Press release
ESL Market share to grow at 18% CAGR from 2016 to 2024
Fractovia.Org
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Asia Pacific electronic shelf label industry is likely to be a lucrative ground for this market with cost-effective operations, growing potential for startups, and huge development opportunities in the region. These factors have contributed significantly toward APAC being the region exhibiting the highest growth. U.S. ESL industry is foreseen to grow at an annual rate of 18%, owing to significant expansion of the retail industry in the region.
Paper labels are currently being replaced by the digital tags for the efficient management of frequent price changes. These conventional labels can be replaced with full graphic e-paper, segmented e-paper, or LCDs. Full graphic e-paper ESL market is projected to be the dominating segment and is expected to grow at an annual rate of 19% over the period of 2016-2024. LCD product segment having had 40% of overall ELS industry share, is gaining heavy momentum in MEA and APAC, as these regions are quite price sensitive.
These advanced labels are incorporated with real time bi-directional responsive systems, flash capability, merchandising accessories, indoor mapping, and navigation systems. Radio frequency (RF) and Infrared are the two-technological bifurcations in electronic shelf label market. RF communication occupied over 50% of the overall market, while IR communication accounted for more than 40% of ESL industry in 2015.
Factors associated with electronic shelf labels such as better price visibility, optimized pricing errors, and promotional capabilities have greatly influenced the penetration of ESL systems in supermarkets and hypermarkets. Electronic shelf label market from non-food retail store applications (including footwear, jewelry, cosmetics, electronics appliances, and others) is anticipated to surpass USD 200 million by 2024. Hypermarkets & supermarkets also exhibit high growth prospects in the future. Supermarkets are foreseen to capture over 30% of overall electronic shelf label market share by 2024.
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Major players are adopting mergers & acquisitions and product innovations as their key strategies. Notable industry participants include E Ink Corporation, Altierre, Wincor Nixdorf, Pricer AB, Displaydata, and SES Imagotag.
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