Market Overview:
The Torpedo market is anticipated to grow from USD 1.1704 Billion in 2023 to USD 1.6981 billion by 2030, compound annual growth rate (CAGR) of 6.40% during the forecast period (2023 - 2030).
Self-propelled underwater missiles designed specifically to be fired from a submarine or ship are referred to as torpedoes. Even better, it's thrown into the ocean to find a specific item from an aircraft. These missiles are widely used in all military branches to carry out various operations. These missiles are launched from submarines or ships to target a particular item or from helicopters or planes into bodies of water to attack a particular target in underwater operations. The most popular deadly underwater weapons are these missiles. Over the past few years, the Torpedo Market has experienced tremendous expansion.
The torpedo market CAGR is mainly attributed to the growth in the use of torpedoes in the military sectors. In addition, it is predicted that factors like technological development, the growing demand for torpedoes among Navy and air forces, the frequency of terrorism attacks and internal conflicts, and the sophistication of contemporary torpedoes will all contribute to the market's expansion in the years to come. The market's expansion is, however, expected to be constrained by the cost-related problem and the reduction in the defence budget.
The global Torpedo Market has been segmented based on operation, launch platform, propulsion, type, and region.
Key Players:
The major players are focused on improving torpedoes so that the defence industries, particularly for naval combat, can have the greatest underwater weapons. The major players in the Torpedo Market are listed below.
Atlas Elektronik GmbH (Germany),BAE Systems plc (UK),Bharat Dynamics Limited (India),China Shipbuilding Industry Corporation (China),Leonardo SpA (Italy),Naval Group (France),Raytheon Company (US),Saab AB (Sweden),Tactical Missiles Corporation JSC (Russia).
Market Segmentation:
Based on operation, the torpedo market data is divided into autonomous and guided torpedo operations. The autonomous torpedo segment is estimated to account for the larger market share while the guided torpedo segment is projected to witness a higher CAGR during the forecast period. As the autonomous torpedo operations are extremely effective during combat operations, majorly due to its high-speed and highly manoeuvrable capability, they accounted for the larger market share.
Based on type, the Torpedo Market is segmented into heavy weight and light weight torpedoes. As the heavy weight torpedoes can be equipped with lethal warheads and result in higher damage as compared to the lightweight torpedoes, the heavy weight torpedo segment accounted for the larger market share, in 2017.
Based on launch platform, the Torpedo Market is divided into aerial and naval platforms. The aerial platform covers aircraft and helicopters, and the naval platform covers ships and submarines. As the naval platforms such as ships and submarines allow for the carriage of heavy weight torpedoes, therefore, the market segment accounted for the larger share, in 2017, as compared to their aerial counterparts that include helicopters and aircraft.
Based on propulsion, the Torpedo Market is segmented into thermal powered and electric powered, among which the electric powered torpedoes dominated the market in 2017, as the electric propulsion makes the torpedo more lethal. Moreover, the electric powered torpedoes are very effective during naval combat operations.
Regional Analysis:
On the basis of region, the global Torpedo Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. In 2017, North America accounted for the largest market share, and is also projected to be the fastest-growing regional market during the review period. This growth can be attributed to the increasing expenses on missiles and rocket systems, along with the development of naval combat systems by the countries such as the US, in particular. As, a result, there is large demand of torpedoes on North America.
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