Electronic Shelf Label Market Expected to Reach $3.5 Billion

According to a new report, the global electronic shelf label industry is estimated to generate $825.1 million in 2021 and $3.5 billion by 2031, witnessing a CAGR of 15.5% from 2021 to 2031.

Necessity for more cost efficient and less time-consuming alternatives to paper labels and increased operational efficiency with real time product positioning, owing to utilization of electronic shelf labels fuel the growth of the global electronic shelf label market.

However, high expenses of installation & infrastructure cost and low return on investment hinder the market growth. On the other hand, surge in demand for business process optimization and automation in the retail industry present new opportunities in the market in the coming years.

Based on component, the displays segment contributed to the largest share of nearly one-third of the global electronic shelf label market in 2021, and is expected to lead the trail during the forecast period. Moreover, the same segment is projected to witness the fastest CAGR of 18.22% from 2021 to 2031. Display component uses interactive graphics to pass on real time information to customers or staff. Unlike regular paper labels, electronic shelf labels allow for a wide viewing angle and low power requirements.