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LED Lighting Market in South Korea to Grow by USD 2.21 Billion from 2024-2028, as Demand for Hazardous Area Lighting Increases with AI Driving Market Transformation – Technavio

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NEW YORK, Nov. 11, 2024 /PRNewswire/ — Report with the AI impact on market trends – The led lighting market in south korea size is estimated to grow by USD 2.21 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. Rising need for led lighting in hazardous areas is driving market growth, with a trend towards growing traction for intelligent lighting systems. However, high cost implementation costs  poses a challenge.Key market players include 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., Koninklijke Philips N.V., Korea LED and Equipment Co. Ltd., LG Innotek Co. Ltd., Lumileds Holding BV, Nanoleaf Canada Ltd., Nichia Corp., Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., SMART Holdings Inc., Zam Co. Ltd., and Zhejiang Future Lighting Co. Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Residential, Commercial, Industrial, Outdoor, and Others), Product (LED lamps and LED luminaires), and Geography (APAC)

Region Covered

South Korea

Key companies profiled

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., Koninklijke Philips N.V., Korea LED and Equipment Co. Ltd., LG Innotek Co. Ltd., Lumileds Holding BV, Nanoleaf Canada Ltd., Nichia Corp., Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., SMART Global Holdings Inc., Zam Co. Ltd., and Zhejiang Future Lighting Co. Ltd.

Key Market Trends Fueling Growth

The South Korean LED lighting market is experiencing significant growth due to trends towards energy efficiency and environmental benefits. LEDs, which use semiconductor devices to emit light with electric current, have replaced traditional lighting methods like incandescent and fluorescent lights in various applications. LEDs offer longer lifespan, mercury-free production, and energy savings. Indoor applications include residential, commercial, office, retail, healthcare, and architectural lighting. Outdoor applications include street, roadway, parking lot, landscape, and sports lighting. Energy-efficient solutions are also popular in the horticulture sector for growing plants. Custom light recipes, smart city initiatives, and smart lighting systems are driving innovation. LEDs are used in illumination applications, display & signage, consumer electronics, automotive lighting, backlighting, VR headsets, and more. Energy consumption is minimized through smart sensors, AI algorithms, and LightGPM technology. LEDs offer design possibilities with color options, mood adjustments, and energy conservation. High-efficiency luminaires are used for general illumination, and fixtures and bulbs come in various types like SMD LEDs and OLEDs. Installation retrofit is common for high-efficiency lighting solutions. Energy savings continue to be a key selling point, with LED lighting becoming increasingly cost-effective. 

The South Korean lighting market is experiencing a digital transformation with the integration of intelligent LED lighting systems and controls. These advanced lighting solutions can adapt to varying space requirements, particularly in office buildings. A single controller manages multiple lights, providing features such as dimming, timers, and color-changing capabilities. Smart LED bulbs enhance the room’s atmosphere with energy efficiency and color-changing attributes. Users control these bulbs via a hub, which connects to the internet and can be managed through mobile applications. 

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Market Challenges

The South Korean LED lighting market is experiencing significant growth due to the increasing demand for energy-efficient and environmentally friendly lighting solutions. LEDs, which use semiconductor devices to emit light with electric current, have replaced traditional lighting options like incandescent and fluorescent lights in various applications. Indoor applications such as residential, commercial, office, retail, healthcare, and architectural lighting have embraced LEDs for their energy savings and mercury-free benefits. Outdoor applications including street, roadway, parking lot, landscape, and sports lighting have also made the switch due to their long lifespan and smart lighting solutions. LEDs offer custom light recipes, smart city initiatives, and energy-efficient solutions for the horticulture sector. Smart lighting systems with AI algorithms, energy sensors, and LightGPM technology enable mood adjustments and energy conservation. LEDs are used in illumination applications, display & signage, consumer electronics, automotive lighting, backlighting, VR headsets, and more. The market faces challenges in terms of energy consumption, installation retrofit, and high-efficiency luminaires. However, the market is responding with high-intensity discharge (HID) and LED lighting alternatives, SMD LEDs, OLEDs, and urban area lighting solutions. The market offers various design possibilities, colour options, and white light solutions for general illumination, fixtures, bulbs, and decorative lighting.The integration of LED lighting into South Korean manufacturing plants and production facilities comes with a significant upfront cost, making it less favorable for end-users compared to traditional lighting sources like CFLs, LFLs, and HID lamps. This high initial investment is primarily due to the intricate manual assembly process for LEDs and the lack of standardized manufacturing procedures on machines. Consequently, end-users continue to opt for more affordable lighting alternatives.

