Livestock Grow Lights Market to grow at a good CAGR between 2018 and 2024
The report published by Knowledge Sourcing Intelligence titled “Livestock Grow Lights Market- Forecast From 2019 to 2024” studies the various factors affecting the demand for livestock grow lights across the globe. The report has been segmented by livestock (poultry, cattle, swine, others), type (LED, fluorescent, incandescent, high-density discharge), and geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions.
Global demand for meat has dramatically increased in the past few years. According to the UN Food and Agriculture Organization (FAO), global annual meat consumption per capita is projected to reach 35.3 kg retail weight equivalent by 2025. Driven by burgeoning population growth and rising per capita incomes, farmers are pressurized to increase livestock production. Thus, growing meat consumption coupled with the limited availability of land for grazing is significantly driving the demand for livestock for lights. Growing adoption of modern farming techniques which are environmental-friendly is also contributing to the growth of livestock grow lights market.
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LED grow light market projected to witness significant CAGR during the forecast period
By type, livestock grow lights market is segmented into LED, Fluorescent, Incandescent, and High-Intensity Discharge (HID). The demand for LED grows lights is projected to rise significantly as this type of grow light is 80-85% more efficient than an incandescent bulb. Since LED lights are environment-friendly, livestock growers can substantially increase the egg and meat production while reducing energy use and other input costs.
North America holds a significant market share
Geographically, Livestock Grow Lights market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America holds significant market share is owing to the early adoption of new technology and high awareness about modern and innovative farming techniques in the region. APAC will witness a significant CAGR between 2018 and 2024 on account of a rapid shift towards protein-rich diet and a corresponding increase in the meat and pork consumption in countries like China and India.
This report also includes a study of strategies, and product portfolios of some of the leading companies in the livestock grow lights market. It consists of company profiles of the leading companies- OSRAM GmbH, Uni-light LED AB, HATO, Shenzen Ohmax Optoelectronic Lighting Co. Ltd, SUNBIRD, and Once Inc., among others.
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