Latin America electronic shelf label market is also expected to witness a high growth over the forecast time period owing to the rising economic conditions of countries including Brazil and Mexico. Increasing FDIs and globalization are expected to drive the adoption of advanced technologies in the retail sector.
The ESL modules typically use liquid crystal paper or electronic paper to display the product information. A real-time communication network enables the product price display to be updated automatically whenever the price of a product is changed.
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The global electronic shelf label market is anticipated to experience tremendous growth over the forthcoming years owing to escalating demand from the global retail sector. Electronic shelf labels are systems that are used by retailers across the globe to sell their goods and products in stores.
Normally, the display modules used in these systems are connected to the front-facing edge of retail store shelving. This allows the system to display the pricing of the products and also list out any additional information regarding the products on the shelves including their sell by dates, nutritional content, the amount of nutrition the food products contain, and product related information for electronics.
From the technology perspective, the electronic shelf label market is divided into RF, IR, NFC, and others. Among these, the others segment is likely to register tremendous demand. The upcoming technologies in infrared are light-based infrared, which can also be adopted in the ESL market. The light will emit the waves and act as a medium of communication between the transmitter and the receiver, which can be used in retail stores and other areas where ESL has applications.
From application standpoint, the electronic shelf label market is bifurcated into industrial and commercial segments, among which, the commercial segment is further bifurcated into hypermarket, supermarket, non-food retail, and others.
With regards to non-food retail, the electronic shelf label market will witness a significant growth in the non-food retail outlets. As per the recent statics, the revenue of non-specialized food and beverages in India has increased largely, which will drive ESL market growth in Asia Pacific. The sector has seen a rapid reduction in the number of department stores and the rise of supermarkets and shopping centers.
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North America electronic shelf label market is featured with intense competitive scenario owing to the presence of industry participants in the region. Products featuring low relative costs and technology integration for attracting consumers are expected to exhibit high adoption rates across the region.
With respect to product, the electronic shelf label market is bifurcated into LCD ESL, segmented e-paper ESL, full graphic e-paper ESL. Among these, the LCD ESL segment is projected to witness tremendous growth. LCD labels are increasingly deployed in pharmacies, hypermarkets, and convenience store chains owing to their low costs.
Development of high definition display will drive the sales for LCD-based electronic shelf labels. Furthermore, the development of wide viewing angle-based LCD display and full-color display options will boost the LCD ESL products.
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In the others segment, the adoption of ESL systems has been witnessed in the logistics applications. The demand for efficiently managing inventory and stock has encouraged the logistics companies to invest in these devices. The information and color code display in ESL allow the identification of inventories that need to be updated or replaced.
This feature makes ESL a sophisticated and strong solution that is ideally suited for the modern retail industry. In order for the system to operate smoothly, the wireless communication between the different modules must have an application-appropriate speed, range, reliability, and battery life, which can be either based on infrared, radio, or visible light communication as well.