Korean firms lead the steady development of the global LED lighting market

Korean small- and medium-sized LED lighting makers are leading the rapid spread of advanced LED lighting solutions equipped with advanced semiconductor & IT-based technologies, and energy saving & eco-friendly features.

With lighting accounting for 19 percent of the world’s electricity consumption, the concern on the introduction of LED lighting products, which has advantages not only of energy-saving effects, but also for being eco-friendly, is increasingly growing in the global market.

The current steady growth of the lighting market is largely attributable to three causes-firstly, the decrease of manufacturing costs due to technology development and the price decrease of the part materials; secondly, each nation’s support in policy including the ban of using of incandescent light bulbs; and thirdly, standardization and the recovery of global economy.

Reflecting the two current global hot issues of energy efficiency and eco-friendly, LED lighting products are now rapidly replacing the existing inefficient lightings ones in the global market, caused by the rapid price decrease of LED lighting products. As of now, the scale of the global LED lighting market is US$28.4 billion, which is expected to reach $42.4billion in 2016, and even then it is forecast to continue its high growth to 30% annually by 2017.

Thanks to the overall sales growth of LED lighting items, the operating rate of Korean major LED companies increases, so that their burden on the fixed costs decreases. Domestic companies have acquired overall competitiveness of their LED lighting products over those of the rival companies worldwide, with the help of cost-reduction by the supply expansion of LED lighting products, acquirement of technology competitiveness, and arrangement of export marketing strategy considering the characteristics of each market in the global market.

Korean makers are witnessing the steadily growing popularity arising from the global advanced market for their quality products. Such favorably growing responses are based on some noticeable differentiated advantages of the products they produce over foreign competitors’ items. The nation makers have succeeded in acquiring LED production capacity by utilizing semiconductor-based technology (the world’s No. 1 production capacity of LEDs).

Now they have sought to supply the specialized products satisfying the characteristics of each market in the global market, after finding some potential global niche markets. Korean makers are supplying items featuring cost- and technology-competitiveness to global customers.

Korean makers and their products are responding well to each nation’s basic policy of emphasizing eco-friendly and energy-saving products by supplying solutions on various fusion technologies based on IT technologies. Thus, Korean companies could obtain competitiveness in terms of quality and prices in Asian regions, even in advanced markets.

Bucheon LED Lighting Regional Innovation System; A task force playing a pivotal role in the increase of the global market presence of the Bucheon-based LED lighting enterprises

Bucheon City has established an innovation cluster to foster five core strategic industries-robot, mold, packaging, content(cartoons and videos), and lighting.

Bucheon LED RIS supplies comprehensive solutions including technology development, company supporting, the fostering of workforce, marketing to small and medium-sized Bucheon City-based LED lighting enterprises.

The task force aims not only to create new markets, but also to increase each company’s competitiveness in the global market, by sincerely carrying out its mission of supplying such comprehensive solutions, targeting knowledge-based LED lighting makers in the city.

Covering nearly all ranges of LED lighting fixtures, the task force even performs the task of development of supply of the products consumers seek. Including MR type of LED bulbs, PAR lamp, and LED lamps, each for interior illumination, it also produces LED street lamps, LED security lamps, and flood lamp, respectively for outdoor use.

It contributes to the maximization of the competitiveness of the Bucheon’s LED lighting industry through supporting each company’s overseas marketing including hosting of export consultation sessions aiming for overseas buyers.

It attempts to increase its market scale by raising awareness of the city-based LED lighting industry. It makes impressive promotions for those companies in domestic LED industry-related exhibitions through supporting the distribution of various kinds of promotional materials to the participants.

The promotion support targeting major potential clients such as public agencies, local governments, and construction firms is also being systematically pursued. And for boosting the awareness of LED lighting industry, hosting of related workshops, seminars is also one of the major marketing activities led by the task force.

To increase the spread rate of LED lighting products, BLLRIS is also makes its utmost efforts including solving the difficulties of each of these companies, supporting consulting, especially targeting deficiencies of companies in the areas of supporting buyer consulting and various consulting, based on the systematically well built database on information of overseas buyers.

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