Torpedo Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Torpedo Market
The torpedo market size was valued at USD 944.9 million in 2021, and the market is now projected to grow from USD 991.2 million in 2022 to USD 1439.2 billion by 2029, exhibiting a CAGR of 5.47% during the forecast period of 2021-2029.
During this time, the lack of raw materials hindered the production of materials. This thus hampered market expansion and upset the entire supply chain. The fall in demand caused by the automotive and construction sectors also had an effect on the torpedo market growth. People get homesick as a result of the government's restrictions on social events, gatherings, and moving away from home. Component manufacturing were either partially or completely shut down as a result of the nationwide shutdown. The COVID pandemic is posing challenges for many businesses since it has reduced output and the supply chain, which has caused the market to shift to treating COVID patients as a priority over other operations, which has fueled the expansion of the inspection, repair, and maintenance market. Additionally, because of movement restrictions and lockdowns in various regions, manufacturing plants experienced a shortage of staff, which hindered productivity. stopped offering on-site installations and maintenance; in the midst of the pandemic, market growth faltered.
Increasing maritime border conflicts among adjacent nations to accelerate market development during forecast period. Torpedo adoption will increase globally as a result of the growing conflicts between governments in developing nations and terrorist attacks worldwide. The nations are putting new capabilities to the test that will help the industry expand.
Creation of a robotic torpedo ship to change the world's terrain will propel torpedo market growth during forecast period. In far-off oceans and Arctic latitudes, the robotic torpedo-carrying vehicle can automatically locate and destroy enemy submarines. According to reports, the ship can reach speeds of over 35 km/h, run for up to three days without recharging, and have two electric torpedoes.
Comprehensive Analysis of Torpedo Market
The torpedo market and aerospace & defence industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the aerospace & defence benefit management industry. These segmentations are methodically segregated by Weight type, by Launch Platform and by Propulsion. The Weight segmentations include Heavyweight Torpedoes and Lightweight Torpedoes, By Launch Platform segmentations include Air-Launched, Surface-Launched, and Underwater-Launched, By Propulsion segmentations include Electric Propulsion and Conventional Propulsion.
The North America region lead the torpedo market by benefitting a market size of USD 326.9 billion in 2021 due to Increasing maritime border conflicts among adjacent nations and Creation of a robotic torpedo ship to change the world's terrain.
The top players in the market play a crucial role in the aerospace & defence industry assuring industrial prospectus growth and setting market standards. These prominent key industry players include, ASELSAN AS (Turkey), Atlas Elektronik GmbH (Germany), Bharat Dynamics Limited (India), Lockheed Martin Corporation (U.S.), Naval Group (France), Raytheon Technologies Corporation (U.S.), Sechan Electronics Inc. (U.S.) these market players provide a level-playing competitive environment across the globe.
In January 2022, The defense ministry of Pakistan declared that it was prepared to purchase a lethal Turkish torpedo countermeasure equipment in order to ""check"" the Indian navy's explosive growth.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2018-2029
Base Year 2021
Estimated Year 2022
Forecast Period 2022-2029
Historical Period 2018-2020
Unit Value (USD Million)
Segmentation By Weight
Heavyweight Torpedoes
Lightweight Torpedoes
By Launch Platform
Air-Launched
Surface-Launched
Underwater-Launched
By Propulsion
Electric Propulsion
Conventional Propulsion
By Geography
North America (Weight, Launch Platform, Propulsion, and Country)
U.S. (Launch Platform)
Canada (Launch Platform)
Europe (Weight, Launch Platform, Propulsion, and Country)
U.K. (Launch Platform)
Germany (Launch Platform)
France (Launch Platform)
Russia (Launch Platform)
Rest of Europe (Launch Platform)
Asia Pacific (Weight, Launch Platform, Propulsion, and Country)
Japan (Launch Platform)
China (Launch Platform)
India (Launch Platform)
Rest of Asia Pacific (Launch Platform)
Rest of the World (Weight, Launch Platform, Propulsion, and Country)
Latin America (Launch Platform)
Middle East & Africa (Launch Platform)Growth Factors of Torpedo Market
The torpedo market size was valued at USD 944.9 million in 2021, and the market is now projected to grow from USD 991.2 million in 2022 to USD 1439.2 billion by 2029, exhibiting a CAGR of 5.47% during the forecast period of 2021-2029.
