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.
Get a free Sample Report
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.
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porters’ Five Force Analysis SWOT analysis. Quantitative and qualitative assessments have been used to provide a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
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.
Inquire Before Buying Report
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.
Get a Customized Report
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.)
Read Other News:
Autonomous Underwater Vehicle Market Trends
Military Communications Market Size
Air Ambulance Services Market Share
Space Launch Services Market Growth
Unmanned Ground Vehicles Market Forecast
Loitering Munition System Market Opportunities
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower,
Baner – Mahalunge Road, Baner,
Pune-411045, Maharashtra, India.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]
Connect us via Social Media Channels:
LinkedIn Facebook Twitter Blogs