Report : North America Electronic Shelf Label Market Forecast to 2030 - Regional Analysis - by Components (Hardware and Software & Services), Hardware (Displays, Batteries, Transceivers, Microprocessors, and Others), Product Type (LCD ESL and E-Paper based ESL), Store Type (Hypermarkets, Supermarkets, Non-Food Retail Stores, Specialty Stores, and Others), and Communication Technology (Radio Frequency, Infrared, Near Field Communication, and Others)
At 17.5% CAGR, North America Electronic Shelf Label Market is Speculated to be Worth US$ 3,099.31 Million by 2030, says Business Market Insights
According to Business Market Insights research, the North America electronic shelf label market was valued at US$ 850.43 million in 2022 and is expected to reach US$ 3,099.31 million by 2030, registering a CAGR of 17.5% 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 North America electronic shelf label market expansion.
Technology is projected to be the key driver of the industrial transformation. The success of the industry participants highly depends upon the relentless focus on the application of various technologies to offer enhanced value-added services to consumers. Advanced technologies have played a critical role in the transformation of the retail sector. Electronic shelf label (ESL) enables retailers to update the prices of the products automatically in real-time across the store, which further help them to eliminate days of monotonous and error-prone manual work. Retailers are continuously looking for solutions to deliver operational efficiency in the retail value chain, which is giving rise to the adoption of IoT technologies, thereby driving the growth of the electronic shelf label (ESL) market. This has encouraged the market players to offer solutions that help retailers increase pricing efficiency and accuracy. For instance, Pricer provides ESL with Bluetooth technology and helps consumers to access product information. In addition, S&K Solutions GmbH provides the next generation of electronic price tags, VUSION, that includes a screen protector attached to the front of the display. These tags are designed to be extremely thin and can be used in an environment of +10 to +40 degrees. The adoption of advanced technologies are expected to gain significant maturity in the retail industry, creating an unprecedented level of disruption. Artificial intelligence is expected to be most transformational for the retail industry due to its ability to drive efficiencies, widespread applications, and impact on labor. IoT in retail would positively impact the retail sector. With the rapid growth in the outlook of online shopping, retailers are looking forward to offering frictionless online shopping experiences to customers. The use of such technologies in retail is growing at an exponential rate. Both retailers and technology developers are looking forward to providing an environment of the connected consumer in brick-and-mortar locations. Therefore, ESL developers are working closely to develop more technologies through robust R&D, such as the development of ePaper and battery solutions, which helps to enhance operational efficiency and foster the electronic shelf label (ESL) market.
On the contrary, disadvantages of ESL hamper the North America electronic shelf label market.
Based on component, the North America electronic shelf label market is bifurcated into hardware and software & services. The hardware segment held 72.8% share of North America electronic shelf label market in 2022, amassing US$ 619.29 million. It is projected to garner US$ 2,290.02 million by 2030 to expand at 17.8% CAGR during 2022-2030. The hardware segment is further subsegmented into displays, batteries, transceivers, microprocessors, and others.
In terms of product type, the North America electronic shelf label market is categorized into E-paper based ESL and LCD ESL. The E-paper based ESL segment held 60.2% share of North America electronic shelf label market in 2022, amassing US$ 512.26 million. It is projected to garner US$ 1,987.76 million by 2030 to expand at 18.5% CAGR during 2022-2030.
Based on store type, the North America electronic shelf label market is segmented into hypermarkets, supermarkets, specialty stores, non-food retail stores, and others. The hypermarkets segment held 33.9% share of North America electronic shelf label market in 2022, amassing US$ 287.98 million. It is projected to garner US$ 1,155.00 million by 2030 to expand at 19.0% CAGR during 2022-2030.
In terms of communication technology, the North America electronic shelf label market is categorized into radio frequency, near field communication, infrared, and others. The radio frequency segment held 51.2% share of North America electronic shelf label market in 2022, amassing US$ 435.14 million. It is projected to garner US$ 1,705.90 million by 2030 to expand at 18.6% CAGR during 2022-2030.
By country, the North America electronic shelf label market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 88.3% share of North America electronic shelf label market in 2022. It was assessed at US$ 751.10 million in 2022 and is likely to hit US$ 2,778.65 million by 2030, exhibiting a CAGR of 17.8% during 2022-2030.
Key players operating in the North America electronic shelf label market are LabelNest; Displaydata Ltd; Panasonic Holdings Corp; Hanshow Technology; Opticon Sensors Europe BV; Ses Imagotag SA; Samsung Electro-Mechanics Co Ltd; Diebold Nixdorf, Incorporated; and Pricer AB, among others.
- In December 2020, VW Autoeuropa e-paper preserved 200 trees using Display data ESLs from Secure Retail. Secure retail has had a long-standing partnership with Displaydata on ESL (Electronic Shelf Labels), with the labels predominantly being used in the retail and hospitality sectors.
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