Evolution of the Smart Lighting Industry- Market Size and Growth rate

 The smart lighting market is projected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to 2026. The most significant factor driving the growth of this market is the requirement of energy-efficient connected lighting controls and ongoing and upcoming smart city projects in developing economies. This requirement is attributed to the increased awareness toward reducing energy consumption. The advent of integrated lighting control systems, upcoming smart city projects in developing economies, increasing adoption and decreasing cost of LEDs, integration of lighting solutions with smart devices, and growing awareness about energy savings among consumers and governments worldwide are the major factors contributing to the growth of the smart lighting market. On the other hand, factors such as the high initial cost of deployment, and security and reliability issues of smart with IoT-based lighting systems are restraining the growth of the smart lighting market. Growing smart office and smart retail trends, geographical opportunities in APAC and RoW regions, development of human-centric lighting solutions, growing demand for PoE-based lighting solutions in commercial and healthcare applications, the rapid transition from traditional lighting to connected lighting, and the growing inclination toward energy-efficient lighting solutions are the major opportunities for the smart lighting market.

The smart lighting market in APAC is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rapid infrastructure building activities being undertaken in APAC, mainly in China, where smart lighting paves the way for the modernization of infrastructure. The modernization and development of infrastructure such as smart cities across the region would also drive the demand for smart streetlights, thereby driving the market for smart lighting in this region. Europe is projected to hold the largest market share of smart lighting market during the forecast period. The smart lighting market in Germany is expected to dominate the European smart lighting market during the forecast period. It held the largest share in 2020, mainly due to its robust economy, high standard of living of its citizens, and its commitment to reduce its carbon footprint. The adoption of Industry 4.0 is expected to further boost the market for smart lighting for indoor end-use applications in the country. The increasing innovations and the presence of companies such as Osram Licht AG in the region also boost the smart lighting market in Germany.

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Driver: Improved acceptance of standard protocols for lighting control systems

A standard protocol defines the methods for data representation, signaling, authentication, and error detection to ensure control or enable the connection, communication, and data transfer between computing or control endpoints. Digital protocols may be either one-way or two-way. Two-way (bidirectional) protocols allow luminaires or devices to exchange data for effective communication. At present, ZigBee and DALI are the predominantly installed protocols in lighting solutions. The adoption of standard protocols such as KNX and DALI for controlling applications has improved the operational efficiency of lighting systems.

Opportunity: Geographical opportunities in APAC and RoW regions

APAC is expected to be the fastest-growing market for smart lighting. The smart lighting market has enormous growth potential in this region, as connected lighting systems are rapidly being adopted in different applications. Lighting manufacturers based in China are giving fierce competition to companies based in North America and Europe. Chinese cities are offering a perfect mix of cheap land, good infrastructure, and abundant workforce to attract investments in industrial development. China’s New-Style Urbanization Plan is promoting a greener and more environment-friendly society. This will further increase the adoption of smart lighting within the country.

 

 

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Evolution of the Power Tools Industry- Market Size and Growth rate

 

The global power tools market size is estimated to be USD 34.3 billion in 2021 and projected to reach USD 45.2 billion by 2026, at a CAGR of 5.7%.

The growth of the power tools market is being driven by factors such as the increasing demand for electric fastening tools in the industrial environment and the rising construction industry in the emerging economies. Moreover, the development of smart and connected power tools as well as increasing adoption of fastening tools in wind energy industry is expected to drive the demand for power tools in the near future.

DRIVERS: Growing construction industry in emerging economies

Rising demand from the construction industry due to advanced infrastructural developments propels the sales of power tools. Power tools are adopted in the construction industry because these tools offer increased efficiency and accuracy, along with enhanced safety of the workforce. The growth of the construction industry boosts the demand for power tools, which leads to advanced infrastructural developments. Power tools such as drills and hammers are widely used in the construction industry. The construction industry is expected to witness significant growth in emerging countries such as India and China due to strong government support and rising income levels, thereby driving the growth of the power tools market.