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Segment Overview 

This led lighting market in South Korea report extensively covers market segmentation by

Application 1.1 Residential1.2 Commercial1.3 Industrial1.4 Outdoor1.5 OthersProduct 2.1 LED lamps2.2 LED luminairesGeography 3.1 APAC

1.1 Residential-  The residential segment of the LED lighting market in South Korea is projected to experience significant growth in terms of market revenue compared to commercial, industrial, outdoor, and other segments. This trend is attributed to the increasing urban population, consumer preference for trendy and personalized home decoration, and government subsidies for energy-efficient lighting. In major South Korean cities like Busan and Seoul, the adoption of LED lighting systems is on the rise due to the development of smart cities and the increasing penetration of smart homes. Daegu, Daejeon, Bucheon, Seoul, Busan, and Anyang are some of the prime smart cities in South Korea. By replacing traditional bulbs with LED lights, households can save approximately USD6,000 and reduce CO2 emissions. Additionally, LED lighting vendors are focusing on delivering health benefits, such as reducing stress, anxiety, and headaches, to drive market growth. These factors are expected to fuel the residential segment of the LED lighting market in South Korea during the forecast period.

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Research Analysis

The Led Lighting Market in South Korea is witnessing significant growth due to the increasing emphasis on energy efficiency and environmental benefits. LED lights, as semiconductor devices that emit light through the use of electric current, have become a preferred choice over traditional incandescent and fluorescent lights. With a longer lifespan, mercury-free composition, and energy-efficient properties, LEDs are ideal for various applications, including residential, commercial, office, retail, healthcare, indoor, and outdoor. LED lighting solutions are being adopted for street and roadway lighting, offering cost savings and reduced carbon emissions. Smart lighting solutions, incorporating AI algorithms, are also gaining popularity for their ability to optimize energy usage and enhance user experience.

Market Research Overview

The Led Lighting Market in South Korea is witnessing significant growth due to the increasing focus on energy efficiency and environmental benefits. LED lighting is gaining popularity in various applications such as indoor residential and commercial spaces, office buildings, retail stores, healthcare facilities, outdoor street and roadway lighting, parking lots, landscape design, architectural projects, sports facilities, and horticulture. LEDs, which are semiconductor devices that emit light when electric current passes through them, offer energy savings of up to 80% compared to traditional incandescent and fluorescent lights. They are mercury-free, have a longer lifespan, and come in custom light recipes and smart lighting solutions with AI algorithms and energy-efficient sensors. The market includes various luminaire products, from general illumination fixtures and bulbs to decorative, directional, and downlighting options. Smart city initiatives are also driving demand for energy-efficient, energy-saving LED lighting systems in urban areas, including street lights, OLEDs, and high-intensity discharge (HID) replacements. LED lighting is also used in various industries, such as display & signage applications, consumer electronics, automotive lighting, backlighting, and virtual reality headsets. With the increasing focus on energy conservation and the development of new technologies, the market for LED lighting in South Korea is expected to continue growing.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationResidentialCommercialIndustrialOutdoorOthersProductLED LampsLED LuminairesGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Universal Robots launches new service and repair center in India, elevating customer support

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BENGALURU, India, Nov. 25, 2024 /PRNewswire/ — Universal Robots, the Danish collaborative robot (cobot) company, has announced it will open a brand-new service and repair center exclusively for its India customers. Located in Unit No. 107, 1st Floor Brigade Senate 2, Hebbal – 560094, home to Universal Robots’ local headquarters, the center will officially open its doors on November 25.

This new facility is dedicatedly designed to address the rising demand for automation solutions across India. It aims to provide existing and new customers with faster response times and cost-effective service solutions, including refurbishments and repairs for the complete range of cobots in Universal Robots’ extensive portfolio.

