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Livestock Grow Lights Market Projected to Reach $8.6 Billion by 2023 | Key Players are OSRAM, DeLaval, Big Dutchman, AGRILIGHT BV, Aruna Lighting, HATO BV, CBM Lighting

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Livestock Grow Lights Market Projected to Reach $8.6 Billion by 2023 | Key Players are OSRAM, DeLaval, Big Dutchman, AGRILIGHT BV, Aruna Lighting, HATO BV, CBM Lighting

September 21
23:00 2021
Livestock Grow Lights Market Projected to Reach $8.6 Billion by 2023 | Key Players are OSRAM, DeLaval, Big Dutchman, AGRILIGHT BV, Aruna Lighting, HATO BV, CBM Lighting
MarketsandMarkets™
The livestock grow lights market is projected to reach USD 8.6 billion by 2023, growing at a CAGR of 6.4% during the forecast period.

The livestock grow lights market is projected to reach USD 8.6 billion by 2023, growing 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.

Livestock Grow Lights 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 account for the largest market share during the forecast period.

The Asia Pacific market accounted for the largest share in the livestock grow lights market. The large market share in this region is attributed to the presence of large livestock population (FAO STATISTICS 2016) and their growth. Furthermore, the rising 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.

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Key Market Players:

The major vendors in the global 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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