RESTRAINT: Fluctuations in raw material prices

Power tools are manufactured using resins, ferrous and non-ferrous metals such as steel, zinc, copper, brass, aluminum, and nickel. Power tools also include other components such as batteries, motors, and electronic components. Power tool manufacturers are largely dependent on the supply of raw materials. Fluctuating costs of raw materials, component parts, or finished goods could result in manufacturing interruptions, delays, inefficiencies, or an inability to market products. Raw materials required for power tools are procured globally, and generally available from multiple suppliers at competitive prices.

OPPORTUNITIES: Development of smart and connected power tools

With the advent of IoT and the adoption of smart connected systems in assembly line operations, each equipment within the plant is getting connected. Advancements in technologies and the adoption of smart manufacturing practices lead to innovation of smart and connected tools. Leading tool manufacturers are focusing on the production of smart and connected power tools. For instance, Milwaukee Tool Corporation (Brand of Techtronic Industries) launched ONE-KEY, the digital platform for tools and equipment. This cloud-based platform allows a user to customize torque and speed settings for applications at hand.

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CHALLENGES: Declining sales of commercial vehicles due to COVID-19

Power tools are used in automobile manufacturing as well as servicing plants for several applications, such as drilling, fastening, tightening, and polishing. In the automotive industry, power tools are primarily used for installing brakes and seats in an automobile and detecting problems, such as faulty parts, on the assembly line at an early stage, thereby eliminating production errors. COVID-19 has severely impacted automotive companies, affecting manufacturing hubs in India, China, Italy, Germany, Spain, and the US. These countries have announced the complete or partial lockdown of manufacturing units, apart from assembly plants.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Power Tools Market expected to reach $45.2 billion by 2026

 

According to the new research report "Power Tools Market with COVID-19 Impact by Tool Type (Drilling & Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, Others), Mode of Operation, Application and Region - Global Forecast to 2026" The global power tools market size is estimated to be USD 34.3 billion in 2021 and projected to reach USD 45.2 billion by 2026, at a CAGR of 5.7%. The rising adoption of battery-powered power tools and increasing demand for power tools in automotive industry are driving the demand for the power tools market. Moreover, the development of construction industry in the emerging economies as well as increasing adoption of electric fastening tools in the industrial environment also plays a key role in driving the growth of the power tools market.

Electric tool holds the largest market share in 2020

The electric power tools are further segregated into corded and cordless tools. Corded power tools are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy. Improvements in cordless battery technology, such as the use of lithium-ion batteries for longer runtime than nickel-cadmium batteries, have increased the power and operating time of cordless tools. The rising demand for lightweight, portable, flexible, and compact tools, as well as the increasing DIY trend among homeowners, is boosting the adoption of electric power tools.

Material removal tools is expected to hold the largest CAGR during the forecast period

Material removal tools are end-effectors used for removing unwanted materials from workpieces in order to produce the desired shape. These tools are ergonomically designed for the comfort and safety of the users. These tools remove unwanted material from metals to achieve the desired product shape and size. The increasing demand for fabricated metal products is responsible for the growth of the material removal tools segment. Besides, cordless electric material removal tools are highly adopted for various industrial applications, which is responsible for segmental growth.

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Residential/DIY application to grow at highest CAGR from 2021 to 2026

The residential/DIY application is estimated to hold the largest CAGR during the forecast period. DIY solutions have subsequently gained popularity and ensured a rising demand for power tools as consumers seek to perform minor repairs and development & renovation on their own instead of hiring professionals. Besides, the growing remodelling and renovation residential projects across the globe is also estimated to fuel the growth of the segment in the coming years. The use of power tools by DIY enthusiasts is rising in developed countries, such as the US, the UK, and Germany.

