Torpedo Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Torpedo Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A2032
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Market Overview 2023-2028:

The global torpedo market size reached US$ 1,015 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,307 Million by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.

A torpedo is a cigar-shaped, self-propelled underwater weapon that is launched from a submarine, ship or an aircraft to rupture the hulls of other submarines and surface vessels. It is one of the most preferred weapons that are utilized in marine warfare. The torpedo comprises intricate devices for controlling the depth and direction according to the signals received from an outside source and detonating the explosive-filled warhead when it strikes the target or comes close to it. At present, the demand for torpedoes is continuously rising owing to the growing threat of terrorism across the globe.

 

 
 

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Torpedo Market Trends and Drivers:

The rising conflicts among different countries are encouraging governing agencies to increase their investments in the defense and military sector. This represents one of the major factors bolstering the global torpedo market growth. Besides this, they are also spending on the upgradation of their existing naval systems, especially the developed economies, which is positively influencing the sales of torpedoes. Furthermore, the introduction of advanced technologies, such as electric propulsion, advanced navigation and mini torpedoes, is escalating the market growth. Among these, electric propulsion torpedoes are currently gaining preference around the world on account of their advanced capabilities, such as high speed and fewer vibrations. Apart from this, the increasing investments in the research and development (R&D) activities to improve connectivity between submarines and weapons, intelligent controllers and ultra-broadband arrays are expected to strengthen the market growth in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global torpedo market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on weight, launch platform and propulsion.

Breakup by Weight:

 

 
 

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  • Heavyweight Torpedoes
  • Lightweight Torpedoes
     

Breakup by Launch Platform:

  • Sea-launched
    • Surface-launched
    • Underwater-launched
  • Air-launched
     

Breakup by Propulsion:

  • Electric
  • Conventional
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Aselsan, Atlas Elektronik GmbH, BAE Systems, Bharat Dynamics Limited, Leonardo SpA, Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport, Saab AB, etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
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$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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)

Key Questions Answered in This Report

The global torpedo market was valued at US$ 1,015 Million in 2022.

We expect the global torpedo market to exhibit a CAGR of 4.7% during 2023-2028.

The rising threats of terrorism, along with the increasing application of torpedo in submarine, ship, or an aircraft to strike other submarines and surface vessels, are primarily driving the global torpedo market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for torpedoes.

Based on the weight, the global torpedo market can be segmented into heavyweight torpedoes and lightweight torpedoes. Currently, heavyweight torpedoes hold the majority of the total market share.

Based on the launch platform, the global torpedo market has been divided into sea-launched and air-launched, where sea-launched, including surface launched currently exhibits a clear dominance in the market.

Based on the propulsion, the global torpedo market can be categorized into electric and conventional. Currently, electric accounts for the largest market share.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global torpedo market include Aselsan, Atlas Elektronik GmbH, BAE Systems, Bharat Dynamics Limited, Leonardo SpA, Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport, Saab AB, etc.

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Torpedo Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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