Electronic Shelf Label Market is expected to reach US$ 8.37 billion by 2030

According to our latest study on "Electronic Shelf Label Market Size and Forecast (2020-2030), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Component, Product Type, Store Type, and Technology," the electronic shelf label market size was valued at US$ 2.20 billion in 2022 and is expected to reach US$ 8.37 billion by 2030. The electronic shelf label market is estimated to record a CAGR of 18.2% from 2022 to 2030.

IoT applications in ESLs are facilitating a user in carrying out real-time updates. Industry 4.0 would assist the retail sector in having predictive analytics and real-time information, which will raise the steps of planning and allocation to the next level. As customer expectations are dynamic, the retail industry is looking forward to using Industry 4.0 to embrace growing business models, digitization, and value chains, which will further fuel the adoption of ESL solutions and propel market growth.

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Integration of Industry 4.0 for Automation and Smart Management to Provide Lucrative Opportunities for Electronic Shelf Label Market Growth During Forecast Period

To increase mature technology for smart retailing applications, price labeling and merchandise management in retail stores can depend on ESLs to have real-time updates. In comparison to traditional paper tags, ESLs have reduced the occurrence of pricing errors while supporting stores to get a fast response mechanism for price changes. ESLs can be accessed wirelessly and remotely to achieve access to the massive quantity of data to ensure inventory management. Also, these are configured to send automatic notices when specific products are reaching near their expiration dates. Therefore, as a primary solution for information display and product pricing, ESLs are perfectly aligned with Industry 4.0 for automation and smart management.

Based on product type, the electronic shelf label market is segmented e-paper based ESL and LCD ESL. The e-paper based ESL segment held the largest share in the electronic shelf label market in 2022. E-Paper provides the advantages of being lightweight, compact, and power-saving. It is very close to the visual effects of an actual paper but provides incredibly useful features, including enabling users to update product pricing dynamically from anywhere. Further, the integration of ESL and wireless data transmission makes it possible to perform real-time information updates for greater precision. An e-paper display is designed and developed in the form of capsules in a thin film, with each particle within the capsules emitting a different electric charge and different color. The electrodes are positioned above and below the capsule film. When a charge is applied to an individual electrode, the color particle will move to either the top or bottom of the capsule, enabling the ESL to display a particular color. E-paper display offers the advantage of less power consumption, which, in turn, has led to its increased adoption in ESL solutions in the present scenario.

Key Findings of Electronic Shelf Label Market Study:

The electronic shelf label market is segmented on the basis of component, store type, product type, technology and geography. Based on component, the global electronic shelf label market is segmented into hardware, and software and services. Based on store type, the electronic shelf label market is bifurcated into hypermarkets, supermarkets, nonfood retail stores, and specialty stores. Based on product type, the global electronic shelf label market is segmented into LCD ESL and E-Paper-based ESL. Based on technology, the global electronic shelf label market is segmented into radio frequency, infrared, near-field communication, and others. By geography, the electronic shelf label market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

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The LCD ESL tags are similar to how the calculators display the numerical values. Each number on the LCD is made up of seven bars and segments. The numerical value that is to be displayed on the tags is shown by activating different combinations of these seven bars and segments. The segment-based LCD label provides a solution that is cost-efficient when a large number of labels are required for precise information on the shelf edge with the help of scrolling and flashing functions in a wide range of layouts. In addition, another advantage of LCD ESL is that it lasts for longer hours. Such benefits of LCD ESL contribute to its growing demand in the market.

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