Asia Pacific is Projected to Account for the Largest Market Share in Livestock Grow Lights Market by 2023

The Livestock Grow Lights Market 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 major factors driving the livestock grow lights market include the increasing demand and consumption of animal-based products such as meat, milk, and eggs. Further, rising focus on livestock welfare and growth along with technological innovation for smart farming practices is projected to drive the market.

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Asia Pacific is estimated to account for the largest share of the market in 2018. The market in the region is driven by the presence of a large livestock population and their rising growth. Furthermore, the increasing 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.

Adoption of smart technologies for farms to reduce input cost along with energy consumption, and focus on the growth and development of the livestock population by farmers also drives the demand for livestock grow lights in this region.

Major vendors in the livestock grow lights market include 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).

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These players have adopted various growth strategies such as expansions & investments and new product launches to expand their presence in the global livestock grow lights market. Expansion is witnessed to be the most dominating strategy adopted by major players. This has helped key players to increase their presence in different regions.

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