Global Torpedo Market to Grow at 3.8% During 2024-2032, Spurred by Rising Incidences of Geopolitical Conflicts

July 16, 2021 | Aerospace and Defense

According to the latest report by IMARC Group, titled "Torpedo Market Report by Weight (Heavyweight Torpedoes, Lightweight Torpedoes), Launch Platform (Sea-launched, Air-launched), Propulsion (Electric, Conventional), and Region 2024-2032," the global torpedo market reached a value of US$ 1,058.9 Million in 2023. A torpedo refers to a self-propelled and self-guided weapon that is characterized by a cigar-like shape. It is commonly operated underwater and launched from a ship, submarine or an aircraft to detonate on contact or in the vicinity of the target. It involves the use of numerous advanced devices for controlling its depth and directing in accordance with a pre-set plan upon receiving signals from an outside source. It also assists in detonating explosive-filled warhead when it strikes its target or comes near it.

Global Torpedo Market Trends:

The global market is majorly driven by the rising threat of terrorism across numerous nations. The increasing incidences of growing geopolitical conflicts among several countries have led to the expansion of the defense budgets. This acts as a major growth-inducing factor for the global torpedo market. Moreover, multiple government agencies on the global level are continually investing in the upgradation of their existing naval systems, which is creating a positive outlook for the market. The market is further driven by the widespread integration of advanced technologies, including electric propulsion systems and advanced navigation solutions, with torpedoes as these variants are extensively characterized by high speed and advanced capabilities. Some of the other factors contributing to the market growth include the advent of mini torpedoes, extensive research and development (R&D) activities and increasing investments by public and private organizations to enhance the connectivity between submarines and weapons, ultra-broadband arrays and intelligent controllers. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.8% during the forecast period (2024-2032).

Market Summary:

On the basis of the weight, the market has been bifurcated into heavyweight and lightweight torpedoes.
Based on the launch platform, the market has been divided into sea-launched (surface-launched and underwater-launched) and air-launched.
On the basis of the propulsion, the market has been classified into electric and conventional.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Aselsan, Atlas Elektronik GmbH, BAE Systems, Bharat Dynamics Limited, Leonardo SpA, Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport, and Saab AB.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Segment Coverage	Weight, Launch Platform, Propulsion, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Aselsan, Atlas Elektronik GmbH, BAE Systems, Bharat Dynamics Limited, Leonardo SpA, Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport and Saab AB
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Torpedo Market to Grow at 3.8% During 2024-2032, Spurred by Rising Incidences of Geopolitical Conflicts

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