- Rise in demand for business process optimization in the retail sector, change in trends in retail automation, and increase in purchasing power of consumers and economic growth boost the growth of the global electronic shelf label market.
PORTLAND, Oregon, Jan. 23, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Electronic Shelf Label Market by Product Type (LCD, Segmented E-Paper, and Full-Graphic E-Paper), Component (Displays, Batteries, Transceiver, Microprocessors, and Others), Communication Technology (Radio Frequency, Infrared, Near Field Communication, and Others), and Store Type (Hypermarkets, Supermarkets, Non-Food Retail Stores, Specialty Stores, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026" According to the report, the global electronic shelf label industry was estimated at $624.70 million in 2018 and is expected to hit $2.16 billion by 2026, registering a CAGR of 16.70% from 2019 to 2026.
Drivers, restraints, and opportunities-
Surge in demand for business process optimization in the retail sector, change in trends in retail automation, and rise in purchasing power of consumers and economic growth drive the growth of the global electronic shelf label market. On the other hand, high expenditure required for the installation of ESL and supportive infrastructure impedes the growth to some extent. Nevertheless, the growth potential of E-paper technology in untapped and technological advancements with real-time data analysis markets is expected to create an array of opportunities for the key players in the industry.
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The LCD segment to lead the trail till 2026-
Based on product type, the LCD segment held the largest share in 2018, generating more than two-fifths of the global electronic shelf label market. This is due to high usage of LCD among various industries. At the same time, the full-graphic e-Paper segment would grow at the fastest CAGR of 20.9% from 2019 to 2026, owing to its energy efficiency and advance features such as multi-color displays, wide visibility, and high aesthetics.
The displays segment to maintain its top status during the estimated period-
Based on component, the displays segment contributed to more than one-fourth of the global electronic shelf label market share in 2018 and is expected to rule the roost by the end of 2026. This is due to rapid development in display technology globally. Moreover, the segment would showcase the fastest CAGR of 17.9% during the study period.
Europe, followed by Asia-Pacific and North America, to dominate in terms of revenue-
Based on Geography, Europe accounted for more than one-third of the global electronic shelf label market revenue in 2018, and is anticipated to rule the roost by 2026. This is owing to expanding the retail market and increase in labor cost in the region. Simultaneously, the region across Asia-Pacific would register the fastest CAGR of 19.6% throughout the forecast period. This is due to high adoption of advanced technologies. However, North America happened to hold the second-largest revenue holder in 2018.
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Leading players in the market-
- Diebold Nixdorf
- Clearink Display
- Opticon Sensors Europe
- NZ Electronic Shelf Labelling
- E Ink Holdings
- Samsung Electro- Mechanic
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SOURCE Allied Market Research