Livestock Grow Lights Market Projected to Reach $8.6 Billion by 2023
The report ” Livestock Grow Lights Market by Type (Fluorescent, Light-Emitting Diode (LED), Incandescent, and Hid), Livestock (Cattle, Poultry, Swine, and Others), Installation Type (Retrofit and New Installation), and Region – Global Forecast to 2023 ” The livestock grow lights market is projected to grow from USD 6.3 billion in 2018 to USD 8.6 billion by 2023, at a CAGR of 6.4% during the forecast period Further, increasing focus on livestock welfare and technological innovation for smart farming practices is projected to drive the market.
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The LED segment is projected to grow at the highest CAGR in the global livestock grow lights market during the forecast period.
The livestock grow lights market is segmented on the basis of LED, fluorescent, incandescent, and high intensity discharge (HID). The growth of the LED segment is driven by the increased usage of LED, the higher energy efficiency, the minimal maintenance, the fully dimmable features, the availability of multicolor, the high-speed response, and the longer lifespan. Furthermore, by optimizing the different spectrum levels and radiation, it is best suited for their livestock’s wellbeing.
The poultry segment, by livestock, is projected to grow at the highest rate during the forecast period.
The livestock grow lights market is segmented, on the basis of type as poultry, cattle, swine, and others (horse, sheep, and goat). The poultry segment is projected to witness the largest and fastest growth in terms of livestock production, in terms of value. This is attributed to the growing consumption of chicken and focus on the responsive growth of poultry population, which caters to the rising demand of consumers and the food industry.
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Asia Pacific is projected to hold the largest market share during the forecast period.
2018. The market in the region is driven by the presence of a large livestock population and its rising growth. Furthermore, the increasing number of livestock farms and the growing size of existing farms are so projected to contribute to the large market of the Asia Pacific region. Adoption of smart technologies for farms to reduce energy input, and focus on the growth and development of the livestock population by livestock grow lights in this region.
Major vendors in the livestock grow lights market include OSRAM (Germany), Signify Holding (Netherlands), DeLaval (Sweden), Big Dutchman (Germany), Uni-light LED (Sweden), Once Inc. (US), AGRILIGHT BV (Netherlands ), Aruna Lighting (Netherlands), HATO BV (Netherlands), Shenzhen Hontech-Wins (China), CBM Lighting (Canada), Fienhage Poultry Solutions (Germany), SUNBIRD (South Africa), ENIM UAB (Lithuania), and Greengage Lighting (UK).
Key questions addressed by the report:
- Who are the major market players in livestock grow lights market?
- What are the regional growth trends and the largest revenue generating regions for livestock grow lights?
- Which are the major regions that are projected to witness a livestock grow lights?
- What are the major types of livestock grow lights that are projected to gain maximum market revenue and share during the forecast period?
- Which is the major type of livestock where grow lights are used?