During this time, the lack of raw materials hindered the production of materials. This thus hampered market expansion and upset the entire supply chain. The fall in demand caused by the automotive and construction sectors also had an effect on the torpedo market growth. People get homesick as a result of the government's restrictions on social events, gatherings, and moving away from home. Component manufacturing were either partially or completely shut down as a result of the nationwide shutdown. The COVID pandemic is posing challenges for many businesses since it has reduced output and the supply chain, which has caused the market to shift to treating COVID patients as a priority over other operations, which has fueled the expansion of the inspection, repair, and maintenance market. Additionally, because of movement restrictions and lockdowns in various regions, manufacturing plants experienced a shortage of staff, which hindered productivity. stopped offering on-site installations and maintenance; in the midst of the pandemic, market growth faltered.
Increasing maritime border conflicts among adjacent nations to accelerate market development during forecast period. Torpedo adoption will increase globally as a result of the growing conflicts between governments in developing nations and terrorist attacks worldwide. The nations are putting new capabilities to the test that will help the industry expand.
Creation of a robotic torpedo ship to change the world's terrain will propel torpedo market growth during forecast period. In far-off oceans and Arctic latitudes, the robotic torpedo-carrying vehicle can automatically locate and destroy enemy submarines. According to reports, the ship can reach speeds of over 35 km/h, run for up to three days without recharging, and have two electric torpedoes.
Comprehensive Analysis of Torpedo Market
The torpedo market and aerospace & defence industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the aerospace & defence benefit management industry. These segmentations are methodically segregated by Weight type, by Launch Platform and by Propulsion. The Weight segmentations include Heavyweight Torpedoes and Lightweight Torpedoes, By Launch Platform segmentations include Air-Launched, Surface-Launched, and Underwater-Launched, By Propulsion segmentations include Electric Propulsion and Conventional Propulsion.
The North America region lead the torpedo market by benefitting a market size of USD 326.9 billion in 2021 due to Increasing maritime border conflicts among adjacent nations and Creation of a robotic torpedo ship to change the world's terrain.
The top players in the market play a crucial role in the aerospace & defence industry assuring industrial prospectus growth and setting market standards. These prominent key industry players include, ASELSAN AS (Turkey), Atlas Elektronik GmbH (Germany), Bharat Dynamics Limited (India), Lockheed Martin Corporation (U.S.), Naval Group (France), Raytheon Technologies Corporation (U.S.), Sechan Electronics Inc. (U.S.) these market players provide a level-playing competitive environment across the globe.
In January 2022, The defense ministry of Pakistan declared that it was prepared to purchase a lethal Turkish torpedo countermeasure equipment in order to ""check"" the Indian navy's explosive growth.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2018-2029
Base Year 2021
Estimated Year 2022
Forecast Period 2022-2029
Historical Period 2018-2020
Unit Value (USD Million)
Segmentation By Weight
Heavyweight Torpedoes
Lightweight Torpedoes
By Launch Platform
Air-Launched
Surface-Launched
