Asia Pacific Irrigation Valves Market

Asia Pacific Irrigation Valves Market Analysis

The Asia Pacific Irrigation Valves Market is expected to register a CAGR of 7.2% during the forecast period.

The increasing need for efficient irrigation systems, along with automating and digitizing the existing irrigation system, is driving the demand for irrigation valves over the forecast period.

• Asia-Pacific is one of the major contributors to the agricultural sector worldwide. With India being the significant player in the region. The country's agricultural sector is the primary source of livelihood for about 58% of India's population. According to IBEF, the Indian food processing industry contributes to 32% of the country's total food market, one of the largest industries in the country. It is ranked fifth in terms of production, consumption, export, and expected growth.
• The region is getting support from international organizations to boost agricultural production, which will drive the growth of the market. In Oct 2022, the Asian Development Bank approved a USD 157 million loan to improve sustainable agricultural production systems in the Yellow River basin in the People's Republic of China.
• Further, in Dec 2022, the Asian Development Bank approved a USD 20 million financing package to improve access to drinking water and irrigation services and strengthen climate resilience in the districts of Zhemgang and Wangdue Phodrang in Bhutan. The organization will support the Government of Bhutan's Water Flagship Program and the National Integrated Water Resources Management Plan to improve climate change resilience and water sector performance, thereby boosting farmers' productivity.
• Moreover, countries across Asia-Pacific are joining an initiative to promote and showcase the best of their special agricultural products, a move to ensure a high level of participation from smallholders to producers. To support the initiative, the Food and Agriculture Organization of the United Nations (FAO) launched the Green Development of Special Agricultural Products: One Country One Priority Product (OCOP) in May 2022 in the region. Such initiatives will demand better irrigation systems across the farmlands, thereby creating a need for irrigation valves over the forecast period.

Asia Pacific Irrigation Valves Market Trends

Increasing Government Initiatives are Expected to Boost the Market Growth

• The increasing development and initiatives taken by national and international organizations for boosting agricultural production and using efficient irrigation systems are increasing the demand for irrigation valves in the region over the forecast period.
• Several countries are taking measures to implement smart irrigation systems. For instance, in Dec 2022, China and Pakistan had a meeting and visited the Pakistan Council of Research in Water Resources R&D Farm Sial More with the objective of identifying and finalizing a pilot site for the design and installation of IoT-based smart irrigation and fertigation system.
• In May 2022, the Department of Farmer Welfare and Agriculture Development signed an agreement with the World Economic Forum, wherein the Food Innovation Hub India (FIH-I) platform would be supported by the government to leverage public and private partnerships focused on deploying emerging technologies and innovations in food and agriculture in the state.
• Further, in April 2022, Vietnam partnered with South Korean Agriculture, Food, and Rural Affairs to promote two-way agricultural trade between the two countries. South Korea will continue to share experiences and promote substantive cooperation in agriculture, forestry, and fisheries through capacity-building projects, technology transfer, investment, and trade.

India is Expected to Show a Significant Growth

• The Indian Economy holds the sixth position among the world's top economies, with the majority of the country's population depending on agriculture for their livelihood. The agriculture sector contributes around 14% of the country's total GDP.
• The government has taken several steps to increase investment in the agriculture sector, which includes enhanced institutional credit to farmers; promotion of scientific warehousing infrastructure for increasing the shelf life of agricultural produce; setting up of an Agri-tech Infrastructure Fund for making farming competitive and profitable; developing commercial organic farming, etc.
• The government is implementing several schemes for the supply of farm inputs, like seeds, fertilizers, agricultural machinery and equipment, institutional credit, irrigation facilities, etc., at subsidized rates to the farmers in the country. The government has recently taken several steps to increase investment and growth in the agriculture sector, which include the creation of the Long Term Irrigation Fund (LTIF), the promotion of commercial organic farming, the Micro Irrigation Fund for water use efficiency, etc.
• The Government of India has launched the Central Sector Scheme of financing facility under the Agriculture Infrastructure Fund (AIF) to boost Agriculture Infrastructure relating to post-harvest management and community farming assets. Under the scheme, entities such as farmers, agri entrepreneurs, start-ups, Central/ State agencies, or local body-sponsored public-private partnership projects, etc., can take benefit from setting up eligible infrastructure projects.
• Further, the country is taking various initiatives to use water efficiently in irrigation. The country is using micro irrigation, a modern method of irrigation that helps to save water by using drippers, sprinklers, and foggers. This method can increase yields and decrease water, fertilizers, and labor requirements. Such use of modern technologies will boost the need for irrigation valves over the forecast period.

Asia Pacific Irrigation Valves Industry Overview

The Asia-Pacific irrigation valve market is moderately competitive, with few local and international players active in the Asia-Pacific region. International participants operate in the country through partnerships with local players. With the market expected to broaden and yield more opportunities, more players are expected to enter the market soon.

In Sep 2022, Payal Irrigation Pvt Ltd., an India-based company, constructed the country's largest plant for the manufacturing of agricultural and irrigation plastic fittings. The factory houses more than 500 products in all sizes, designs, and finishes, along with more than 23 injection molding machines and an entire range of PBV ball valves and HDPE ball valves, among others.

In April 2022, The Energy and Resources Institute, in partnership with the National Institute of Technology in Goa, developed a sensor-based irrigation system for farmers. The system uses bank filtration technology and can be controlled through a mobile application or the web. The technology is powered by renewable energy resources to provide clean water to farmers in off-the-grid areas.

Asia Pacific Irrigation Valves Market Leaders

Asia Pacific Irrigation Valves Market News

• May 2024: Lumo, a firm that focuses on connected irrigation solutions, secured USD 7 million in funding. The round was spearheaded by Active Impact Investments and Fall Line Capital. With this injection, Lumo is poised to further enhance its patented smart-valve technology and broaden its market penetration. This move is crucial as it equips farmers with the tools to fine-tune their irrigation strategies.
• April 2024: C-DAC Pune has unveiled the Smart Farm System, a homegrown solution designed to empower farmers. This system enables farmers to strategize their irrigation and fertilization methods, tailoring them to the specific environmental and soil conditions, ultimately maximizing their yields.