The power tools market in North America holds the largest share in 2020

North America is a dominant market for power tools in 2020 due to the healthy growth of the construction, manufacturing, and automotive industries. In North America, power tools are extensively used for both industrial and residential applications. The construction industry is expected to witness significant growth in the near future owing to the ongoing and upcoming construction projects, which will consequently fuel the demand for power tools. Besides, the growth of the regional market is also attributed to the growing demand for power tools from professional and Do-It- Yourself (DIY) users. The majority of the DIY users of power tools are located in this region.

Major companies operating in this power tools market include Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), and Hilti Corporation (Liechtenstein).

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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MarketsandMarkets™ INC.

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USA: 1-888-600-6441

Smart Lighting Market expected to reach $27.7 billion by 2026

 

According to a research report "Smart Lighting Market with COVID-19 Impact Analysis by Offering (Hardware, Software and Services), Installation Type (New Installations and Retrofit Installations), End Use Application, Communication Technology and Geography - Global Forecast to 2026", is projected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to 2026. Europe has the largest market share for smart lighting. Whereas, APAC has the highest growth rate and is expected to grow at the highest CAGR during the forecast period owing to the rapidly changing face of technology and customer needs in high-potential markets such as China, Japan, South Korea, and Australia. Due to advancements in technology and the emergence of new business models as well as new constructions in the developing cities of the region, the smart lighting market is exhibiting an upbeat outlook. The booming commercial and industrial sectors would further fuel the adoption of smart lightings in APAC. Furthermore, growth in end-use sectors and mounting investments from government bodies are also favouring the growth of the smart lighting market in the region.

The new installations segment, in market by installation type, of the smart lighting market is projected to account for a larger share during the forecast period.

As there are no tax benefits for retrofit installations (except the US–EPact 179D), it is anticipated that there will be a sudden decrease in retrofit installations across commercial and industrial verticals. Also, the high initial investment would be a major bottleneck for the retrofitting segment of the smart lighting market, given the cost pressure faced by several companies worldwide due to the COVID-19 impact. Additionally, the surge in the prices from lighting vendors (e.g., Signify, which announced to increase the price of LED & luminaires by 3% to overcome losses) would ultimately lead to high costs in the partial upgrading (retrofitting) of lighting fixtures, leading to a change in the attitude of customers against retrofitting installations. Therefore, the market for new installations is expected to hold larger market share and have higher CAGR during the forecast period. Europe accounted for the largest size of the smart lighting market for new installations. The region is one of the early adopters of the technology and has the presence of major smart lighting vendors, including Signify (Netherlands), Osram Licht AG (Germany), and Legrand (France).

In communication technology, the wireless segment in the smart lighting market is expected to have higher CAGR during the forecast period

Wireless technology is expected to become the mainstream control technology in the near future, owing to the ongoing developments in wireless technologies and increasing adoption of the technology in indoor professional lighting and commercial spaces. The market for wireless communication technology is expected to grow at a higher CAGR during the forecast period. In 2020, wired communication technology held a ~70% share of the smart lighting market. Wired protocols offer reliable performance and greater control; thus, the technology held the largest share of the market. However, the cost of wiring and installation is high, especially in commercial settings, which is a restraining factor inhibiting the growth of the said market. The wireless communication technology market in APAC is expected to grow at the highest CAGR. The high growth is attributed to the rising income and improved standard of living, leading to the increasing adoption of expensive lighting technologies coupled with the growing demand for energy-efficient lighting systems.

