A vertical turbine pump (VTP) is a rotary power pump characterized by the use of radial or improved radial flow impellers in vertical structures. The design of this pump gives it unique advantages in certain specific applications.
Overview of Market Development
With the acceleration of global industrialization, the market demand for vertical turbine pumps continues to grow, and their market size has steadily increased in recent years. According to our research data, the global vertical turbine pump market revenue was $418 million in 2023, an increase of 4.67% compared to 2022. In the future, the application of new materials, advanced manufacturing processes, and intelligent technologies will provide strong support for the performance improvement and cost reduction of vertical turbine pumps and is expected to promote continuous market expansion. It is expected that by 2028, the global revenue scale of the vertical turbine pump market will increase to $526 million.
Segmented Market Analysis
From the perspective of product types, vertical turbine pumps can be divided into ductile iron pumps and stainless steel pumps based on different materials. Among them, ductile iron pumps occupy the largest market share. Data shows that in 2023, the revenue of the ductile iron pump segment in the global vertical turbine pump market was $241 million, with a market share of 57.63%.
From the perspective of downstream applications, vertical turbine pumps, as an important fluid conveying equipment, are widely used in fields such as municipal, firefighting, agriculture, industry, energy, and environmental protection. Among them, its application and role in the three major fields of municipal administration, agriculture, and industry are particularly important.
Global Vertical Turbine Pump Market Revenue Forecast and Market Segment Analysis
Source: www.globalmarketmonitor.com
Analysis of Market Competition Pattern
From the perspective of market competition, the concentration of the global vertical turbine pump market is moderate. Data shows that in 2023, the top 3 companies in the industry achieved a total revenue of $166 million for vertical turbine pumps, with a total revenue share of 39.55%. The top three companies were Grundfos, Sulzer, and Xylem. In 2023, these three companies accounted for 16.98%, 12.58%, and 9.99% of the global market revenue in the vertical turbine pump market, respectively.
Vertical Turbine Pump Market Revenue and Share of Main Companies in 2023
|
Companies
|
Market Revenue (Million USD)
|
Share
|
|
Grundfos
|
71
|
16.98%
|
|
Sulzer
|
53
|
12.58%
|
|
Xylem
|
42
|
9.99%
|
|
Top3
|
166
|
39.55%
|
Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Vertical Turbine Pump Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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