The Global Electronic Shelf Label Market was valued at US$ 366.8 million in 2015 and is estimated to grow at 13.1% CAGR during the forecast period (2017–2025), as highlighted in a report published by Coherent Market Insights.Increasing cost of labor, across developed economies including Europe and North America, has led to significant increase in demand for retail automation products to reduce the cost and time invested in the shelf labelling process. This is expected to be among the prominent factors driving the business growth.
High overall costs of paper tags and labels, long time required to update the labels, large amount of waste generation, high probability of human errors and increasing requirement of retailers to upgrade prices to attract customers are among the major drawbacks of the conventional methods for the labelling of store shelves. ESLs can be utilized to address these drawbacks and garner interactive consumer environment that can significantly enhance the sales. These factors are expected to present strong growth prospects for the electronic shelf label market through the forecast period.
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These find significant applications of data assessment for the implementation of the product sales enhancement strategies. Moreover, these have several advanced features such as real-time, bi-directional responsive systems, merchandising accessories, long battery life, indoor navigation, and mapping systems. Moreover, enhanced operational scalability, robustness, latency, security, and speed for the users are expected to greatly influence the return on investments (ROI). High ROI in short time periods of adoption is projected to propel the electronic shelf label market growth.
Low labor wages in establishing economies that specifically include the BRIC nations and the ASEAN economies; lack of skilled workforce availability, and high initial capital requirements are estimated to hamper the electronic shelf label market share over the forecast period. Moreover, Battery Act 1996, Waste Electrical and Electronic Equipment (WEEE), and Restriction of hazardous substances (ROHS) are some of the regulatory mandates for collection, recovery, and recycling of used products to address growing environmental concerns are estimated to add on to the industry challenges.
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Key takeaways of the Electronic Shelf Label Market:
- The global electronic shelf label market is estimated to witness a CAGR of 0% CAGR during the forecast period (2017–2025), owing to significant growth in demands for electronic shelf labels, specifically in North America and the U.S.
- RF technology is expected to gain traction in the near future, primarily owing to the multiple choices of communication methodologies that include Bluetooth, ZigBee, Wi-Fi, and NFC. Moreover, relatively high operability owing to no requirement of visible range communication, unlike IR, is expected to be the major factor driving growth of the market.
- Full graphic e-paper displays are expected to witness highest growth over the forecast period owing to the multi-color displays, high aesthetics, and wide visibility range of displays.
- Growing adoption of ESLs in the convenience store and departmental stores is expected to garner highest product sales in the end use segment.
- Europe will continue to dominate the overall electronic shelf label industry, with the highest adoption rates and industry penetration over the forecast period.
- Some of the major participants in the global electronic shelf label market include Displaydata, Pricer AB, Opticon Sensors Europe B.V, SES-imagotag, Altierre, Teraoka Seiko, Advantech US, and E Ink.
- Regional expansion, technology development and product innovation are expected to form the key strategies to acquire strong industry foothold. For instance, Powershelf, a provider of retail technology solutions, had developed a battery-less electronic shelving system to garner increased product adoption.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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