Attractive Opportunities in the Livestock Grow Lights Market

Northbrook, Mar 8, 2019 (Issuewire.com) – A grow light is the artificial light provided to livestock for their growth and development. It is used to modify the physiological and biological response of the animal with respect to feeding habits, reproduction, and milk production. MarketsandMarkets expects the global livestock grow lights market 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 retrofit segment is estimated to dominate the market for livestock grow lights in 2018. Factors such as a hot and humid environment and dust are projected to hinder the functioning of the lighting systems in farms. This makes it necessary for the farms to retrofit the existing lighting systems from time to time to ensure steady lighting supply to the livestock. Moreover, the low cost of LED retrofits has encouraged livestock growers to convert their traditional lighting systems into LED lighting systems for utilizing this technology.

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The poultry segment is projected to witness the fastest growth during the forecast period. Factors such as the rising consumption of chicken and eggs and focus on sustainable growth are driving the livestock grow lights market for poultry. Turkey is the fastest growing sub-segment of poultry. The meat obtained from turkey is the leanest as compared to other birds, which is driving the market in countries such as Germany, France, and Italy.

In terms of geographic coverage, the livestock grow lights market is segmented into four regions, namely, North America, Asia Pacific (APAC), Europe, and RoW. Europe is projected to be the fastest growing market during the forecast period, due to higher adoption of smart technologies to increase farm profits and expand dairy and beef herd size as well as the increasing demand for high-quality dairy-based products and beef. Additionally, this region records a strong economic growth, which creates high capital investment opportunities, which is projected to further fuel the market growth in this region. Large farm owners have already adopted smart technologies in their farm to increase their farm profits, while small farm owners have started adopting smart technologies in livestock farms due to their low investment.

Technological innovations and the adoption of smart livestock farming techniques that enhance productivity, efficiency, and profitability are driving the market for livestock to grow lights. Farmers are focusing on enhancing traditional inputs such as air, water, housing, and nutrients in livestock farms. Now, they are shifting their focus on improving the lighting technology in barns to reduce energy usage and other input costs. Utilizing advanced lighting technology such as LED lighting is projected to create a positive impact on the unique spectral of lighting required for cattle, poultry, swine, and goats. Livestock growers can regulate the circadian rhythm, reduce stress, and increase the production of meat, eggs, and other protein sources by adopting smart livestock farming practices. Furthermore, increasing consumption of livestock-based products such as dairy and dairy-based products, meat, and eggs is projected to drive the demand for grow lights in livestock farms for the growth and development of livestock. According to the FAO data, it has been stated that global meat production is projected to be 16% higher by 2025.

https://www.marketsandmarkets.com/Market-Reports/livestock-grow-lights-market-77298993.html

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Source :https://www.marketsandmarkets.com/PressReleases/livestock-grow-lights.asp

This article was originally published by IssueWire. Read the original article here.

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