888-776-0942 from 8 AM - 10 PM ET
NEW YORK , Nov. 2, 2022 /PRNewswire/ -- The LED lighting market size in South Korea is growing at a CAGR of 6.99% and is expected to register an incremental growth of USD 1.16 billion between 2021 and 2026. The report analyses the market size, growth, and provides accurate predictions on the growth of the market. The key highlights of the report are mentioned below: Solid Work Light
The report recognizes the following as the key players in the LED lighting market in South Korea : Acuity Brands Inc., ams-OSRAM AG, ANYLUX Co. Ltd., Backsan LNT Co. Ltd., DSE CO. LTD., among others. The LED lighting market in South Korea is fragmented in nature. Market to observe 7.84% YOY growth in 2022.
For additional highlights, View Sample Report Here
The LED lighting market in South Korea is expected to witness substantial growth during the forecast period, primarily due to the need for LED lighting in hazardous areas. Several industries, such as chemicals and fertilizers, aerospace and defense, food and beverage, maritime, and oil and gas, require effective lighting in hazardous areas. Manufacturing plants should be properly lit to prevent accidents and improve working conditions. Some of the major lighting products used in hazardous areas include cleanroom lighting, linear luminaires, portable lamps, hand lamps, helideck and navigation lights, floodlighting, cabin lights, and several others. These factors are expected to fuel the growth of the LED lighting market in South Korea during the forecast period.
The report also covers information on the upcoming trends and challenges that will influence the market growth. Explore additional information by Downloading a Sample Report
The vendors in the market are deploying growth strategies such as product portfolio, quality of product, and reliability of the product to compete in the market. The top players in the LED lighting market in South Korea have been identified based on revenue and market dominance in terms of customer base, experience, product portfolio, geographical presence, goodwill, financial condition, and research and development (R&D). The LED lighting market in South Korea is highly competitive. In addition, there is a high influx of private labels into the market. As the market has a high potential for growth, vendors are focusing on gaining larger market shares or market leadership. End-users of LED lighting products are price-sensitive and have a large number of alternatives to choose from. This has resulted in price wars among vendors.
This report provides a full list of key vendors, their strategies, and latest developments. Buy Now for detailed information about vendors
The LED lighting market in South Korea is segmented by application (residential, commercial, industrial, outdoor, and others) and product (LED lamps and LED luminaires). The residential segment is expected to be the largest segment of the LED lighting market in South Korea during the forecast period. The segment is driven by the increase in the urban population.
Identify potential segments and regions to invest in over the forecast period. View Sample Report Before Purchasing
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the LED lighting market in South Korea report:
Market Player Information
Get lifetime access to our Technavio Insights! Subscribe to our Basic Plan billed annually at USD 5000
Our customers who purchased this report also bought the following reports:
LED Lighting Market in North America by Application and Product - Forecast and Analysis 2022-2026: The declining manufacturing cost of LED is driving the market growth. The decline in the manufacturing cost of LEDs is due to government subsidies for the purchase of semiconductor equipment. This has encouraged LED manufacturers to ramp up their LED production capacities.
Industrial and Commercial LED Lighting Market by Product Type and Geography - Forecast and Analysis 2022-2026: The declining manufacturing cost of LEDs is driving the market growth. The decline in the manufacturing cost of LEDs can be mainly attributed to the decreasing ASP of semiconductor chips and components used in the manufacturing process of LED devices. It is also lowering the initial installation cost of LED lamps and fixtures.
LED Lighting Market Scope in South Korea
Accelerate at a CAGR of 6.99%
Leading companies, competitive strategies, consumer engagement scope
Acuity Brands Inc., ams-OSRAM AG, ANYLUX Co. Ltd., Backsan LNT Co. Ltd., DSE CO. LTD., Eaton Corp. Plc, Everlight Electronics Co. Ltd., Hubbell Inc., HWASHIN KOREA CO. LTD., KOREA LED & EQUIPMENT Co., Ltd., LG Innotek Co. Ltd., Lumileds Holding BV, Nanoleaf Canada Ltd., Nichia Corp., Samsung Electronics Co. Ltd., Savant Systems Inc., Seoul Semiconductor Co. Ltd., SMART Global Holdings Inc., Zam Co. Ltd., and Zhejiang Future Lighting Co. Ltd.
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Browse Industrials Market Reports
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
More news releases in similar topics
Bright Security Light Cision Distribution 888-776-0942 from 8 AM - 9 PM ET