The global torpedo market was valued at USD 944.9 million in 2021 and is expected to grow from USD 991.2 million in 2022 to USD 1,439.2 million by 2029, reflecting a compound annual growth rate (CAGR) of 5.47% over the forecast period. This data comes from Fortune Business Insights™ in the latest report, "Torpedo Market, 2022-2029."

The defense industry is increasingly turning to advanced weapon solutions, driving significant growth in the torpedo market. Key manufacturers are ramping up their investments in robotic torpedo vessels designed to detect and destroy submarines. In response, governments are allocating more funds to enhance naval capabilities, improve operational efficiency, and strengthen strategic infrastructure.

Major Players Profiled in the Torpedo Market Report:

• ASELSAN AS (Turkey)
• Atlas Elektronik GmbH (Germany)
• BAE Systems PLC (U.K.)
• Bharat Dynamics Limited (India)
• Honeywell International Inc. (U.S.)
• Leonardo S.P.A. (Italy)
• Lockheed Martin Corporation (U.S.)
• Naval Group (France)
• Northrop Grumman Corporation (U.S.)
• Raytheon Technologies Corporation (U.S.)
• Rosoboronexport (Russia)
• Saab AB (Sweden)
• Sechan Electronics Inc. (U.S.)

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/industry-reports/torpedo-market-101571

Segmentation: Torpedo Market

In terms of weight, the market is segregated into lightweight torpedoes and heavyweight torpedoes.

Based on launch platform, the market covers underwater-launched, surface-launched and air-launched.

With respect to propulsion, the market is segmented into conventional propulsion and electric propulsion.

On the geographical ground, the market is segmented into Europe, North America, Asia Pacific, and the Rest of the World.

Report Coverage

The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porters’ Five Force Analysis SWOT analysis. Quantitative and qualitative assessments have been used to provide a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.

Drivers and Restraints: Torpedo Market

Surge in Maritime Border Disputes Propels Growth Potentials

Stakeholders expect escalating terrorist activities and disputes among countries to add fillip to the torpedo market growth. To illustrate, the U.S., the U.K., France, India, China, and Australia could lead front the front. Governments are poised to bolster their marine border security through the infusion of funds into submarines, navy ships and maritime helicopters. Besides, an exponential rise in the purchase of naval vessels could play an invaluable role in fostering the penetration of state-of-the-art naval solutions. Industry participants envisage a continuous rise in the defense budget to propel the industry outlook in the ensuing period.

However, rampant cyber-attacks and the use of ballistic missiles in submarines could dent the market growth.

Regional Insights

North America to Observe Investments Abound with Focus on Technological Advancements

Well-established players and startups are slated to infuse funds to purchase new vessels following the demand for underwater-launched and water surface-launched platforms. With the rising footprint of undersea launched platforms, the U.S. Navy could prioritize technological advancements over the next few years. It is worth noting that the procurement of heavyweight torpedoes will witness a notable gain across the U.S. and Canada.

The Asia Pacific torpedo market share could grow at a considerable rate on the back of the rising defense budget across China and India. Amidst soaring disputes across the region, the purchase of missiles will witness a noticeable uptick. Prominently, the footprint of submarines and advanced ships will receive impetus to streamline maritime security operations.

Europe market outlook is well poised to be robust during the assessment period against the backdrop of a growing uptick of advanced naval vessels. Moreover, the presence of prominent players has enthused confidence among stakeholders. To reiterate, the Russia-Ukraine conflict has led to the demand for sophisticated weapon systems, expediting the product demand.

Competitive Landscape

Leading companies are likely to invest in technological advancements, mergers & acquisitions, product rollouts, and R&D activities. Moreover, focusing on product offerings could foster a geographical footprint over the next few years.

Key Industry Development

• November 2021- Raytheon Technologies Corporation secured a production repair contract worth USD 27.9 million for MK54 lightweight torpedo MOD 0 and MOD 1.