digitalization continue to impact market expansion. Supermarkets and hypermarkets have seen a rapid increase thanks to the retail sector’s ongoing rise in established and developing nations throughout the globe. In addition, self-checkout terminals, self-checking robots, electronic shelf labeling, and other related technology enabled merchants to increase their profit margins in the retail sector.
The need for electronic shelf labels is anticipated to be fueled by the direct association between several macroeconomic variables, most notably growing urbanization, GDP per capita and economic growth increases, and total sales of products and commodities. Also, in the following years, developing retail infrastructure will provide opportunities for the development of producers of electronic shelf labels.
COVID-19 Impact Analysis
The COVID-19 pandemic outbreak has had a significant negative influence on the market for electronic shelf labels. In addition, several countries have imposed and extended lockdowns, which has caused industry and manufacturing facilities worldwide to shut down due to crises and a lack of labor. As a result, it is determined that the market experienced a decline between 2019 and 2020 after taking into consideration the opinions of numerous industry experts from different segments of the value chain, including OEMs, integrators, suppliers, end users, and distributors, as well as the financial results of other businesses in the electronic shelf label ecosystem.
Market Growth Factors
Rising inclination of retail automation
Consumers are growing more price-sensitive and price-aware, increasing the need for smooth price changes and fueling demand for retail automation solutions like ESLs. Furthermore, in the next five years, there will likely be a significant increase in demand for ESLs due to retailers’ propensity to save operating expenses by eliminating manual tasks in shops. Also, rising consumer spending power and developing economies like China, South Korea, Italy, etc. are encouraging greater worldwide use of retail automation technologies.
Very efficient and time-saving
Product labels were traditionally produced for each item at a retail business. They might be printed and tagged onto the item, put on windows or other bigger displays, or fastened on the shelf above or below the product display. But, technology is advancing, and electronic shelf labels provide several significant advantages. Recent years have seen many technological advancements in the retail sector due to the development of artificial intelligence. Among these modifications, ESL has replaced conventional paper labels and become the go-to option for fresh retail ventures.
Market Restraining Factors
Low labour costs in developing economies are a constraint
There is a considerable barrier to entry presented by the ready availability of cheap labor in nations like India, China, South Korea, and South Africa, which is preventing the implementation of innovative retail solutions. The availability of large and low-cost labor in these places is anticipated to limit the economic value of modern retail solutions. In addition, the implementation of retail automation solutions in retail establishments, such as the use of ESLs, necessitates the modernization of the infrastructure already in place, which substantially adds to the overall cost of installation. This is because there is an abundance of low-priced labor available.
Component Outlook
By component, the electronic shelf labels market is segmented into displays, batteries, transceivers, microprocessors, and others. In 2021, the batteries segment projected a prominent revenue share in the electronic shelf labels market. This is because battery-operated electronic shelf labels are adaptable, simple to use, and can be mounted on shelves or peg wall hooks in close-fitting spaces.
Product Type Outlook
Based on product type, the electronic shelf labels market is categorized into LCDs, segmented e-paper displays, and fully graphic e-paper displays. The full graphics e-paper displays segment held the highest revenue share in the electronic shelf labels market in 2021. This sector has seen significant development by offering pricing changes at any time, facilitating stock management, and streamlining customer interactions, reassignments, and firmware upgrades by a simple touch on an NFC-enabled smartphone. In addition, label tags with these ESLs often include promotional advertising, special typefaces, barcodes, and QR codes.
Communications Technology Outlook
On the basis of communications technology, the electronic shelf labels market is fragmented into radio frequency, infrared, near-field communication and others. The near-field segment acquired a substantial revenue share in the electronic shelf labels market in 2021. Electronic shelf labels with near-field communication (NFC) capabilities are expected to become the most popular technology among consumers and businesses. By providing dynamic product pricing and promotional updates and streamlining consumer interactions with NFC-enabled devices, NFC technology supports enhanced stock management.
Display Size Outlook
By display size, the electronic shelf labels market is bifurcated into less than 3 inches, 3 to 7 inches, 7 to 10 inches, and more than 10 inches. The less than 3 inches segment dominated the electronic shelf labels market in 2021 with the maximum revenue share. The rise in demand for price automation from tier I and tier II retailers, which heavily relies on labels of such sizes because to the abundance of retail goods and SKUs in the shops, may be contributed to the segment’s rise.
