Market Research Report
Torpedo Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Published by||IMARC Services Private Limited||Product code||1015559|
|Published||Content info||142 Pages
Delivery time: 2-3 business days
|Torpedo Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
|Published: June 15, 2021||Content info: 142 Pages||
The global torpedo market exhibited moderate growth during 2015-2020. 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. Looking forward, IMARC Group expects the global torpedo market to grow at a CAGR of 3.3% during the forecast period (2021-2026).