Market Trends of Asia Pacific Irrigation Valves Industry
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.
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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.
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