The global torpedo market size was pegged at USD 944.9 million in 2021. The market is anticipated to rise from USD 991.2 million in 2022 to USD 1,439.2 million by 2029 at a 5.47% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “Torpedo Market, 2022-2029.”
According to the analysis, the defense sector is poised to exhibit traction for sophisticated weapon solutions. So much so that leading manufacturers have upped investments in robotic torpedo vessels to spot and destroy submarines. Governments are poised to inject funds into the naval sector to streamline operations and bolster strategic infrastructure.
COVID-19 & War Impact
Russia-Ukraine War and COVID-19 Pandemic to Have Mixed Impact
The repercussions of the Russia-Ukraine war had a notable influence on the global outlook, with the demand for naval and military products soaring. Amidst shifting geopolitical scenarios, potential conflicts and war-like situations, countries are grappling with boosting the procurement of missiles. Meanwhile, the Russian invasion potentially led to the delay in the procurement of military equipment. For instance, India’s DefExpo 2022 was reportedly postponed in the wake of logistical issues with participants. Additionally, the COVID-19 pandemic also disrupted the supply chain owing to the cancelation of major carrier transport operations. With the COVID-19 rate plateauing, industry participants could augment investments in the portfolio.
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In terms of weight, the market is segregated into lightweight torpedoes and heavyweight torpedoes.
Based on launch platform, the market covers underwater-launched, surface-launched and air-launched.
With respect to propulsion, the market is segmented into conventional propulsion and electric propulsion.
On the geographical ground, the market is segmented into Europe, North America, Asia Pacific, and the Rest of the World.
Drivers and Restraints
Surge in Maritime Border Disputes Propels Growth Potentials
Stakeholders expect escalating terrorist activities and disputes among countries to add fillip to the torpedo market growth. To illustrate, the U.S., the U.K., France, India, China, and Australia could lead front the front. Governments are poised to bolster their marine border security through the infusion of funds into submarines, navy ships and maritime helicopters. Besides, an exponential rise in the purchase of naval vessels could play an invaluable role in fostering the penetration of state-of-the-art naval solutions. Industry participants envisage a continuous rise in the defense budget to propel the industry outlook in the ensuing period.
However, rampant cyber-attacks and the use of ballistic missiles in submarines could dent the market growth.
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North America to Observe Investments Abound with Focus on Technological Advancements
Well-established players and startups are slated to infuse funds to purchase new vessels following the demand for underwater-launched and water surface-launched platforms. With the rising footprint of undersea launched platforms, the U.S. Navy could prioritize technological advancements over the next few years. It is worth noting that the procurement of heavyweight torpedoes will witness a notable gain across the U.S. and Canada.
The Asia Pacific torpedo market share could grow at a considerable rate on the back of the rising defense budget across China and India. Amidst soaring disputes across the region, the purchase of missiles will witness a noticeable uptick. Prominently, the footprint of submarines and advanced ships will receive impetus to streamline maritime security operations.
Europe market outlook is well poised to be robust during the assessment period against the backdrop of a growing uptick of advanced naval vessels. Moreover, the presence of prominent players has enthused confidence among stakeholders. To reiterate, the Russia-Ukraine conflict has led to the demand for sophisticated weapon systems, expediting the product demand.
Leading companies are likely to invest in technological advancements, mergers & acquisitions, product rollouts, and R&D activities. Moreover, focusing on product offerings could foster a geographical footprint over the next few years.
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Key Industry Development
- November 2021– Raytheon Technologies Corporation secured a production repair contract worth USD 27.9 million for MK54 lightweight torpedo MOD 0 and MOD 1.
Major Players Profiled in the Report:
- ASELSAN AS (Turkey)
- Atlas Elektronik GmbH (Germany)
- BAE Systems PLC (U.K.)
- Bharat Dynamics Limited (India)
- Honeywell International Inc. (U.S.)
- Leonardo S.P.A. (Italy)
- Lockheed Martin Corporation (U.S.)
- Naval Group (France)
- Northrop Grumman Corporation (U.S.)
- Raytheon Technologies Corporation (U.S.)
- Rosoboronexport (Russia)
- Saab AB (Sweden)
- Sechan Electronics Inc. (U.S.)
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