Torpedo Market Forecasts to 2028 - Global Analysis By Weight (Lightweight Torpedoes and Heavyweight Torpedoes), Propulsion (Conventional Propulsion and Electric Propulsion), Launch Platform (Sea launched and Air Launched), and By Geography

According to Stratistics MRC, the Global Torpedo Market is accounted for $1,014.8 million in 2022 and is expected to reach $1,557.4 million by 2028 growing at a CAGR of 7.4% during the forecast period. A torpedo is an ocean designed as a weaponized system that is used in naval combat as a method of assault against adversaries. It is a mobile, autonomous underwater weapon that may be launched from a variety of platforms, such as aircraft, ships, missiles, or submarines. Propulsion system, explosives, and guided system make up its main three units. The system is propelled by the torpedo propulsion system, and the guided system aids the torpedo in locating its target.

According to the Swedish Defense Organization (FMV)the first order to Saab for the life extension of the heavyweight torpedo system worth SEK 485 million (USD 52.20 million).

Market Dynamics:

Driver:

Increasing conflicts between governments

Torpedoes are becoming more widely used around the world as a result of the escalating conflicts between developing country governments and global terrorism. Concerns over border security in nations around Europe and the Asia Pacific have greatly increased as a result of rising terrorist activity. Therefore, the governments of the developing nations are concentrating on the development of naval ships, submarines, and maritime helicopters fitted with torpedoes in order to enhance marine border security and marine mission capabilities which drive the market growth.

Restraint:

Increased use of ballistic missiles and cyberattacks

The threat of cyberattacks increase due to the evolving nature of warfare and the use of internet of things (IoT) and artificial intelligence (AI) technology in maritime businesses these variables are probably going to limit market expansion. When the target's location is fixed, self-guiding weaponry such as torpedoes can be fired at the target. It is possible to alter the route to the destination by gaining access to the guided system. Additionally, the market expansion is anticipated to be hampered by the increasing emphasis on the development of missile-protected submarines, which are not vulnerable to torpedo attack are limiting market growth.

Opportunity:

Rising naval ship purchases

Leading economies including the U.S., India, and China have increased their defence spending, which has increased the use of modern torpedoes with better guided systems and propulsion technologies. Modernising and creating naval solutions has been given a considerable portion of the defence budget. Due to this aspect, the purchase of modern navy ships like frigates, destroyers, and submarines to guard maritime borders has increased even more. Throughout the projected period for the industry, this factor increase demand for torpedoes.

Threat:

High cost of raw materials

Due to the lack of anti-air, torpedo boats are extremely vulnerable to plane attacks; hence it is advised that strive to avoid them if a torpedo boat controlled. When the anti-air is disengaged or unmanned, they should launch an attack on the torpedo boat. Moreover, due to the lack of anti-air, torpedo boats are extremely vulnerable to plane attacks, hence it is advised that strive to avoid are a torpedo boat controller. When the anti-air is disengaged or unmanned, they should launch an attack on the torpedo boat which would hamper the market growth.

COVID-19 Impact:

Due to the disturbance in the supply chain management of torpedo manufacturers and suppliers, the European market among all others saw a significant impact on growth. The Financial crises have affected both large and small market players. As a result, they have chosen to delay operational activity in order to absorb financial losses and limit the spread of the coronavirus. As a result, the supply chain disruption had caused considerable delivery delays. For instance, the COVID-19 epidemic caused a delay in the replacement of numerous torpedoes from the Naval Group of France which hindered the growth of the market.

The sea launched segment is expected to be the largest during the forecast period

The sea launched segment is estimated to have a lucrative growth; due to investments in the purchase of new generation naval vessels have rapidly increased. During the forecast period, the rise of sea-launched torpedoes is anticipated to be driven by the development of nuclear submarines. Furthermore, nations are significantly expanding their fleet of autonomous sea systems to improve their navy's anti-submarine warfare capabilities which boosted the market.

The electric propulsion segment is expected to have the highest CAGR during the forecast period

The electric propulsion segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increased demand for electric ships is to blame for this expansion. The electric propulsion system consists of a battery and an electric motor that provide the torpedo with energy to move forward quickly. High thrust, little vibration, and increased speed are all benefits of electric propulsion. In the upcoming years, rising product demand will be influenced by these benefits of electric propulsion systems thus encouraging the torpedo market.

Region with highest share:

Asia Pacific is projected to hold the highest market share during the forecast period owing to rapid increase in military spending as a result of continuous geopolitical concerns and border tensions. In order to replace outdated naval vessels, nations like China, India, and Japan are investing in the development of their current naval fleets by buying new warships and submarines. The need for the creation and acquisition of new generation torpedoes is increasing as a result.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the U.S. Navy which has purchased a number of cutting-edge naval equipment. The market in North America will expand thanks to recent technology developments and increased government spending on the purchase of new ship and since more cutting-edge navy vessels are being delivered, along with numerous important players additionally, the growing conflict between Russia and Ukraine has accelerated the development of cutting-edge weapon systems, which fuels market expansion during the projection period.

Key players in the market:

Some of the key players profiled in the Torpedo Market include: Atlas Elektronik GmbH, Honeywell International Inc, Leonardo S.P.A, Saab AB, Sechan Electronics Inc, Rosoboronexport, Bharat Dynamics Limited, BAE Systems PLC, Northrop Grumman Corporation, Naval Group, ASELSAN AS, Lockheed Martin Corporation, Raytheon Technologies Corporation, thyssenkrupp AG, Mitsubishi Heavy Industries Ltd, JSC Tactical Missiles Corporation and China Shipbuilding Industry Corporation

Key Developments:

In April 2023, Leonardo and Cisco partner up to develop joint technology projects with the aim of co-developing solutions in specific technology fields such as quantum cryptography, the green transition and secure solutions for logistics and transportation markets

In March 2023, Honeywells announced a new collaboration with Marriott International to improve in-room comfort and control for guests who stay at hotels across Marriott Bonvoy's portfolio of extraordinary hotel brands.

In Dec 2022, Honeywell and Johnson Matthey Partner To Advance Lower Carbon Hydrogen Solutions The companies will offer JM's innovative LCH™ technology, coupled with Honeywell's leading carbon capture technology to produce lower carbon intensity hydrogen (blue hydrogen) at scale.

Weights Covered:

• Lightweight Torpedoes
• Heavyweight Torpedoes

Propulsions Covered:

• Conventional Propulsion
• Electric Propulsion

Launch Platforms Covered:

• Sea launched
• Air Launched

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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