The global livestock grow lights market size is projected to grow from USD 6.3 billion in 2018 to USD 8.6 billion by 2023, at a CAGR of 6.4%

NEW YORK, Jan. 17, 2019 /PRNewswire/ --

Increase in the demand and consumption of animal-based products such as dairy and dairy-based products, meat, and eggs are projected to drive the overall growth of the livestock grow lights market.

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The global livestock grow lights market size 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 livestock grow lights market is driven by various factors such as an increase in the demand and consumption of animal-based products, technological innovations and adoption of smart livestock farming practices, and rising focus on livestock growth and welfare together with the emphasis on livestock productivity. However, lack of awareness about the adoption of smart technology for livestock farming in developing countries is projected to hinder the growth of the market.

The fluorescent segment dominates the livestock grow lights market in 2018.
The fluorescent segment is estimated to hold the largest share in 2018, in terms of value.Fluorescent tubes radiate light outward evenly over the broad areas and are considered suitable for barns and livestock indoor arenas.

With the introduction of fluorescent lighting, significant proportions of incandescent lights are replaced as they consume 70-80% less electricity and have 10 times longer lifespan. Furthermore, low-cost features compared to LEDs and better performance than incandescent and high-intensity discharge lamps is projected to dominate the fluorescent segment.

The cattle segment is projected to hold the largest market share during the forecast period.
The rising demand for dairy and dairy-based products includes milk, cheese, yogurt, and butter in both, the developed and developing countries, which is projected to drive the demand for grow lights in cattle farms.Dairy cattle only produce milk after they give birth to young ones, therefore, to produce milk they need to give birth at least to one calf per year.

Thus, to obtain a large amount of milk from them, appropriate lighting is very important, to improve the output of milk from dairy cattle. Furthermore, for beef cattle grow lights are used to stimulate muscle growth to increase meat production.

Europe is projected to be the fastest-growing region in the livestock grow lights market, in terms of value.
The market in Europe is projected to be the fastest-growing, due to higher adoption of smart technologies to increase farm profits and expand dairy and beef herd size and increasing demand for high-quality dairy-based products and beef.As a result, the market is projected to grow at the highest CAGR during the forecast period, in terms of value.

In addition, this region records strong economic growth, which creates high capital investment opportunities. Large farm owners have already adopted smart technologies in their farm to increase their farm profits, while small farm owners are focusing on adopting smart technologies in livestock farms due to their lower investment.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, livestock grow lights manufacturers, and executives from various key organizations operating in the livestock grow lights market.
• By Company Type: Tier 1: 30%, Tier 2: 30%, and Tier 3: 40%
• By Designation: C-level: 20%, D-level: 30%, and Managers: 50%
• By Region: North America: 20%, Europe: 20%, Asia Pacific: 50%, and RoW: 10%

The livestock grow lights market comprises major solution providers such as 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). The study includes an in-depth competitive analysis of these key players in the livestock grow lights market, with their company profiles, recent developments, and the key market strategies.

Research Coverage
The study covers the livestock grow lights market across segments.It aims at estimating the market size and its growth potential across different segments such as type, livestock, installation type, and region.

The study also includes an in-depth competitive analysis of key players in the market; along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall livestock grow lights market and subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.

The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.

Read the full report: https://www.reportlinker.com/p05723875

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