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The electronic shelf label market has witnessed remarkable growth in recent years, with its size surging from $1.14 billion in 2023 to $1.34 billion in 2024, boasting a compound annual growth rate (CAGR) of 17.8%. This expansion has been driven by various factors such as retail efficiency, inventory management, enhanced customer experience, and cost reduction, reflecting the dynamic nature of the retail landscape.

Glimpse into the Future
Looking ahead, the market is poised for even greater growth, projected to reach $2.43 billion by 2028, with a CAGR of 16.1%. Anticipated drivers include digital transformation in retail, demand for real-time pricing, sustainability initiatives, integration with retail technologies, and global retail expansion.

Rising Adoption of Automation in the Retail Sector Drives the Market
The integration of automation within the retail sector is set to fuel the electronic shelf-label market’s growth trajectory. Automation, leveraging technology and machines, streamlines processes across various retail functions including inventory management, customer service, self-checkout, and supply chain management. Electronic shelf labels (ESLs) play a pivotal role in this automation, enabling retailers to manage prices, promotions, and inventory efficiently, while enhancing the overall shopping experience.

• By 2028, artificial intelligence services in retail automation are projected to surpass $31 billion.
• Major companies driving this sector include SES-imagotag, Pricer AB, E Ink Holdings Inc., and Displaydata Limited.

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Product Innovation Transforms the Market
Innovation stands as a cornerstone of the electronic shelf label market, with companies continuously striving to introduce cutting-edge solutions. Noteworthy innovations include the utilization of perovskite photovoltaic cells, offering sustainable alternatives to traditional batteries. For instance, Saule Technologies unveiled the first perovskite electronic shelf label, boasting energy efficiency and environmental sustainability.

• Saule Technologies launched the perovskite electronic shelf label, featuring perovskite photovoltaic cells.
• Sustainable solutions are gaining traction, aligning with global environmental concerns.

Strategic Partnerships Propel Market Expansion

Strategic partnerships play a pivotal role in accelerating market growth and adoption. In November 2022, Jumbo Supermarkten B.V. partnered with Hanshow Technology, aiming to digitize over 700 stores in the Netherlands and Belgium. This collaboration underscores the importance of digital transformation in the retail sector and highlights the role of electronic shelf labels in driving innovation.

• Jumbo Supermarkten B.V. partnered with Hanshow Technology to digitize its network of stores.
• Hanshow Technology offers customized IoT touchpoints solutions, enhancing retail operations.

Segmentation Insights
The electronic shelf label market encompasses various segments, facilitating targeted strategies and customization.

1. By Component: Displays, Batteries, Transceivers, Microprocessors
2. By Product Type: LCDs, Segmented E-paper Displays, Fully Graphic E-paper Displays
3. By Display Size: Less than 3 Inches, 3 to 7 Inches, 7 to 10 Inches, More than 10 Inches
4. By Communications Technology: Radio Frequency, Infrared, Near-field Communication, Other Technologies
5. By Application: Supermarket, Convenience Store, Departmental Store, Specialty Store, Pharmacies

European Dominance in the Market
Europe emerged as the leading region in the electronic shelf label market in 2023, underscoring the region’s technological prowess and robust retail infrastructure.

As the retail landscape continues to evolve, electronic shelf labels stand as a beacon of innovation, reshaping traditional retail paradigms and ushering in a new era of efficiency and customer-centricity. With advancements in automation, sustainability, and strategic collaborations, the electronic shelf label market is poised for continued expansion, redefining the retail experience for consumers worldwide.

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The Electronic Shelf Label Global Market Report 2024  provides an overview of the electronic shelf label market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electronic shelf label market forecast analyzes electronic shelf label market size, electronic shelf label market share, leading competitor and their market positions.

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