India is a vital market for UR, and we see tremendous potential for cobot automation in Indian manufacturing, particularly with the automation market projected to double by 2029,” states Anurag Thakur, VP of Services at Universal Robots. He adds, “Our new service, repair, and training center represents a strategic investment, underscoring our commitment to the Indian market. This center will enable us to offer faster, localized support, helping our customers reduce downtime and boost productivity to fully leverage their cobots.”

The center in Bengaluru is only one part of the refined UR Care Service Plans which offers customers a complete suite of services, including 24/7 priority access to support, advanced fleet management through digital support platforms, certified training programs and proactive maintenance to keep cobots running smoothly with minimal downtime.

“We see great opportunities for cobot automation in India as part of automation within a wide spectrum of industries, and for research and use in education. Availability of the latest technologies, safety compliance standards, ease of deployment and ease of use makes the UR portfolio a perfect fit for the market,” says Virupakshappa Hovale, Regional Director for South Asia at Universal Robots. He adds, “Our new service, repair, and training center and associated infrastructure positions UR uniquely to enhance customer satisfaction with focus on local value-add.”

See images from  the new service and repair center in Bengaluru, India, here.

Read more about UR Care here.

About Universal Robots

Universal Robots is a global leader in collaborative robotics (cobots), used across a wide range of industries. Our mission is simple: Automation for anyone. Anywhere. With over 90,000 cobots sold worldwide, our user-friendly platform is supported by intuitive PolyScope software, award-winning training, comprehensive services, and the world’s largest cobot ecosystem, delivering innovation and choice to our customers.

Universal Robots is part of Teradyne Robotics, a division of Teradyne (NASDAQ: TER), a leading supplier of automatic test equipment and advanced robotics technology.

For more information, please visit www.universal-robots.com.

Logo – https://mma.prnewswire.com/media/2514373/Universal_Robots_Logo.jpg

 

View original content:https://www.prnewswire.com/in/news-releases/universal-robots-launches-new-service-and-repair-center-in-india-elevating-customer-support-302314006.html

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Analytic Partners Recognised as a Leader in Inaugural Gartner® Magic Quadrant™ for Marketing Mix Modelling Solutions

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Analytic Partners Placed Highest for Ability to Execute and Furthest for Completeness of Vision

MIAMI, Nov. 25, 2024 /PRNewswire/ — Analytic Partners, the Commercial Intelligence company for insights-driven brands, today announced it has been recognised as a Leader in the inaugural Gartner® Magic Quadrant™ for Marketing Mix Modelling (MMM) Solutions. Analytic Partners is positioned highest in Ability to Execute and furthest in Completeness of Vision.

“We believe our position as a Leader underscores our dedication to our customers and our ongoing commitment to innovation,” said Nancy Smith, President and CEO of Analytic Partners. “We appreciate the extensive research Gartner has done in guiding our industry forward. This recognition, we feel, highlights the critical role Commercial Analytics plays in delivering forward-looking decision-making for lasting, meaningful growth.”  

Elevating Insights Beyond MMM and MTA

Analytic Partners’ longstanding commitment to deliver insights and solutions extends well beyond Multi-Touch Attribution (MTA) and MMM. Analytic Partners’ Commercial Analytics solution integrates all factors driving performance outcomes – including finance, supply chain and other enterprise functions. This holistic, company-wide approach provides a forward-looking decision-making framework that brands rely on to measure both short-term and long-term impact, ensuring sustained growth.

GPS Enterprise: A Powerful Platform for Enabling Growth

Powered by the GPS Enterprise platform, Commercial Analytics combines data science and technology to deliver actionable insights that enable brands to make proactive, forward-looking commercial decisions. This end-to-end platform, informed by ROI Genome intelligence, ensures streamlined data management, application of advanced analytics and multi-objective optimisations to help brands meet their growth goals.

