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. 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 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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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.
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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Recent Developments:
- In June 2018, Once Inc. (US) announced the acquisition of iLOX GmbH (Germany) and its subsidiary iLOX Sp.z.o.o. (Poland). This acquisition would help the company to develop innovative lighting technologies for the livestock growing agricultural market with a special focus on animal welfare.
- In May 2018, DeLaval (Sweden) opened a new distribution center in Germany. This would help the company to reduce the lead time and store more products, strengthening its logistics services.
- In January 2018, Uni-light LED has developed a High Bay light 275W to expand its product portfolio.
- In October 2016, HATO BV (Netherlands) launched BUBO, tubular lighting for cage housing and aviaries to provide appropriate light for proper feed and water intake.
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 significant growth for 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 that will be accounting for majority of the revenue over the forecast period?