Underwater-Launched
By Propulsion
Electric Propulsion
Conventional Propulsion
By Geography
North America (Weight, Launch Platform, Propulsion, and Country)
U.S. (Launch Platform)
Canada (Launch Platform)
Europe (Weight, Launch Platform, Propulsion, and Country)
U.K. (Launch Platform)
Germany (Launch Platform)
France (Launch Platform)
Russia (Launch Platform)
Rest of Europe (Launch Platform)
Asia Pacific (Weight, Launch Platform, Propulsion, and Country)
Japan (Launch Platform)
China (Launch Platform)
India (Launch Platform)
Rest of Asia Pacific (Launch Platform)
Rest of the World (Weight, Launch Platform, Propulsion, and Country)
Latin America (Launch Platform)
Middle East & Africa (Launch Platform)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments –Mergers, Acquisitions and Partnerships
- 4.2. Latest technological Advancements
- 4.3. Porters Five Forces Analysis
- 4.4. Supply Chain Analysis
- 5. Qualitative Insights
- 5.1. Impact of COVID-19 on the Torpedo Market
- 5.2. Supply Chain Challenges
- 5.3. Steps Taken by the Industry/Government/Companies to Overcome the Impact
- 5.4. Key Developments in the Industry in Response to COVID-19
- 5.5. Potential Opportunities due to COVID-19 Outbreak
- 6. Global Torpedo Market Analysis, Insights and Forecast, 2018-2029
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Weight
- 6.2.1. Heavyweight Torpedoes
- 6.2.2. Lightweight Torpedoes
- 6.3. Market Analysis, Insights and Forecast – By Launch Platform
- 6.3.1. Air-launched
- 6.3.2. Surface-Launched
- 6.3.3. Underwater-Launched
- 6.4. Market Analysis, Insights and Forecast – By Propulsion
- 6.4.1. Electric Propulsion
- 6.4.2. Conventional Propulsion
- 6.5. Market Analysis, Insights and Forecast – By Region
- 6.5.1. North America
- 6.5.2. Europe
- 6.5.3. Asia Pacific
- 6.5.4. Rest of the world
- 7. North America Torpedo Market Analysis, Insights and Forecast, 2018-2029
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Weight
- 7.2.1. Heavyweight Torpedoes
- 7.2.2. Lightweight Torpedoes
- 7.3. Market Analysis, Insights and Forecast – By Launch Platform
- 7.3.1. Air-launched
- 7.3.2. Surface-Launched
- 7.3.3. Underwater-Launched
- 7.4. Market Analysis, Insights and Forecast – By Propulsion
- 7.4.1. Electric Propulsion
- 7.4.2. Conventional Propulsion
- 7.5. Market Analysis – By Country
- 7.5.1. The U.S.
- 7.5.2. Canada
- 8. Europe Torpedo Market Analysis, Insights and Forecast, 2018-2029
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Weight
- 8.2.1. Heavyweight Torpedoes
- 8.2.2. Lightweight Torpedoes
- 8.3. Market Analysis, Insights and Forecast – By Launch Platform
- 8.3.1. Air-launched
- 8.3.2. Surface-Launched
- 8.3.3. Underwater-Launched
- 8.4. Market Analysis, Insights and Forecast – By Propulsion
- 8.4.1. Electric Propulsion
- 8.4.2. Conventional Propulsion
- 8.5. Market Analysis – By Country
- 8.5.1. The U.K.
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Russia
- 8.5.5. Rest of Europe
- 9. Asia pacific Torpedo Market Analysis, Insights and Forecast, 2018-2029
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Weight
- 9.2.1. Heavyweight Torpedoes
- 9.2.2. Lightweight Torpedoes
- 9.3. Market Analysis, Insights and Forecast – By Launch Platform
- 9.3.1. Air-launched
- 9.3.2. Surface-Launched
- 9.3.3. Underwater-Launched
- 9.4. Market Analysis, Insights and Forecast – By Propulsion
- 9.4.1. Electric Propulsion
- 9.4.2. Conventional Propulsion
- 9.5. Market Analysis – By Country
- 9.5.1. Japan
- 9.5.2. China
- 9.5.3. India
- 9.5.4. Rest of Asia Pacific
- 10. Rest of the world Torpedo Market Analysis, Insights and Forecast, 2018-2029