Recognition Extends to Gartner Critical Capabilities Report for MMM Solutions

The recognition also extends beyond the Magic Quadrant™. In the accompanying Critical Capabilities report for MMM Solutions, Analytic Partners received the highest scores across all eight Use Cases, including:

Highest score in Complex Marketing AnalyticsHighest score in Business Scenario PlanningHighest score in Data ManagementHighest score in Media Optimisation

Magic Quadrant reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high, and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables businesses to get the most from market analysis in alignment with their unique business and technology needs.

To read the full Magic Quadrant™ report, access a complimentary copy here.  

Gartner, Magic Quadrant for Marketing Mix Modelling Solutions, Matt Wakeman, David Walters, Joseph Enever, Weicong Zhao, 19 November 2024

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Analytic Partners  

Analytic Partners is the leader in Commercial Analytics, providing adaptive solutions for deeper business understanding, right-time planning and optimisation for marketing and beyond. We turn data into expertise so our customers can create powerful connections with their customers and achieve commercial success. For more information, visit analyticpartners.com.

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SOURCE Analytic Partners

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Travel Hacks to Unlock the Best Deals on Traveloka Black Friday

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Buy 1 Get 1 deals, and more during Traveloka Black Friday—stay tuned for more exciting campaigns this December and year-end!

SINGAPORE, Nov. 25, 2024 /PRNewswire/ — Traveloka, Southeast Asia’s leading travel platform, is thrilled to kick off its highly anticipated Black Friday campaign, running from November 25 to December 1.

Designed to meet the rising demand for festive season travel, the campaign features up to 30% discounts, Buy 1 Get 1 Free deals, and daily coupons worth up to 100 SGD, making holiday dreams more accessible than ever.

Make the most of Traveloka Black Friday with these simple tips:

Activate Price Alerts for the Best Deals

Traveloka’s Price Alerts tool tracks ticket and hotel price changes automatically, helping you grab the best deals without constant checking. To set it up, open the Traveloka app, navigate to the “Price Alerts” section, select your destination and dates, and input your preferred budget.

Choose Flexible Options

Traveloka offers flexibility with its Refundable filter, perfect for those who need adaptable plans, allowing easy cancellations. Enjoy features like easy reschedule, multiple payment methods, and other flexible options that ensure your holiday plans remain safe, comfortable, and stress-free.

Pick the Perfect Moment to Hunt for Deals

Timing is key! Here’s how to make the most of it:

Flash Hour Sale (November 25 to December 1): Twice daily, from 11:00 AM to 2:00 PM and 7:00 PM to 10:00 PM

Unlock Big Savings with Exclusive Coupon Codes on Traveloka Black Friday

Get ready to save like never before with Traveloka Black Friday! Use exclusive coupon codes to score unbeatable deals on flights, hotels, and more. Whether you’re planning a tropical escape to Bali, a cultural adventure in Vietnam or Bangkok, a vibrant city trip to Singapore or Hong Kong SAR, or even a getaway to Japan, Korea, Taiwan region, or Australia, the possibilities are endless. Enjoy discounts of up to SGD 100 on Singapore Airlines flights, this is your chance to explore the world without overspending.

Don’t wait—download the Traveloka app today, ensure it’s updated, and turn your dream holiday into reality! Visit the official Traveloka website or follow us on Instagram, Facebook, and X for more detailed information about Black Friday Sale.

About Traveloka

Traveloka is Southeast Asia’s leading travel platform, empowering consumers to explore, book, and enjoy a wide range of travel products. The platform offers extensive transportation options, including flights, buses, trains, car rentals, and airport transfers. Traveloka’s accommodation offerings are equally broad, encompassing hotels, apartments, guest houses, homestays, resorts, and villas. Additionally, the platform enhances the travel experience by offering cruise packages and access to various local attractions, such as theme parks, museums, day tours, and more.

Founded in Indonesia in 2012, Traveloka has expanded its operations to Thailand, Vietnam, Singapore, Malaysia, the Philippines, and Australia. The company is committed to providing exceptional customer service with 24/7 support available in local languages and acceptance of over 40 payment methods. With nearly 140 million app downloads and nearly 50 million monthly active users, Traveloka stands as one of the most popular travel apps in the region. For more information, please visit Traveloka.

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SOURCE Traveloka

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