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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.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

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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American Battery Solutions Powers Marine Travelift’s New Electric Series Boat Hoists

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LAKE ORION, Mich., Nov. 25, 2024 /PRNewswire/ — American Battery Solutions (ABS) has partnered with Marine Travelift to design, develop and manufacture the advanced battery technology powering its new Electric Series boat hoists. The 50BFMII (50MT capacity boat hoist) combines the innovation of ABS’ electrification and the world-class functionality of Marine Travelift.

“American Battery Solutions is committed to delivering electrification solutions that are not only technologically innovative, but also exceed their expectations for quality, performance and operational efficiency,” said Subhash Dhar, Chairman and CEO of ABS. “The launch of Marine Travelift’s new E-Series is a testament to the power of collaboration and reflects our shared dedication to innovation and sustainability.”

The Marine Travelift E-Series hoist is powered by ABS’ 700-volt battery system manufactured and assembled in the U.S., which supplies power to the hoist’s hydraulic functions, delivering the optimal performance of traditional hoists without the emissions of a diesel engine.

The battery system powering the E-Series utilizes scalable DC fast-charging interfaces from on-road electric vehicles to safely charge the batteries and a full charge can be accomplished in an 8-hour period with the recommended 30kW high-speed smart charger.

All features available on Marine Travelift’s diesel-powered boat hoists are also available in the new E-Series. The first E-Series machine is equipped with options such as electronic all-wheel steering, five-foot top beam extension, work/drive lights and 2-speed hoists to ensure the correct power requirement was chosen to accommodate all option configurations.

The E-Series machines utilize multiple layers of safety features from the moment the machine powered on, including high-voltage junction boxes, isolation monitor, fuses and grounding straps to ensure the operator and batteries are kept safe during every phase of operation. The batteries and electric motor are both regulated by a glycol cooling system to maintain a safe operating temperature in various conditions.

Visit marinetravelift.com to see how the new E-Series is revolutionizing the future of clean, efficient boat hoisting. To learn more about the battery system behind it, contact the experts at ABS.

About American Battery Solutions
American Battery Solutions (ABS) is a leader in designing, developing and manufacturing advanced battery systems for commercial, fleet, and industrial on- and off-road vehicles. A subsidiary of Komatsu America Corp., the Michigan-based manufacturer offers a comprehensive range of capabilities and services to support the development and production of lithium-ion battery systems at its headquarters and innovation center in Lake Orion, Michigan, and state-of-the-art battery manufacturing facility in Springboro, Ohio. From concept development and prototyping to validation and high-volume production, ABS works closely with customers to understand and deliver intelligent battery solutions assembled and manufactured in the USA to drive a sustainable and electrified future. Learn more at americanbatterysolutions.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/american-battery-solutions-powers-marine-travelifts-new-electric-series-boat-hoists-302314574.html

SOURCE American Battery Solutions

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CancerIQ Unveils New Patient Acquisition Solution at RSNA 2024

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Data shows CancerIQ Reach closes gap between eligibility and participation in payer-supported, standard and supplemental screenings, leads to early cancer diagnoses and promotes health system loyalty

CHICAGO, Nov. 25, 2024 /PRNewswire-PRWeb/ — CancerIQ, a best-in-class, cancer-focused precision health platform, today announced the launch of a new patient acquisition solution for imaging and oncology, CancerIQ Reach, at the Radiological Society of North America (RSNA) Annual Meeting in Chicago, December 1-4. The new solution ushers in a new era for population-based, personalized cancer prevention and early detection.

This approach is proven to increase patient acquisition for high-value service lines, like imaging and oncology.

CancerIQ Reach is a campaign-based marketing outreach solution that helps healthcare providers efficiently and accurately identify individuals in their communities with elevated cancer risk and motivate them to take action within the health system. It requires little to no IT lift or changes to existing workflows, and was developed based on CancerIQ’s decade-long experience working with patients and providers around the country.

“CancerIQ’s mission is to help every patient get ahead of cancer, but we recognize that precision prevention for all is a long-range goal — and there are high-risk patients in our communities who can’t afford to wait, ” said Feyi Ayodele, co-founder and CEO of CancerIQ. “CancerIQ Reach answers that urgent call, enabling health systems to take a precision approach to outreach and drive high-risk patients directly to the service lines that will support their care needs today, not someday in the future.”

CancerIQ Reach includes population segmentation tools and multichannel marketing toolkits that make it easy to engage target populations in online cancer risk assessment using personal and family medical history, as well as lifestyle factors; educate them about their risk and options for early detection; and drive them to follow payer-supported, standard and supplemental screening recommendations throughout their lives.