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Weight
- 10.2.1. Heavyweight Torpedoes
- 10.2.2. Lightweight Torpedoes
- 10.3. Market Analysis, Insights and Forecast – By Launch Platform
- 10.3.1. Air-launched
- 10.3.2. Surface-Launched
- 10.3.3. Underwater-Launched
- 10.4. Market Analysis, Insights and Forecast – By Propulsion
- 10.4.1. Electric Propulsion
- 10.4.2. Conventional Propulsion
- 10.5. Market Analysis – By Sub-Region
- 10.5.1. Latin America
- 10.5.2. The Middle East and Africa
- 11. Competitive Analysis
- 11.1. Key Industry Developments
- 11.2. Global Market Share Analysis (2021)
- 11.3. Competition Dashboard
- 11.4. Comparative Analysis – Major Players
- 11.5. Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 11.5.1. ASELSAN AS
- 11.5.1.1. Overview,
- 11.5.1.2. Products & services,
- 11.5.1.3. SWOT analysis,
- 11.5.1.4. Recent developments,
- 11.5.1.5. strategies,
- 11.5.1.6. financials (based on availability)
- 11.5.2. Atlas Elektronik GmbH
- 11.5.2.1. Overview,
- 11.5.2.2. Products & services,
- 11.5.2.3. SWOT analysis,
- 11.5.2.4. Recent developments,
- 11.5.2.5. strategies,
- 11.5.2.6. financials (based on availability)
- 11.5.3. BAE Systems PLC
- 11.5.3.1. Overview,
- 11.5.3.2. Products & services,
- 11.5.3.3. SWOT analysis,
- 11.5.3.4. Recent developments,
- 11.5.3.5. strategies,
- 11.5.3.6. financials (based on availability)
- 11.5.4. Bharat Dynamics Limited
- 11.5.4.1. Overview,
- 11.5.4.2. Products & services,
- 11.5.4.3. SWOT analysis,
- 11.5.4.4. Recent developments,
- 11.5.4.5. strategies,
- 11.5.4.6. financials (based on availability)
- 11.5.5. Honeywell International Inc.
- 11.5.5.1. Overview,
- 11.5.5.2. Products & services,
- 11.5.5.3. SWOT analysis,
- 11.5.5.4. Recent developments,
- 11.5.5.5. strategies,
- 11.5.5.6. financials (based on availability)
- 11.5.6. Leonardo S.P.A.
- 11.5.6.1. Overview,
- 11.5.6.2. Products & services,
- 11.5.6.3. SWOT analysis,
- 11.5.6.4. Recent developments,
- 11.5.6.5. strategies,
- 11.5.6.6. financials (based on availability)
- 11.5.7. Lockheed Martin Corporation
- 11.5.7.1. Overview,
- 11.5.7.2. Products & services,
- 11.5.7.3. SWOT analysis,
- 11.5.7.4. Recent developments,
- 11.5.7.5. strategies,
- 11.5.7.6. financials (based on availability)
- 11.5.8. Naval Group
- 11.5.8.1. Overview,
- 11.5.8.2. Products & services,
- 11.5.8.3. SWOT analysis,
- 11.5.8.4. Recent developments,
- 11.5.8.5. strategies,
- 11.5.8.6. financials (based on availability)
- 11.5.9. Northrop Grumman Corporation
- 11.5.9.1. Overview,
- 11.5.9.2. Products & services,
- 11.5.9.3. SWOT analysis,
- 11.5.9.4. Recent developments,
- 11.5.9.5. strategies,
- 11.5.9.6. financials (based on availability)
- 11.5.10. Raytheon Technologies Corporation
- 11.5.10.1. Overview,
- 11.5.10.2. Products & services,
- 11.5.10.3. SWOT analysis,
- 11.5.10.4. Recent developments,
- 11.5.10.5. strategies,
- 11.5.10.6. financials (based on availability)
- 11.5.11. Rosoboronexport
- 11.5.11.1. Overview,
- 11.5.11.2. Products & services,
- 11.5.11.3. SWOT analysis,
- 11.5.11.4. Recent developments,
- 11.5.11.5. strategies,
- 11.5.11.6. financials (based on availability)
- 11.5.12. Saab AB
- 11.5.12.1. Overview,
- 11.5.12.2. Products & services,
- 11.5.12.3. SWOT analysis,
- 11.5.12.4. Recent developments,
- 11.5.12.5. strategies,
- 11.5.12.6. financials (based on availability)
- 11.5.13. Sechan Electronics Inc.
- 11.5.13.1. Overview,
- 11.5.13.2. Products & services,
- 11.5.13.3. SWOT analysis,
- 11.5.13.4. Recent developments,
- 11.5.13.5. strategies,
- 11.5.13.6. financials (based on availability)
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