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Increase in Demand and Consumption of Livestock-Based Products Drives the Livestock Grow Lights Market
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.
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. This is attributed to technological innovations and the adoption of smart livestock farming practices. However, the increase in the demand and consumption of livestock-based products and the rising focus on livestock growth and welfare together with the emphasis on livestock productivity drives the demand for using grow lights in livestock barns.
- Determining and projecting the size of the livestock grow lights market with respect to type, livestock, installation type, and regional markets over a five-year period ranging from 2018 to 2023
- Identifying attractive opportunities in the market by determining the largest and fastest-growing segments across regions
- Providing detailed information about key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- Analyzing the micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
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.
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.
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.
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Key Market Players
The major vendors in the global livestock grow lights market are 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). These players have broad industry coverage and strong operational and financial strength; they have grown organically and inorganically in the recent past. The industry players, such as Once Inc. (US) launched AgriShift HL-UVA, a 3-Watt LED in January 2017, which provides stimulus for feeding and promotes animal health. Moreover, key industry players such as Big Dutchman (Germany) launched Zeus in October 2016, the first LED lamp with replaceable parts, which is cost-efficient for the poultry farmers.
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