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The smart lighting market in APAC is projected to have the highest CARG during the forecast period (2021-2026)

The smart lighting market in APAC is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rapid infrastructure building activities being undertaken in APAC, mainly in China, where smart lighting paves the way for the modernization of infrastructure. The modernization and development of infrastructure such as smart cities across the region would also drive the demand for smart streetlights, thereby driving the market for smart lighting in this region. The smart lighting market in APAC comprises China, Japan, Australia, India and the Rest of APAC, which primarily includes South Korea, Indonesia, Singapore, Taiwan, Malaysia, Thailand, Vietnam, Bangladeshand the Philippines. The smart lighting market has enormous growth potential in this region, as connected lighting systems are rapidly being adopted in various applications, especially in smart offices/workspaces. The commercial smart lighting market for hardware in China is expected to be driven by the increasing demand for energy-efficient lighting solutions for outdoor applications such as roadways and highways and public places. This rise in demand can be attributed to the increasing network of streets and roads in the country, which will lead to a rise in the installation of new streetlights, indirectly creating a demand for commercial smart lighting control devices. Increasing construction activities in Asia Pacific are contributing significantly to the growth of the smart lighting market in the region. The increasing number of smart city and smart infrastructure projects undertaken by the governments will create several opportunities for energy-efficient lighting and advanced lighting systems in the next few years. In addition, government initiatives for offering low-cost LED lights at subsidized prices are expected to contribute majorly to the accelerated growth of the Asia Pacific smart lighting market. According to a report published by Eaton in 2021, power management investments in Singapore are set to increase, with a focus on intelligent power management software solutions. Four of five Singaporean companies say they will adopt new solutions to improve power management in the next one to three years. According to the report, one in three (33%) companies in Singapore increased their investments in power management due to the COVID-19 pandemic compared to 60% in Australia and 40% in Indonesia.

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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What is the total CAGR expected to be recorded for the power tools market during 2021-2026?

 

The global power tools market size is expected to grow from USD 34.3 billion in 2021 to USD 45.2 billion by 2026, at a CAGR of 5.7%. The growth of the market is attributed to growing construction industry in the emerging economies, high demand for power tools in automotive industry, rising adoption of battery-powered power tools globally, and surging demand for electric fastening tools in industrial environment. However, factors such as high repair and replacement parts cost of power tools and fluctuations in raw material prices are restraining the market growth. On the flip side, rising adoption of fastening tools in wind energy industry, development of smart and connected power tools, and growing demand for power tools from household applications are expected to create huge opportunities for the adoption of power tools in the coming years. Moreover, the power tools manufacturers are facing challenges in designing ergonomic and lightweight power tools as well as in complying strict regulatory compliance and safety standards for manufacturing of power tools. Additionally, the declining sales of commercial vehicles due to COVID-19 is also acting as a challenge for the power tools market.

Based on tool type, the market for the drilling and fastening power tools held the largest share in 2020 and is estimated to remain the same during the forecast period. The growth of the segment is attributed to the rising adoption of these tools in the automotive assembly and wind turbine installation operations. Electric drilling and fastening tools are used by professionals and DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments such as automotive and aerospace manufacturing plants.

Based on mode of operation, the electric segment holds the largest share of the power tools market in 2020 and is expected to hold significant CAGR during the forecast period. The electric power tools are widely used in the broad range of industries such as construction, automotive, aerospace, energy, and shipbuilding. The growth of this segment is fueled by innovations in battery technology and the growing adoption of cordless tools among industrial and residential users. Currently, manufacturers are focusing towards the production of cordless electric power tools powered by lithium-ion batteries. As a result, the demand for cordless power tools with lithium-ion batteries is expected to increase during the forecast period.

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Based on application, the market for industrial/professional applications dominant in 2020. The growing construction activities in both developed and developing countries are responsible for the adoption of power tools at construction sites. Power tools play an important role in every stage of construction activity, including design, survey, construction, and maintenance phases. On the other hand, the residential/DIY application is estimated to grow at the highest growth rate during the forecast period. The growing remodeling and renovation residential projects across the globe is estimated to fuel the growth of the segment in the coming years. The use of power tools by DIY enthusiasts is rising in developed countries, such as the US, the UK, and Germany.

