Torpedo

Torpedo

Global Torpedo Market to Reach US$1.4 Billion by 2030

The global market for Torpedo estimated at US$1.2 Billion in the year 2023, is expected to reach US$1.4 Billion by 2030, growing at a CAGR of 2.5% over the analysis period 2023-2030. Surface-Based Platform, one of the segments analyzed in the report, is expected to record a 2.7% CAGR and reach US$983.7 Million by the end of the analysis period. Growth in the Underwater Platform segment is estimated at 2.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$330.0 Million While China is Forecast to Grow at 5.1% CAGR

The Torpedo market in the U.S. is estimated at US$330.0 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$287.9 Million by the year 2030 trailing a CAGR of 5.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.7% and 1.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.3% CAGR.

Torpedo - Key Trends and Drivers

A modern torpedo is an advanced underwater weapon designed for launch from above or below the water`s surface. It propels itself towards a target, carrying an explosive warhead that detonates upon impact or when in close proximity to the target, causing substantial damage or destruction. Historically known as automotive or fish torpedoes, the term has been used since around 1900 to specifically refer to self-propelled underwater explosive devices. These torpedoes have significantly influenced naval warfare by enabling smaller vessels, submarines, and aircraft to effectively engage and destroy large ships without relying solely on large-caliber guns, thus revolutionizing maritime combat tactics.

The expansion of the torpedo market is driven by several key factors, including increased military spending due to geopolitical tensions and the rising threat of terrorism. Countries are investing heavily in advanced weapons systems to enhance their naval capabilities, leading to a surge in demand for torpedoes. Territorial disputes over maritime borders, such as those in the South China Sea, have further prompted the acquisition of naval ships, submarines, and unmanned sea systems, thereby accelerating torpedo demand. Additionally, the growing trend of equipping torpedoes with nuclear warheads represents a significant investment focus for many nations, highlighting the importance of torpedoes in contemporary naval defense strategies.

Several important trends are influencing the torpedo market, driven by technological advancements and evolving defense priorities. Enhanced sensors and communication systems are being integrated into torpedoes, improving their target detection and tracking capabilities. Innovations have resulted in torpedoes with greater speed, precision, and stealth, making them more effective in diverse combat scenarios. The market is also witnessing significant investments in research and development, leading to the creation of lightweight and smart torpedoes that can be deployed from various platforms, including submarines, surface vessels, and aircraft. Moreover, geopolitical tensions and regional conflicts have led countries to strengthen their naval forces, boosting demand for modern torpedoes. Regions such as North America, Europe, and Asia Pacific are experiencing significant growth in the torpedo market due to their substantial defense spending and ongoing modernization efforts. Overall, the torpedo market is expected to continue growing, driven by technological innovations, increased defense budgets, and the strategic necessity for advanced naval defense capabilities.

Select Competitors (Total 61 Featured) -

• Aselsan A.S.
• Atlas Elektronik GmbH
• BAE Systems PLC
• Bharat Dynamics Limited
• FINCANTIERI SpA
• General Dynamics Corporation
• Lockheed Martin Corporation
• Mitsubishi Heavy Industries Ltd.
• Naval Group
• Northrop Grumman Corporation
• Rafael Advanced Defense Systems Ltd.
• Raytheon Technologies Corporation
• SAAB AB
• Thales Group

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