At 18.5% CAGR, Europe Electronic Shelf Label Market is Projected to be Worth US$ 2,469.72 Million by 2030, says Business Market Insights

According to Business Market Insights research, the Europe electronic shelf label market was valued at US$ 634.85 million in 2022 and is expected to reach US$ 2,469.72 million by 2030, registering a CAGR of 18.5% from 2022 to 2030. Rapid adoption of game-changing technologies across retail-value chain, growth in supermarket/hypermarkets, and rise in strategic initiatives by market stakeholders are among the critical factors attributed to the Europe electronic shelf label market expansion.

Automation in the retail industry has benefitted retailers on a large scale by reducing human errors. In addition, the retail sector across the world is continuously growing. For example, in October 2023, the retail trade volume increased in Spain (+5.9%), Denmark (+4.2%), Bulgaria (+3.1%), and Luxembourg (+3.1%). Also, the British Retail Consortium reports that the UK's total retail sales rose 3.6% in 2023 compared to 2022. During the year, there was an 8.1% growth in food and a 0.1% reduction in non-food. December saw a 1.7% increase in total retail sales in the UK, compared to a 6.9% growth in December 2022.

The retail industry is increasingly emphasizing reducing total operational costs by removing manual operations in stores associated with stock, changing prices, and more. Therefore, the demand for automation solutions throughout the retail industry is rising. Furthermore, the concept of automation also includes the utilization of ESLs in retail stores with an aim to eliminate the maximum manual tasks, which will help in lowering overheads. The market players in the electronic shelf label (ESL) market are engaging in various organic and inorganic growth strategies to cater to the growing demand for retail products. This further drives the electronic shelf label (ESL) market growth. A few of the growth strategies are mentioned as, In January 2023, Ynvisible Interactive Inc. launched a large-format electronic shelf label display for grocery store retailers. In May 2023, Pricer & Strongpoint unveiled electronic shelf labels that can display graphics in yellow, red, black, and white. The use of high-resolution graphics and vibrant colors attracts more customers and increases store sales. In November 2021, Saule Technologies launched its new electronic price and advertising labels powered by perovskite photovoltaic cells. This technology allows the operator to operate the message displayed on the label several times a day if needed. In February 2023, Qualcomm Technologies Inc. announced the collaboration with SES-image tag to develop technology that allows new electronic shelf labels (ESLs) based on the ESL wireless standards from the Bluetooth Special Interest Group (SIG). They collaborated to develop scalable, highly secure, and ultra-low power ESLs to help retailers enhance operational efficiencies and customers' experiences and empower their employees. In January 2023, the SES-imago tag group announced the acquisition of French company In The Memory ("Memory") to enhance the efficiency of processing and analyzing large quantities of data originating from different sources. This development will enhance the capabilities of ESL solutions offered by SES-imago tag group. Thus, such strategic initiatives by market players drives the electronic shelf label (ESL) market growth.

On the contrary, disadvantages of ESL hamper the Europe electronic shelf label market.

Based on component, the Europe electronic shelf label market is bifurcated into hardware and software & services. The hardware segment held 73.6% share of Europe electronic shelf label market in 2022, amassing US$ 467.29 million. It is projected to garner US$ 1,843.16 million by 2030 to expand at 18.7% CAGR during 2022-2030. The hardware segment is further subsegmented into displays, batteries, transceivers, microprocessors, and others.

In terms of product type, the Europe electronic shelf label market is categorized into E-paper based ESL and LCD ESL. The E-paper based ESL segment held 58.4% share of Europe electronic shelf label market in 2022, amassing US$ 370.77 million. It is projected to garner US$ 1,535.68 million by 2030 to expand at 19.4% CAGR during 2022-2030.

Based on store type, the Europe electronic shelf label market is segmented into hypermarkets, supermarkets, specialty stores, non-food retail stores, and others. The hypermarkets segment held 35.7% share of Europe electronic shelf label market in 2022, amassing US$ 226.55 million. It is projected to garner US$ 953.49 million by 2030 to expand at 19.7% CAGR during 2022-2030.

In terms of communication technology, the Europe electronic shelf label market is categorized into radio frequency, near field communication, infrared, and others. The radio frequency segment held 52.2% share of Europe electronic shelf label market in 2022, amassing US$ 331.34 million. It is projected to garner US$ 1,383.10 million by 2030 to expand at 19.6% CAGR during 2022-2030.

By country, the Europe electronic shelf label market has been categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 31.1% share of Europe electronic shelf label market in 2022. It was assessed at US$ 197.25 million in 2022 and is likely to hit US$ 830.81 million by 2030, exhibiting a CAGR of 19.7% during 2022-2030.

Key players operating in the Europe electronic shelf label market are LabelNest; Displaydata Ltd; Panasonic Holdings Corp; M2C Communication DOO; Hanshow Technology; Opticon Sensors Europe BV; Ses Imagotag SA; Samsung Electro-Mechanics Co Ltd; Diebold Nixdorf, Incorporated; and Pricer AB, among others.

• In September 2021, Opticon and Nowi collaborated on new Electronic Shelf Label solutions for improved in-store customer experience and as a sustainable alternative to traditional smart retail systems.
  
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