The market for livestock grow lights 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.
Northbrook, IL -- (SBWIRE) -- 01/12/2019 -- 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", published by MarketsandMarkets™. 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. The major factors driving the livestock grow lights market include the increasing demand and consumption of animal-based products such as meat, milk, and eggs. Further, rising focus on livestock welfare and growth along with 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 type as LED, fluorescent, incandescent, and high intensity discharge (HID). The growth of the LED segment is driven by the increased usage of LED due to longer durability, higher energy efficiency, minimal maintenance, fully dimmable features, availability of multicolor, high-speed response, and longer lifespan. Furthermore, by optimizing different spectrum levels and radiation, farmers could create lighting environment that is best suited for their livestock's wellbeing.
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135 - Pages
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 rising 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.
Asia Pacific is estimated to account for the largest share of the market in 2018. The market in the region is driven by the presence of a large livestock population and their rising growth. Furthermore, the increasing number of livestock farms and the growing size of existing farms are also projected to contribute to the large market of the Asia Pacific region. Adoption of smart technologies for farms to reduce input cost along with energy consumption and focus on the growth and development of the livestock population by farmers also drives the demand for 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).
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