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According to the latest report by IMARC Group, titled "Torpedo Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global torpedo market reached a value of US$ 966 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 4.9% during the forecast period (2022-2027).
Market Summary:
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