how does Electronic Shelf Label Market Works | Know its applications & future opportunities

Electronic shelf labels (ESL) are small display units utilized for displaying price, particularly in retail stores that include food, electronics, do it yourself (DIY) kits, gardening equipment, cosmetics, and in drugstores, and industrial applications. Electronic Shelf Labels (ESL) allows retailers to update the content wirelessly on shelving signage quickly and efficiently, without requirement of print paper tags and organize store representatives to change them manually. Promotional messaging, High-speed updates of pricing, increased readability and contrast of different ESL products help in improving product sales and store margins. Growing demands for retail automation across the globe and convenience offered by these products are expected to be the prominent factors driving growth of the electronic shelf label market.

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Global Electronic Shelf Label Market: Key Players
Major players operating in the global electronic shelf label market include SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, Wuxi Wei Feng Technology, and Cicor.

Stringent regulations against misleading product prices, specifically in North America and Europe, have led to an increase in demand for ESL products:

Stringent regulations such as European communities (requirements to indicate product prices) Regulations S.I. No. 639 of 2002, are in place to protect consumers from misleading product prices. These directives have defined guidelines for licensed premises, cafes, restaurants, hotels, etc. and state the requirement for marked prices, or the display on shelves to be considered inclusive of all cost factors. Similar regulations are in place in the U.S., Canada, China and other major economies.

Moreover, in case of false product pricing or misleading product promotions, the offender is liable to be fined on the basis of regional regulations. Requirement to avoid errors in product pricing and compliance with the regulations are some of the factors which are expected to present considerable opportunities for growth over the forecast period.

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Research Methodology:
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

-Primary Research (Trade Surveys and Experts Interviews)
-Desk Research
-Proprietor Data Analytics Model

Europe is expected to dominate the overall electronic shelf label market share owing to the large adoption rates of electronic shelf labels:

Europe held the largest market share in terms of revenue in 2018 for the global electronic shelf label market and is expected to continue its dominance in the forecast period. The growth in this region is mainly due to the presence of key players such as SES Imagotag, Pricer AB, Cicor, and Opticon Sensors Europe B.V.

Moreover, high penetration of ESL in the regional retail business that specifically include France, Italy, Belgium, Germany and other countries in Central Europe, are expected to garner the industry with around 12.8% CAGR over the forecast period. As a matter of fact, SES-Imagotag registered annual sales of around US$ 97.76 million in 2018, in France alone, according to their annual financials. In terms, of market size, Europe will be followed by North America, and Asia Pacific, as the second and third largest electronic shelf label markets.

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The retailers need large volumes of ESL for their stores and the initial investment for installing cost of ESL for a store could be marginally high. Therefore, the adoption rate of ESL for small retailers is very low. This is the major factor restraining the growth of electronic shelf label market.

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