The global livestock grow lights market has the potential to grow by USD 2.16 billion during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of more than 6%.
The increasing emphasis on faster livestock production and the development of energy-efficient livestock grow lights are some of the major factors driving the market growth. China, the US, and Japan are currently the major markets for livestock grow lights.
Livestock Grow Lights Market - Key Insights
Scope of this Report
The report provides a detailed analysis of the market by product, type, and geography. Also, the report analyzes the market’s competitive landscape and offers information on many market vendors.
Browse TOC and LoE with selected illustrations and example pages from livestock grow lights market report
The livestock grow lights market is fragmented, and the degree of fragmentation will remain the same during the forecast period. Vendors in the market are integrating IoT, sensors, and smart meters to track and improve livestock health and optimize energy. Big Dutchman AG, HATO BV, and OSRAM GmbH are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, fluctuations in raw material prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The report provides information on the production, sustainability, and prospects of several companies, including:
Big Dutchman AG
Signify Holding BV
Tetra Laval International SA
Livestock Grow Lights Market: Key Drivers and Trends
Lighting has a strong impact on the comfort, health, reproduction, and physiological behavior in animals. The proper use of livestock grow lights improve health and aid in weight gain of turkeys and chickens and help stimulate milk production in cattle. The use of certain lights helps improve reproduction rates in animals. Daily light parameters such as sunset, sunrise, and seasons can be stimulated by grow lights, which, in turn, aid in improving the production of livestock-based products. With the rising emphasis on faster production in the livestock industry, the demand for such lights is expected to increase over the forecast period. This is one of the key factors driving the growth of livestock grow lights market size.
The development of energy-efficient livestock grow lights will also influence market growth.
The growing need for efficient lighting is encouraging market vendors to introduce damp-proof, energy-efficient, and ammonia-resistant lights.
Several vendors are using polymethylmethacrylate (PMMA) to protect lights from dust and insects and reduce heating.
The high lumen output offered by modern lighting is helping in improving livestock production by optimizing color temperatures.
Because of such livestock grow lights market trends, the market will register a CAGR of over 6% during 2019-2023.
The rising purchasing power of consumers has increased the demand for animal products such as meat and eggs in APAC. The growing trend of urbanization in China and India has further increased the consumption of meat products in the region. This will subsequently drive livestock grow lights market in the region.
During the forecast period, nearly 52% of the overall market growth will originate from APAC. However, market growth in the region will be slower than the growth of the market in South America.
Livestock Grow Lights: Market Segmentation by Product
Fluorescent lights are widely used as standard illumination for poultry production because of its high efficiency and longer lifespan. These lights can also operate at lower temperatures and are compatible with various types of dimmers.
As a result, the livestock grow lights market size will steadily increase in the fluorescent lights segment during the forecast period. However, market growth in the fluorescent lights segment will be slower than the growth of the market in the LED segment.
Livestock Grow Lights Market: Key Highlights of the Report
CAGR of the market during the forecast period 2019-2023
Detailed information on factors that will accelerate the growth of the market during the next five years
Precise estimation of the global livestock grow lights market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the livestock grow lights industry across the APAC, Europe, MEA, North America, and South America
A thorough analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of livestock grow lights companies
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