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Livestock Grow Lights Global Market 2024 - Latest Trends, Technological Advancement, Driving Factors And Forecast To 2033
Livestock Grow Lights Global Market
According to The Business Research Company's, The livestock grow lights market size has grown strongly in recent years. It will grow from $6.71 billion in 2023 to $7.29 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to initial agricultural lighting solutions, incandescent and fluorescent lighting, enhanced spectrum and wavelength control, focus on animal welfare and behavior, adaptation for specific livestock.
The livestock grow lights market size is expected to see strong growth in the next few years. It will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to market growth and expansion, regulatory changes and standards, focus on energy efficiency, demand for tailored solutions, integration of smart controls. Major trends in the forecast period include expansion into indoor farming, focus on longevity and durability, integration of uv lighting, customized lighting solutions, research in animal behavior..
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Market Drivers and Trends:
The rise in livestock productivity is expected to propel the growth of the livestock grow lights market. Livestock productivity refers to how efficiently and effectively livestock are raised to produce various outputs such as meat, milk, eggs, wool, and other animal products. The livestock productivity can be increased using livestock grow lights, which facilitate the growth and production of animal products by emitting light that emulates natural light and creates a physiological effect on livestock. For instance, in October 2022, according to Eurostat, a Luxembourg-based agency of the European Commission, in 2021, Europe's pig meat production was 23.4 million metric tons. Furthermore, according to the Food and Agriculture Organization, an Italy-based United Nations specialized agency, worldwide dairy output reached 930 million tons in 2022, a 0.6% rise from 2021. As a result, the increase in livestock productivity drives the livestock grow lights market.
Product innovations are a key trend gaining popularity in the livestock grow lights market. Major companies operating in the livestock grow lights market are introducing innovative products related to sustainable LED grow lights to sustain their position in the market. For instance, in July 2021, Light Science Technologies, a UK-based developer of controlled-environment agriculture products, launched NurturGrow LED grow lights. The new product is innovative and sustainable, with 85% of its reusable components, which would help animal farmers and indoor growers upgrade the features quickly and save on lighting costs. The NurturGrow light has a variable length of up to 2.78 meters, making it the longest luminaire on the market. This product includes industry-leading, high-performance LED lighting innovation using its internal manufacturing resources, ensuring farmers nothing less than premium and high-performance grow lights. Scotts Miracle-Gro Strengthens Commercial Can*nabis Presence with Luxx Lighting Acquisition
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Major Key Players of the Market:
Fienhage Poultry Solutions GmbH; Greengage Lighting & Glo-bulb Company; HATO Agricultural Lighting; Shenzhen Hontech-Wins Electronica Co. Ltd.; Sunbird Poultry Lighting Systems Ltd.; Big Dutchman AG; Aruna Lighting; Uni-Light LED; Light Engine Limited; ONCE by Signify; Waveform Lighting; Tetra Laval Corporation; Agrilight BV; ams-OSRAM AG; Gavita International B.V.; CBM Lighting Inc.; Lighting company Hybrite Co. Ltd.; Black Dog Horticulture Technologies & Consulting; California LightWorks; Cree Inc.; Current Lighting Solutions LLC; Growers Choice; Heliospectra AB; Hortilux Schréder B.V.; Illumitex Inc.; Kind LED Grow Lights; Koppert B.V.; Lumileds Holding B.V.; MaxLite; Morsen Light
Livestock Grow Lights Market 2024 Key Insights:
• The livestock grow lights market will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Livestock Grow Lights And The Surge In Livestock Productivity
• Breakthroughs In Livestock Grow Lights Market Through Product Innovations
• Asia-pacific was the largest region in the livestock grow lights market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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