South Korea Smart Lighting Market Overview, 2028

South Korea Smart Lighting Market Overview, 2028
The smart lighting market in South Korea has been growing rapidly in recent years, driven by a combination of factors such as government initiatives, technological advancements, and increasing demand for energy-efficient lighting solutions. One of the main drivers of the smart lighting market in South Korea is the government's focus on energy efficiency and sustainability. The government has launched several initiatives to promote the adoption of energy-efficient lighting solutions, including smart lighting, in buildings and public spaces. The government's ""Green Smart Building"" initiative provides incentives and support for building owners and developers to adopt energy-efficient lighting solutions. Another key driver of the smart lighting market in South Korea is the increasing adoption of Internet of Things (IoT) and connected devices. Smart lighting systems are often integrated with other IoT devices, such as sensors and controls, to provide greater functionality and energy savings. As a result, the demand for smart lighting solutions is expected to grow as more buildings and public spaces become connected and digitally-enabled. Lengthening Seoul’s position as one of the most important smart cities in the world. With the growing need to develop street infrastructure that keeps pace with the requirements of smart cities, Seoul has resorted to adopting smart multifunctional lighting poles, where multiple uses are integrated in one place, this contributes to more efficient use of the small spaces available across the capital and improving the overall appearance of the streets. These poles allow several functions to be provided simultaneously by acting as street lamps, traffic lights, environmental sensors, and counters to measure the level of congestion, charging pads for smartphones, Wi-Fi hotspots, surveillance cameras, and techniques to detect parking overruns and others. In the latest initiative to develop this technology, the relevant authorities in Seoul have added two new uses to the list, they are equipping the poles with technologies for charging electric vehicles and others for drones, and this is in the context of the city's plan for disaster surveillance and rescue efforts using drones.

According to the research report ""South Korea Smart Lighting Market Overview, 2028,"" published by Bonafide Research, the South Korea Smart Lighting Market is anticipated to grow at a CAGR of 22.14% from 2023 to 2028. Smart homes are becoming increasingly popular in South Korea, driven in part by the convenience and automation offered by smart lighting systems. Pop culture has helped to popularize the idea of smart homes, particularly through the portrayal of futuristic and high-tech living spaces in K-dramas and other media. South Korea is investing heavily in smart city initiatives, including the development of smart lighting systems in public spaces. Furthermore, Pop culture in South Korea is known for its sleek and modern design aesthetic, which is reflected in the design of many smart lighting products. Consumers are drawn to products that are both functional and visually appealing, and the influence of pop culture on design trends in South Korea is driving demand for stylish and innovative smart lighting products. Some smart lighting systems in South Korea are designed to not only provide light, but also to purify the air. These systems use advanced filters and purifying agents to remove pollutants and allergens from the air. Furthermore, UV lighting is becoming increasingly popular in South Korea as a way to disinfect surfaces and air. Smart lighting systems with UV capabilities can be used in a range of settings, from hospitals to homes. The government offers incentives for businesses that adopt smart lighting systems, including tax breaks and subsidies. These incentives are designed to encourage businesses to invest in energy-efficient and sustainable technologies.

The market is classified into offerings, hardware, software and services. The software offerings are expected to grow significantly with maximum CAGR during the anticipated time period. The South Korean government has launched several smart city initiatives, which have led to an increasing demand for smart lighting solutions that can be integrated with other smart city systems, such as traffic management, and public safety. The adoption of IoT devices and systems is increasing rapidly in South Korea, driven by the government's Digital New Deal initiative. This has led to an increasing demand for software offerings that can integrate with IoT devices and systems to provide more sophisticated and personalized lighting solutions. The South Korean government has set strict energy efficiency requirements for commercial and residential buildings, which has led to an increasing demand for energy-efficient lighting solutions. Smart lighting solutions can help meet these requirements by automatically adjusting lighting levels based on usage patterns and environmental conditions.

Based on application, the outdoor application is expected to grow with maximum growth rate during the anticipated time period. In addition, the outdoor application is further classified into Highways and roadways, architectural lighting and lighting for public places. The highways and roadways are dominating the market of outdoor application. Highways and roadways are critical infrastructures that require adequate lighting to ensure the safety and security of drivers and pedestrians. Smart lighting solutions can help provide better visibility and reduce the risk of accidents and crime. The South Korean government has launched several initiatives to promote the adoption of smart lighting solutions on highways and roadways. For example, the government has launched the ""Smart Road Lighting Project"" to install smart lighting systems on major highways and roadways. The South Korean government has set strict energy efficiency requirements for outdoor lighting, which has led to an increasing demand for energy-efficient smart lighting solutions. Smart lighting solutions can help meet these requirements by automatically adjusting lighting levels based on traffic patterns and environmental conditions.

Based on installation type, the market is segmented into new and retrofit. The New installation is significantly dominating the market in South Korea. South Korea is one of the world's most advanced countries in terms of smart city development. The government has launched several smart city projects, which require the deployment of smart lighting systems as a key component of the infrastructure. This has led to a significant increase in the number of new installations of smart lighting systems. South Korea's population has been steadily increasing over the past few years, which has led to a higher demand for new infrastructure, including smart lighting systems. As the country continues to grow, the demand for new installations of smart lighting systems is likely to increase. The technology used in smart lighting systems is constantly improving, making it easier and more cost-effective to install new systems. For example, wireless communication protocols have become more reliable, and LED lighting has become more energy-efficient, which has led to a surge in new installations.

Considered in this report
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South Korea Smart Lighting market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Offerings
• Hardware
• Software
• Services

By Application
• Indoor
• Outdoor

By Indoor Application
• Commercial
• Residential
• Industrial
• Others

By Outdoor Application
• Highways & Roadways
• Architectural Lighting
• Lighting for Public Places

By Installation Type
• New
• Retrofit

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Smart Lighting industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.