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Electronic Shelf Label Market Size, Growth Opportunities And Report 2033
Electronic Shelf Label Market Size
According to The Business Research Company's, The electronic shelf label market size has grown rapidly in recent years. It will grow from $1.14 billion in 2023 to $1.34 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to retail efficiency, inventory management, enhanced customer experience, cost reduction, competitive market dynamics.
The electronic shelf label market size is expected to see rapid growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to digital transformation in retail, demand for real-time pricing, focus on sustainability, integration with retail technologies, global retail expansion. Major trends in the forecast period include adoption of esls in non-food retail sectors, incorporation of touchless shopping features, implementation of cloud-based esl platforms, focus on enhanced battery life and energy efficiency, customization and personalization in esl solutions.
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Market Drivers and Trends:
The rising adoption of automation in the retail sector is expected to propel the growth of the electronic shelf-label market going forward. Automation in the retail industry refers to the use of technology and machines to improve processes and ensure operational efficiency. It is used for a variety of purposes, including inventory management, customer service, self-checkout, and supply chain management. Electronic shelf labels (ESLs) are a useful tool for retail automation, assisting retailers in more efficiently managing prices, promotions, and inventory, as well as providing customers with a better shopping experience. For instance, in January 2023, according to the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, artificial intelligence services in the retail automation sector are expected to grow from $5 billion to more than $31 billion by 2028. Therefore, the rising adoption of automation in the retail sector is driving the growth of the electronic shelf-label market.
Product innovation is a key trend gaining popularity in the electronic shelf label market. Companies operating in the electronic shelf label market are adopting innovative and sustainable solutions, such as use of perovskite photovoltaic cells instead of the usual batteries, to sustain their position in the market. For instance, in November 2021, Saule Technologies, a Poland-based company that develops flexible solar cells based on perovskites, launched a perovskite electronic shelf label. It is the first electronic shelf label based on perovskite photovoltaic cells. It offers comprehensively integrated IT and hardware systems as well as cloud-based computational and analytical capabilities using perovskite electronic shelf label (PESL)-enabled data transmitters. The perovskite electronic shelf label has a virtually limitless power source, which does not require expensive and time-consuming battery replacement, offer energy efficiency and allow a departure from batteries that are extremely harmful to the environment.
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Major Key Players of the Market:
SES-imagotag; Pricer AB; E Ink Holdings Inc.; Displaydata Limited; M2Communication; Solum ESL; Diebold Nixdorf; Opticon Sensors Europe B.V.; Teraoka Seiko Co Ltd.; MinewTag; Panasonic Holdings Corporation; NCR Corporation; LG Innotek Co. Ltd.; CLEARink Displays Inc.; Shanghai SUNMI Technology Co. Ltd.; troniTAG GmbH; Displaydata Ltd.; Samsung Electro-Mechanics Co. Ltd.; Altierre Corporation; LG Corporation; M Communication Inc.; Wincor Nixdorf AG; AdvanTech Inc.; Display Solutions AG; Hanshow Technology; Mcomm Group Inc.; Mirador Marketing Ltd.; Pervasive Displays Inc.; SoluM Co. Ltd.; T-Logistics Co. Ltd.
Electronic Shelf Label Market 2024 Key Insights:
• The electronic shelf label market will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
• Rising Adoption Of Automation In The Retail Sector Drives The Market
• Product Innovation Transforms The Market
• Europe was the largest region in the electronic shelf label market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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