Application Outlook
Based on application, the electronic shelf labels market is classified into retail and industrial. The industrial segment recorded a remarkable revenue share in the electronic shelf labels market in 2021. The use of electronic labels for shelf labeling will be influenced by the growing use of Internet of Things (IoT) technology in industrial facilities to enhance asset tracking. A single platform may now be used to remotely operate an increasing number of linked devices due to Industry 4.0. Electronic rack labels are significant in achieving an excellent inventory control and management system.
Regional Outlook
Region wise, the electronic shelf labels market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the Europe region led the electronic shelf labels market by generating maximum revenue share. Early adopters of ESLs for retail and industrial applications include Europe. Also, multiple major market companies that provide ESLs and the rising cost of living in the area are additional factors fostering market expansion. European retailers are putting much effort into using automated retail solutions like ESLs to drastically save operating expenses in their establishments.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SES-Imagotag (BOE Technology Group Co., Ltd.), Opticon Sensors Europe B.V., Pricer AB, Displaydata Limited, M2Comm, Rainus Co., Ltd., Shanghai Sunmi Technology Co., Ltd., Hanshow Technology Co. Ltd., Solum Co., Ltd, and Teraoka Seika Co., Ltd.
Strategies Deployed in Electronic Shelf Labels Market
Feb-2023: SES-imagotag came into collaboration with Qualcomm Technologies, Inc., an American multinational corporation headquartered in San Diego, California. Under this collaboration, SES-imagotag would be able to attain its aim of changing the retail space through leveraged digital technologies.
Jan-2023: Hanshow Technology unveiled the four-color Electronic Shelf Label (ESL) and high-density low-power cellular network (HiLPC). By launching these, Hanshow Technology would be able to strengthen the operability of both its software and hardware and would deliver much state-of-the-art services and solutions for the digital upgrading of retail industry customers.
Nov-2022: Hanshow Technology partnered with Jumbo, the second-largest supermarket chain in the Netherlands which also has stores in Belgium. Under this partnership, Hanshow Technology would be able to team up with international customers to further explore the paths of digital transformation, alongside optimizing digital store solutions. Moreover, this step would deliver even more exhaustive, clever, and efficient digital service upgrades.
Sep-2022: SES-imagotag came into partnership with Instacart, the leading grocery technology company in North America. Under this partnership, SES-imagotag would be able to help customers, shoppers, and retailers operationally as the need for hybrid retail increases rapidly with time.
Sep-2021: Opticon Sensors Europe B.V. collaborated with Nowi, a leading expert in the high-volume production of essential semiconductors, including energy harvesting solutions. Under this collaboration, Opticon Sensors Europe B.V. would be able to create cost-efficient cutting-edge solutions which would enable ESLs to lose negligent power, further making it a clever and trustworthy system for retailers.
Jun-2021: SES-imagotag unveiled the SpectraTM 3100 in collaboration with E Ink. The E Ink SpectraTM 3100 display technology platform, quality, and modularity of these new labels would allow brands and retailers to emphasize marketing campaigns in-store.
Apr-2021: Displaydata Limited launched the new range of four-color e-Paper ESLs. These new four-color e-Paper ESLs are crafted by utilizing the new E Ink SpectraTM 3100 display technology platform. Additionally, these latest premium displays would stand along the current range of three-color Chroma ESLs on Displaydata’s Dynamic Cloud ESL management platform.
Scope of the Study
Market Segments covered in the Report:
By Component
• Display
• Microprocessors
• Batteries
• Transceivers
• Others
By Product Type
• Fully Graphic E-paper Displays
• LCDs
• Segmented E-paper Displays
By Communications Technology
• Radio Frequency
• Infrared
• Near-field Communication
• Others
By Application
• Retail
• Industrial
By Display Size
• Less than 3 Inches
• 3 to 7 Inches
• 7 to 10 Inches
• More than 10 Inches
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• SES-Imagotag (BOE Technology Group Co., Ltd.)
• Opticon Sensors Europe B.V.
• Pricer AB
• Displaydata Limited
• M2Comm
• Rainus Co., Ltd.
• Shanghai Sunmi Technology Co., Ltd.
• Hanshow Technology Co. Ltd.
• Solum Co., Ltd
• Teraoka Seika Co., Ltd.
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• Exhaustive coverage
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• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06435147/?utm_source=GNW
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