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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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Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers

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Brands can now use video, data enrichment, and AI-powered capabilities to create interactive, hyper-personalized experiences and uncover deeper insights

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Typeform, the intuitive form builder and conversational data collection platform, today announced new features that provide business-to-consumer (B2C) businesses with the context, clarity, and convenience needed to better engage and understand their customers. Now businesses can further enhance the respondent experience, all while gathering richer, actionable data. 

Today, 70% of consumer decisions are based on emotion, including brand preference.¹ Buyers expect brands to tailor experiences to their personal preferences more than ever, but at the same time, they’re also becoming more cautious about sharing personal information. Typeform’s latest features help brands collect data directly from customers through interactive, personalized experiences they trust, then automatically enhance it with third-party insights to deepen their understanding. This empowers companies to deliver more targeted, data-driven marketing.

“Businesses can’t thrive on surface-level insights,” said Aleks Bass, Chief Product Officer, Typeform. “Our latest innovations give you the ability to dig deeper into truly knowing your customers by providing dynamic data collection experiences that encourage quality responses. Whether boosting conversions with a personalized product recommendation quiz or gathering feedback through video surveys, the common denominator is that your customers enjoy the experience.”

The offerings were unveiled at Typeforum 2024, Typeform’s first-ever virtual product spotlight event, designed to showcase the latest innovations from the company. Newly released features include: 

Enhanced Video Capabilities: Typeform now allows customers to respond with video, providing businesses deeper insights through voice and expressions, not just text. This builds on Typeform’s existing feature that enables creators to record, edit, and embed personalized videos into forms, boosting engagement and conversions. Typeform research found that 65% of marketers believe video is an effective tool for engaging and interacting with customers in ways that feel more human and create connection and loyalty.²Clarify with AI: Typeform’s Clarify with AI acts as a virtual interviewer, prompting follow-up questions based on customer responses. When a customer is asked about their experience and answers vaguely, like “good,” the AI encourages more detailed feedback, asking, “Good, how? What stood out?” For customers, it feels like a personalized conversation. For brands, it delivers more insights. Automated B2C Data Enrichment: Earlier this year, Typeform introduced automated B2B data enrichment, making it easier than ever to understand customers at a deeper level without needing to ask additional questions. Now, consumer-level enrichment is available in the Typeform platform. With just a personal email address, companies can pull in key data points from trusted third-party sources, providing a more complete picture of who’s on the other side of the screen.AI-powered Qualitative Analysis: With this feature, businesses can instantly analyze large volumes of text and video responses to surface key themes and insights, saving hours of manual work. Data Quality Tools: Invisible reCAPTCHA ensures data integrity by blocking bots and automated submissions, allowing only genuine responses to be collected. This safeguard enhances data reliability, helping teams make accurate, data-driven decisions.Klaviyo Integration: Typeform will soon be launching a new integration with Klaviyo, designed for B2C and direct-to-consumer (DTC) marketers. It will ensure that every insight gathered flows seamlessly into Klaviyo. Manual data transfers are eliminated as segments automatically update with Typeform data, enabling hyper-targeted campaigns customized to each customer’s unique profile. This integration combines Typeform’s interactive data collection with Klaviyo’s automation, facilitating more natural, personalized customer connections while driving business growth.

“We built a powerful product recommendation quiz not just to help our customers, but to generate invaluable data that allows us to better segment and engage them with relevant marketing,” said Addison Wennar, Digital Communications Manager, OGEE. “With the holiday shopping season approaching, these insights will be key. Typeform already delivers the highest response rates for us, and I’m excited to see how the new features will amplify that impact.”

The features are available today in Typeform for Growth plans. Watch the Typeforum 2024 recordings and learn how to use Typeform to better understand and engage customers here

About Typeform
Typeform is a distinctly intuitive form builder that helps over 150,000 customers collect and validate the data they need to grow their businesses. Designed with striking visuals, a conversational flow, and powerful data capabilities, Typeform empowers brands to give and get more with each form. Typeform drives more than 500 million responses each year and integrates with essential tools including Zapier, HubSpot, and Slack. For more information, visit www.typeform.com.

1         Pendell, R. (2024, October 15). Customer brand preference and decisions: Gallup’s 70/30 principle. Gallup.com. https://www.gallup.com/workplace/398954/customer-brand-preference-decisions-gallup-principle.aspx#:~:text=70%25%20of%20decisions%20are%20based,Making%20Process:%20Rational%20or%20Emotional?

2          Data from a survey of 105 Typeform customers conducted on September 30, 2024.

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SOURCE Typeform S.L.

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Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions

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EDC has announced 39% revenue growth over the past year and a strengthened presence in the metals converting and composites industries. The company has also maintained key certifications, including CSIA, UL508A, Rockwell Automation, Siemens, and Ignition.

PARSIPPANY, N.J., Nov. 14, 2024 /PRNewswire-PRWeb/ — Electronic Drives and Controls, Inc. (EDC), a leading control system integrator and field service company for industrial automation and drive technology, today announced that the company has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year. To meet the growing demand for automation and drive solutions, EDC has expanded its team, hiring Ricky Arcky as human resources manager and Tyler Schaberick as systems engineer. EDC attributes this growth to maintaining industry certifications, digital marketing efforts, a dedicated team, and strong, long-term partnerships.

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients.”

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients,” said Chuck Dillard, Vice President of EDC. “Our recent hires and increased project load reflect our strategy to grow both wider and deeper with our existing clients, as well as entering new industries.”

“We’ve put in years of preparation and invested heavily in digital marketing to get the word out about our services, knowing that growth was inevitable,” Dillard added. “Our team has worked tirelessly and the results speak for themselves: clients continue to return to us because of our technical expertise and the strong results we deliver.”

EDC’s expertise in coating & laminating, wire and cable, PLC programming and upgrades, as well as drive service, has allowed the company to strengthen its presence in the metals converting industry, securing new and expanded projects across multiple client plants. EDC has also successfully completed upgrades for a new client in the composites industry, widening the portfolio of industries it caters to.

In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.

About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact

Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/

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SOURCE Electronic Drives and Controls, Inc. (EDC)

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Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions

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Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process

HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.

Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.

“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”

“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”

Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.

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SOURCE Covr Financial Technologies

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