Market Trends of North America Irrigation Valves Industry
Growing Population and the Need for Water Conservation is Expected to Drive the Market's Growth
- According to IMF, the total population in the United States was at 334.91million people in 2023, an increase from the 2019 population, which accounted for 328.55 million. Such a significant population increase would increase the demand for agricultural products, creating an opportunity for the studied market to grow.
- Agriculture intensification and expansion to feed a growing population is a crucial source of concern for food security and biodiversity in the region. The Sustainable Development Goals (SDGs) were established to resolve the trade-off between food security and environmental damage. Indeed, the global food production system and the preservation of biodiversity within and surrounding agricultural land have an impact on SDGs such as zero hunger, clean water, life on land and in water, and climate action.
- All agricultural operations, regardless of kind, should design and implement a conservation strategy based on Natural Resources Conservation Service recommendations (NRCS). An Irrigation Water Management Strategy can be prepared as part of this plan to address site-specific water usage needs, such as the amount of water necessary for each irrigation cycle (including leaching requirements), To recognize and control irrigation erosion, determine application uniformity, undertake system maintenance to ensure smooth operation. The drive for sustainability is anticipated to offer lucrative opportunities for the growth of the studied market.
- Resultantly, in October 2022, it was announced that farmers were being paid to limit their water use and conserve wildlife and water quality in the Delta as part of the State of California's Delta Drought Response Pilot Program. The Sacramento-San Joaquin Delta Conservancy leads the program in collaboration with the Department of Water Resources (DWR), the Office of the Delta Watermaster, and the Nature Conservancy. The initiative works with farmers to develop water-saving techniques, safeguard Delta water quality, enhance soil health, and alleviate the effects of drought on fish and migrating birds. The show debuted in January 2022. The program's first phase, which offered USD 8 million in funding, was a success, with over 8,700 acres participating.
- Moreover, in October 2022, The United States Agency for International Development (USAID) and the Department of State launched the United States Global Water Strategy 2022-2027. The Strategy will assist lead the United States government's activities over the next five years to advance health, prosperity, stability, and resilience by improving water resource management and increasing access to safe drinking water, sanitation, and hygiene.
- The Strategy is the primary vehicle for implementing the White House Action Plan on Global Water Security, and it is based on Senator Paul Simon's Water for the World Act of 2014. Fourteen Agency-specific plans from throughout the Federal government supplement the Strategy by bringing together the full weight of the United States government's skills, experience, and resources to solve the issue. Such initiatives are likely to increase the adoption of advanced irrigation valves in the region.
- Further, in December 2022, the federal government of Canada set an aim of protecting 30% of Canada's land and water by 2030, citing scientific evidence that nature requires assistance to reverse biodiversity declines, combat climate change, and maintain a robust, sustainable economy. The federal government owns most land in Canada. It owns or leases about 25 000 properties across Canada, totaling over 30 million hectares. National parks, experimental farms, and wildlife zones are examples of these lands. In addition, Nunavut and the Northwest Territories have over 240 million hectares of federal royal territory.
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The United States is Expected to Witness a High Market Growth
- The United States holds the highest market share in North America Irrigation Valves Market by Region due to increased awareness about irrigation valves, advanced technologies, and research & development activities. The prominent use of irrigation valves in this region can be ascribed to the great supply of fresh water and ideal climatic circumstances, such as adequate rainfall throughout the year, which aids in improved farm produce, hence pushing their demand.
- Growing emphasis on the agriculture sector, as well as an increased understanding about the efficient use of farm resources such as water for sustainable crop production, will contribute to regional revenue creation during the projection period.
- The rise in the production of agricultural products in the region is expected to drive the studied market. For instance, the US Department of Agriculture reported that, as of 2023, Texas witnessed the highest number of farms in the nation, totaling around 231,000. Following closely, Missouri secured the second spot among the top ten states, with a count of 87.6 thousand farms.
- Additionally, the government policies towards the development of agriculture in the region would create several opportunities for the local and international players to develop products to carter wide range of needs of customer. For instance, the Agriculture Improvement Act of 2018 (2018 Farm Act) consists of 12 titles that cover a wide range of food and agriculture policy topics. The Congressional Budget Office (CBO) estimated that the 2018 Farm Act would cost USD 428 billion over five years, from 2019 to 2023. Nutrition programs account for almost three-fourths of this amount, with crop insurance, conservation, and commodities accounting for nearly all of the remainder.
- Moreover, the firms in the region are providing new products to capture a wide range of market needs. For instance, in December 2023, Tempo Communications, a manufacturer of tools and test equipment for the telecommunications and landscape irrigation industries, announced the release of the 521E Wire and Valve Locator. The 521E is engineered to quickly and easily pinpoint buried wires, irrigation valves, and faults.
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