Torpedo Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global torpedo market reached a value of US$ 966 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,259 Million by 2027, exhibiting a CAGR of 4.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
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 sub-segment of the global torpedo market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on weight, launch platform and propulsion.
Breakup by Weight:
Breakup by Launch Platform:
Breakup by Propulsion:
Breakup by Region:
Middle East and Africa
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.
Key Questions Answered in This Report:
How has the global torpedo market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID 19 on the global torpedo market?
What is the breakup of the market based on the weight?
What is the breakup of the market based on the launch platform?
What is the breakup of the market based on the propulsion?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global torpedo market and who are the key players?
What is the degree of competition in the industry?
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