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:
- 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.
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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.
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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.
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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
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LED Lighting Market Scope in South Korea