The power tools market has been segmented into North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR from 2021to 2026. Rising urbanization, growing manufacturing industry, and increasing automotive sales in this region are the key factors fueling the growth of the power tools market in APAC. India and China remain lucrative growth markets for manufacturers of power tools. Besides, North America hold the largest share of power tools market in 2020. Increasing wind energy installations have boosted the demand for fastening power tools in this region. Moreover, automotive and aerospace are among the prominent industries contributing significantly to the growth of the power tools market in North America.

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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What is the current size of the global optical sorter market?

 

The global optical sorter market is estimated to be from USD 2.6 billion in 2022 to USD 4.1 billion by 2027, at a CAGR of 9.9% during the forecast period.

What will be the dynamics for the adoption of optical sorter based on type?

Camera type optical sorters are expected to dominate the optical sorter market throughout the forecast period. Cameras are widely used in food sorting applications to sort vegetables and fruits, dried fruits and nuts, and cereals, grains, and pulses. Based on flexibility, monochromatic, bichromatic, and trichromatic cameras that have the capability to detect minute infractions in products, both within and outside of the visible light spectrum, are available in the market. Camera technology is one of the most advanced technologies in the sorting industry.

How the food industry is contributing to the overall market growth by 2026?

The optical sorter market for food applications is expected to account for the largest share throughout the forecast period. It is further expected to grow at the highest CAGR during the forecast period. The growing demand for high-quality food products within shorter delivery cycles and growing automation are major factors driving growth in the optical sorter market for food applications

Which region is expected to adopt optical sorter at a fast rate?

Asia Pacific is considered a major manufacturing hub in the world and is expected to provide ample growth opportunities to the optical sorter market in this region. It is one of the fastest-growing regions in terms of developments and technological adoption. The countries like China and Japan which are the manufacturing hubs of electronics, also produce E-waste or E-scrap which is likely to lead to the growth of the optical sorter market in the region. The aging population in China and Japan has resulted in rising labor costs, leading to the growing adoption of automation. Further, China and Japan are the major contributors to the Asia Pacific optical sorter market.

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What are the key market dynamics influencing market growth? How will they turn into strengths or weaknesses of companies operating in the market space?

The market has a promising growth potential due to several driving factors including, growing focus on automation to increase productivity in various industries, increasing adoption in the food industry for food processing activities and for reducing process and delivery time; increase in wages of the manual workforce in various countries; and stringent government regulations regarding food safety. .

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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What are the drivers and opportunities for the livestock identification market?

 

Factors such as rapid adoption of automation technology and IoT-enabled devices for efficient management of livestock farms and increased focus of livestock farmers on real-time identification and tracking of animals are among the driving factors of the livestock identification market. Moreover, Rising number of government initiatives encouraging livestock identification technology use and growing adoption of livestock identification solutions in developing countries to create lucrative opportunities in the livestock identification market.

Who are the major consumers of livestock identification solutions that are expected to drive the growth of the market in the next 5 years?

The major consumers for livestock identification devices are cattle farms, poultry farms, swine farms, and bovine as well as equine farms are expected to have a significant share in this market. .

Which livestock identification hardware type is expected to dominate the market during the forecast period?

Electronic identification tags accounted for the largest share of the livestock identification market for hardware offerings in 2021. The growth of the segment can be attributed to the rising demand for RFID tags for livestock identification, especially due to mandates of governments in various countries to tag livestock species.

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Which is the potential market for livestock identification in terms of the region?

The Europe region is expected to dominate the livestock identification market due to the presence of numerous consumers and livestock identification device manufacturing companies.

Which are the major companies in the livestock identification market? What are their major strategies to strengthen their market presence?

The major companies in the livestock identification market are – Allflex Livestock Intelligence (US), Datamars (Switzerland), Nedap N.V. (Netherlands), MS Schippers (Netherlands), Livestock Improvement Corporation (New Zealand), Shearwell Data Ltd. (UK), Leader Products (Australia), CAISLEY International GmbH (Germany), Kupsan Tag Company Ltd. (Turkey), and Luoyang Laipson Information Technology Co., Ltd. (China). The major strategies adopted by these players are product launches, collaborations, partnerships, contracts, agreements, expansions, and acquisitions.

