Artificial Intelligence
Electronic Shelf Label Global Market Report 2023
New York, June 15, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Electronic Shelf Label Global Market Report 2023” – https://www.reportlinker.com/p06466500/?utm_source=GNW
, MinewTag, Panasonic Holdings Corporation, NCR Corporation, LG Innotek Co. Ltd., CLEARink Displays Inc., Shanghai SUNMI Technology Co. Ltd., and troniTAG GmbH.
The global electronic shelf label market is expected to grow from $0.96 billion in 2022 to $1.14 billion in 2023 at a compound annual growth rate (CAGR) of 18.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electronic shelf label market is expected to reach $2.10 billion in 2027 at a CAGR of 16.5%.
The electronic shelf label market consists of sales of radio frequency identification (RFID) ESLs, electronic price labels (EPL) ESLs, LED (light-emitting diode) ESLs, and NFC (near-field communication) ESLs.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
An electronic shelf label (ESL) is a digital display used in retail stores to display product information such as price, promotions, and product details. Electronic shelf labels (ESLs) are primarily used to display pricing and product information.
Europe was the largest region in the electronic shelf label market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of electronic shelf label are displays, batteries, transceivers, and microprocessors.Displays are visual devices that convey information, images, or video to viewers and are used in a variety of applications, including consumer electronics, advertising, digital signage, medical devices, and automotive displays.
The type of products includes LCDs (liquid-crystal display), segmented e-paper displays, and fully graphic e-paper displays available in less than 3 inches, 3 to 7 inches, 7 to 10 inches, and more than 10 inches using radio frequency, infrared, near-field communication, and others. It is used in supermarket, convenience store, departmental store, specialty store, and pharmacies.
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 is 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. These perovskite electronic shelf label have 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.
In July 2020, Cook & Boardman Group LLC, a US-based specialized distributor of commercial door entry solutions and services for system integration, acquired Advantech, Inc. for an undisclosed sum. This acquisition broadens, diversifies, and enriches Cook’s portfolio and would enhance the customer’s value proposition by providing us with a holistic systems integration solution throughout our vast network. Advantech, Inc. is a Taiwan-based computer manufacturing company that operates in the electronic shelf label market.
The countries covered in the electronic shelf label market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The electronic shelf label market research report is one of a series of new reports that provides electronic shelf label market statistics, including electronic shelf label industry global market size, regional shares, competitors with an electronic shelf label market share, detailed electronic shelf label market segments, market trends, and opportunities, and any further data you may need to thrive in the electronic shelf label industry. This electronic shelf label market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466500/?utm_source=GNW
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