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North America ESL Market share worth over $600mn by 2026
Published Date: 2020-12-24
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According to the Graphical Research new growth forecast report titled “North America ESL Market Size By Product (LCD ESL, Segmented E-Paper ESL, Full Graphic E-Paper ESL), By Technology (RF, IR, NFC), By Application (Industrial, Commercial [Hypermarket, Supermarket, Non-Food Retail])”, Estimated To Be Over USD 600 Million by 2026
Stringent regulations for protection against improper product pricing will drive the North America ESL market growth. Fair Packaging and Labeling Act (FPLA) directs Food & Drug Administration and Federal Trade Commission to issue regulations under which all consumer products in the U.S., need to be labeled in order to disclose name, place of business, net contents, manufacturers, packers, and distributors. The need to meet these regulatory compliances and overcome pricing errors and relative monetary losses will provide significant growth prospects over the forecast time frame.
The growing adoption of automation in the retail sector to reduce operational cost and improve efficiency will propel the ESL market growth. The retailers are adopting automated systems to enhance the customer experience and efficiency of staff. For instance, in February 2020, Pricer AB announced that Best Buy Co., Inc. selected the company for ESL system deployment in 230 stores across the U.S. The increasing demand for advanced technologies and the need for enhancing customer experience and reducing labor costs among retailers will drive the North America ESL market demand.
LCD-based electronic shelf labels are witnessing high adoption in hypermarkets, pharmacies, and convenience store chains due to their low costs. These systems offer cost advantage and short term of ROI for small and medium-sized retail firms. Also, the manufacturers offering high-quality components for a longer battery life is driving the product sales. For instance, STMicroelectronics, an integrated device manufacturer, is offering STM32L and STM8L microcontrollers that extend battery life while providing direct control of the LCD display modules. The availability of full-color display and wide viewing angle-based LCD display is further increasing the market demand.
NFC-enabled ESL systems are projected to witness high adoption among retailers to prevent pricing errors and unsatisfactory customer interactions. The technology helps retailers to update price via simple tap on an NFC-enabled smartphone and simplify customer interactions. The technology also helps customers to easily access product information on their smartphones using NFC-enabled ESL devices. In addition, the increasing contactless payment adoption among the U.S. consumers will drive the segment growth.
The modernizing industrial sector in North America will offer growth opportunities to the ESL market as industries incorporate the latest technologies to speed up processes and improve productivity. The companies in Canada are adopting IoT technology to increase efficiency, minimize downtime, manage risks, and develop new products. IoT-enabled devices gather information from smart shelves and transmit it to the central server management system, assisting in precise data analytics. These devices can help logistics companies to efficiently manage inventory and reduce the overall time spent with manual inventory checking.
Key players operating in the North America ESL market include Advantech Inc., Displaydata Limited, E Ink Holdings Inc., Herbert Retail Limited, LG Innotek, Diebold Nixdorf, Incorporated, SoluM, Samsung Electronics Co. Ltd., and Pricer AB. The players are focusing on launching new products to strengthen their industry position and expand their product portfolio. For instance, in August 2018, Displaydata Limited partnered with Ossia Inc., a startup offering wireless power solutions. Through this partnership, the company aimed to develop wireless ESL using Cota wireless power with digital price stickers. The integration has helped the company to offer advanced ESL systems in the market.
The North America ESL market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2016 to 2026 for the following segments:
North America ESL Market, By Product
- LCD ESL
- Segmented E-Paper ESL
- Full Graphic E-Paper ESL
North America Market, By Technology
North America ESL Market, By Application
- Non-Food Retail
The above information is provided on a country basis for the following: