Advanced Technologies Drive Global Torpedo Market Growth at a Steady 4.7% CAGR Through 2028

DUBLIN, Sept. 26, 2023 /PRNewswire/ — The “Torpedo Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to  ResearchAndMarkets.com’s offering. 

The global torpedo market has shown robust growth, reaching a market size of US$ 1,015 million in 2022. Looking ahead, the market is projected to further expand and is expected to reach US$ 1,307 million by 2028, with a compound annual growth rate (CAGR) of 4.7%.

Torpedoes: Cutting-Edge Underwater Defense Weapons

Torpedoes are self-propelled underwater weapons shaped like cigars, launched from submarines, ships, or aircraft. They are designed to rupture the hulls of other submarines and surface vessels, making them a crucial weapon in maritime warfare. Torpedoes are equipped with complex devices that control depth and direction based on external signals, detonating the explosive warhead upon striking the target or nearing it. The global demand for torpedoes is on the rise, primarily due to the increasing global threat of terrorism.

Market Trends and Drivers

Growing conflicts among nations are prompting government agencies to increase investments in defense and military sectors, a key factor driving the global torpedo market’s growth. Additionally, countries are allocating funds to upgrade their existing naval systems, particularly in developed economies, which is positively impacting torpedo sales.

The market is also experiencing growth through the introduction of advanced technologies, including electric propulsion, advanced navigation systems, and mini torpedoes. Electric propulsion torpedoes, in particular, are gaining preference worldwide due to their advanced capabilities, such as high speed and reduced vibrations.

Furthermore, significant investments in research and development (R&D) activities to enhance connectivity between submarines and weapons, intelligent controllers, and ultra-broadband arrays are expected to further boost market growth in the coming years.

Market Segmentation and Regional Insights

The report provides a comprehensive analysis of key trends in each segment of the global torpedo market, along with forecasts at the global, regional, and country levels from 2023 to 2028. The market is categorized based on weight, launch platform, and propulsion:

By Weight:

  • Heavyweight Torpedoes
  • Lightweight Torpedoes

By Launch Platform:

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

By Propulsion:

  • Electric
  • Conventional

By Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Key Players in the Market

Key players contributing to the competitive landscape of the 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, and more.

Key Questions Addressed

The report addresses critical questions about the global torpedo market, including:

  1. Historical and future market performance.
  2. Impact of COVID-19 on the market.
  3. Key regional markets.
  4. Market breakdown by weight, launch platform, and propulsion.
  5. Various stages in the industry’s value chain.
  6. Drivers and challenges in the market.
  7. Structure of the global torpedo market and key players.
  8. Level of competition in the industry.

Key Attributes:

Report Attribute

Details

No. of Pages

149

Forecast Period

2022 – 2028

Estimated Market Value (USD) in 2022

$1015 Million

Forecasted Market Value (USD) by 2028

$1307 Million

Compound Annual Growth Rate

4.3 %

Regions Covered

Global

For more information about this report visit https://www.researchandmarkets.com/r/sbz5qr

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SOURCE Research and Markets

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