Market Trends of Irrigation Valves Industry
Ball Valves Expected to Hold Significant Market
- A ball valve is a shut-off valve that obstructs, permits, and controls the flow of gases, liquids, and vapors in a piping system by turning the ball having a bore inside the valve. The ball is scaled against two seats and has a shaft linking it to the operating and control mechanism, which rotates it. Furthermore, ball valves are simple and require less maintenance than other valves. Because the ball valve stems turn without axial direction, the packing seal on the valve stem does not quickly wear or fail. These are easy to disassemble and repair, and worn parts can be easily replaced, which may further drive the demand for the studied market growth.
- These valves are mainly used in a garden to meet various watering needs. These valves can also be attached to garden hoses, watering tools, sprinkler lines, or faucets. The farmers are also motivated to grow crops that consume less water. They are pushed to adopt the irrigation valve method, which leads to the right amount of water consumed while maintaining groundwater levels. Further, in April 2022, the Flomatic Valves announced the Model 408S6 ball check valve in a complete 316 stainless steel eight design, primarily used in wastewater treatment.
- Furthermore, in June 2022, GF piping systems announced the Ball Valve 543, a durable and flexible solution for mixing and distribution in applications ranging from water cures to complex chemical and pharmaceutical processes. Building on this successful design, the company introduced the Ball Valve 543 Pro, which improves usability and adds sensors and actuators that offer new possibilities in various non-agricultural applications.
- Moreover, the rapid loss of water supplies in most parts of the world has raised serious concerns about global agricultural development. As a result, demand for water-saving agricultural and irrigation systems rises, which may drive demand for the studied market even further.
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Asia Pacific to Experience Significant Market Growth
- Agriculture has remained one of the highest-earning sectors of the region. Irrigation has made large-scale agriculture more streamlined and accessible and has increased production efficiency with every new farming innovation.
- According to IBEF, India is a prominent player in the agriculture sector globally, and it is the immediate source of livelihood for about 58% of India's population. India has the world's largest area planted for wheat, rice, and cotton. This further increases the demand for Irrigation Valves to protect and maintain proper crop water supply.
- Furthermore, the rapid population expansion in India is the main factor driving the agriculture industry in the region. Furthermore, According to Inc42, the Indian agricultural sector is predicted to increase to USD 24 billion by 2025.
- The government's initiative and investment policies in the agriculture sector may further fuel the demand for irrigation valves in the region. Furthermore, the Indian government approved a PLI scheme for the food processing sector with an incentive outlay of INR 10,900 crore (USD 1,484 million) for six years from 2022. Moreover, in October 2022, Prime Minister Mr. Narendra Modi inaugurated PM Kisan Samman Sammelan 2022 and released PM-KISAN Funds worth INR 16,000 crore (USD 1.93 billion). In addition, they further launched 35 crop varieties with unique traits such as climate resilience and higher nutrient content.
- In addition, in September 2022, the Odisha government approved multiple projects, estimated at around INR 2,500 crore (USD 30.309 billion), and are likely to irrigate an additional 70,000 hectares in the districts. It further approved INR 634 crore (USD 7.63 billion) pressurized underground pipeline (UHPL) irrigation network system for the left command of the Lower Suktel irrigation project with a distribution network, which would create irrigation potential in 13,000 hectares in Balangir district.
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