“We developed CancerIQ Reach with both the patient and the provider in mind,” said Laku Adedoyin, Chief Technology Officer of CancerIQ. “This patient-enabled approach empowers patients with the right amount of information to take action at the right moment in their care journey, while enabling staff to maximize appointment time around shared decision making, rather than data collection.”

This approach is proven to increase patient acquisition for high-value service lines, like imaging and oncology. For example, data from a pilot of CancerIQ Reach shows a campaign targeting patients with a history of smoking led to a 270% monthly increase in low-dose CT scans scheduled at the lung cancer screening clinic. Within the first two months of the campaign, four patients were diagnosed and successfully treated for Stage 1A lung cancer after LDCT screening. Further increasing systemwide value, the campaign led to a significant increase in referrals to radiology for breast MRIs, as well as several referrals to pulmonology and cardiology for follow-up care.

CancerIQ Reach is part of a broader solution for breast imaging and oncology that helps providers create and manage personalized, evidence-based care pathways over time based on comprehensive cancer risk, including genetic, hereditary, lifestyle, adherence risk factors.

CancerIQ Reach will be available on December 1, 2024.

Learn more about CancerIQ Reach at RSNA 2024

The launch of CancerIQ Reach coincides with RSNA 2024. Attendees can learn more about this offering by visiting the booth for iCAD, CancerIQ’s partner in AI-enabled mammography analysis and breast density assessment.

Exhibit Dates: December 1-4, 2024

Show Floor Hours: 10:00 AM-5:00 PM CST

Booth: 4747

About CancerIQ

CancerIQ is the only cancer-focused precision health platform that empowers healthcare providers to detect cancer earlier and prevent it altogether across all patient populations. Integrated directly into real-time EHR workflows, CancerIQ makes it easy to gather comprehensive patient data, automatically map it to the latest evidence-based guidelines, and expand access to personalized care plans, cutting-edge clinical solutions, and genomic innovations. CancerIQ co-founder and CEO Feyi Ayodele was recently named a Modern Healthcare Innovator for pioneering this transformative approach to cancer prevention, early detection and treatment. Learn more at canceriq.com, follow CancerIQ on X or LinkedIn.

Contact

Press, CancerIQ, (516) 503-8610, marketing@canceriq.com

Media Contact

Malvina Kefalas, CancerIQ, 1 5165038610, mkefalas@canceriq.comwww.canceriq.com/reach

Twitter, LinkedIn

View original content:https://www.prweb.com/releases/canceriq-unveils-new-patient-acquisition-solution-at-rsna-2024-302315088.html

SOURCE CancerIQ

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CORERO NETWORK SECURITY TAPS INDUSTRY VETERAN JUDSON THUERK TO LEAD CHANNEL STRATEGY IN THE AMERICAS

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MARLBOROUGH, Mass., Nov. 25, 2024 /PRNewswire/ — Corero Network Security (AIM: CNS) (OTCQX: DDOSF), the distributed denial of service (DDoS) protection specialists, announces the addition of Judson Thuerk to the Channel and Alliances Team as the Channel Manager for the Americas.

“I am very excited to join Corero, especially at such a pivotal, high-growth moment. The company is clearly poised to become the de facto global leader in safeguarding critical infrastructure against evolving DDoS threats. Trusted partnerships are increasingly essential in today’s evolving cybersecurity landscape and Corero’s partners can expect my relentless commitment to driving mutual growth,” says Thuerk.

Thuerk is a veteran technology sales leader with more than 40 years of experience driving innovative go-to-market strategies and execution at companies such as Xerox, Digital Equipment Corp., Comdisco Disaster Recovery Services, Sungard, Symantec, EMC, Dell, and VMware. He most recently served in a client management role at Lydonia Technologies, a robotic processing automation and data-pipelining services firm.

“Jud’s success developing customer-first relationships that deliver positive business outcomes will bring immediate value to our trusted channel partners. We are thrilled to have him join the Corero team,” says Corey Still, Vice President, Strategic Alliances at Corero Network Security.

To learn more about Corero Network Security’s partner program or to become a partner, please visit https://www.corero.com/partners/.

About Corero Network Security
Corero Network Security is a leading provider of DDoS protection solutions, specializing in automatic detection and protection solutions with network visibility, analytics, and reporting tools. Corero’s technology protects against external and internal DDoS threats in complex edge and subscriber environments, ensuring internet service availability. With operational centers in Marlborough, Massachusetts, USA, and Edinburgh, UK, Corero is headquartered in London and listed on the London Stock Exchange’s AIM market (ticker: CNS) and the US OTCQX Market (OTCQX: DDOSF). 

For more information, visit www.corero.com, and follow us on LinkedIn and X.

View original content to download multimedia:https://www.prnewswire.com/news-releases/corero-network-security-taps-industry-veteran-judson-thuerk-to-lead-channel-strategy-in-the-americas-302314700.html

SOURCE Corero Network Security

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