About MarketsandMarkets™                                                                                                        

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Aashish Mehra

MarketsandMarkets™ INC.

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USA: 1-888-600-6441

Livestock Identification Market Size share Global forecast to 2030 | MarketsandMarkets™

 

The global livestock identification market is projected to reach USD 3.6 billion by 2030 from an estimated USD 1.6 billion in 2022, at a CAGR of 10.5% from 2022 to 2030.

Major factors driving the growth of the market include large potential to reduce economic losses and livestock mortality rates due to accurate and efficient animal disease traceability and rapid adoption of automation technology and IoT-enabled devices for efficient management of livestock farms.

Driver: Increased focus of livestock farmers on real-time identification and tracking of animals

Livestock identification is an essential aspect of livestock farming. Earlier, cattle were identified and traced manually and confined to farms by building physical fences. However, advanced technologies have made real-time identification and tracking of farm animals simple and organized processes. Advanced technology-based devices such as biometric sensors, including non-invasive or invasive sensors, identify and trace the health and behavior of individual animals in real-time, allowing farmers to integrate this data for population-related analysis. The information gathered from biometric sensors is processed and integrated using big data analytics systems that rely on statistical algorithms to sort through large complex data sets and provide farmers with relevant trending patterns and decision-making tools. Real-time data gathering helps in quicker decision-making and increases farming efficiency. The data can be used to optimize farm processes, and it also helps maintain transparency in supply chain management. Sensor-enabled blockchain technology affords secure and guaranteed traceability of animal products from farm to table, a key advantage in identifying disease outbreaks and preventing related economic losses.

Restraint: High cost of electronic identification devices

The high cost of electronic identification devices such as RFID tags and readers is one of the major factors impacting the adoption of livestock identification devices by small farmers or farmers with limited budgets. Livestock identification solutions are integrated with high-cost technologies such as RFID, IoT modules, AI, and the cloud to improve livestock identification and management in less time.

Farm owners who have mostly followed the traditional identification techniques or visual identification tags find it costly to install these high-cost devices due to their budget constraints. In unorganized small- or mid-sized poultry farms, the deployment of various poultry automation systems impacts poultry farmers’ profit margins because installing such systems increases the total operating cost.

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Opportunity: Rising number of government initiatives encouraging livestock identification technology use

Various policies are implemented by governments across different countries for improving the business profitability and livelihood of farmers or ranchers. Workshops are arranged by the government authorities to educate and create awareness among the farmers regarding the benefits of smart agricultural and digital livestock management techniques. For instance, New Zealand conducted a workshop on the adoption of technologies for sustainable farming in 2020. The workshop drew together participants from agriculture and environment ministries and research institutes from the Organisation for Economic Co-operation and Development (OECD) member countries. The workshop formed an integral part of the OECD program of work on agriculture and the environment under the auspices of the Joint Working Party on Agriculture and Environment.

Challenge: Limited awareness about benefits of livestock identification solutions among ranchers and farm owners

Although the livestock identification marketplace is flooded with various innovative technologies, awareness among livestock farm owners remains considerably low, which impacts the adoption of digital tools for herd identification and management. Livestock identification solutions find applications in almost all functional aspects of cattle, poultry, and swine farms, such as calf management, behavior monitoring, tracking animals, and reproduction management. However, farmers are often unable to adopt these solutions due to budget constraints or limited herd or farm size. In addition, these livestock identification solutions yield huge volumes of data, which is difficult for an unprofessional resource to process and understand. Furthermore, limited awareness and a lack of know-how pertaining to livestock technologies among farmers is another key factor hampering the growth of the market. Thus, livestock technologies are adopted at a lower rate by the farmers in emerging countries due to several factors, including the high cost involved in automating farms, lack of technical knowledge among farmers, and reluctance in adopting new farming technologies due to limited skillset and technology understanding.

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