Torpedo Market, By Type (Heavyweight Torpedoes, Lightweight Torpedoes), By Propulsion (Thermal Propulsion, Electric Propulsion), By Guidance System, By Launch Platform, By Applications & Forecast, 2024 – 2032

Torpedo Market, By Type (Heavyweight Torpedoes, Lightweight Torpedoes), By Propulsion (Thermal Propulsion, Electric Propulsion), By Guidance System, By Launch Platform, By Applications & Forecast, 2024 – 2032

Torpedo Market size will record over 5% CAGR between 2024 and 2032, driven by the rapid enhancements in propulsion technologies, including electric and hybrid propulsion to offer increased speed and reduced noise. For instance, in September 2022, The Indian Space Research Organization (ISRO) successfully illustrated a hybrid propulsion system that deploys a solid fuel and liquid oxidizer. Of late, there has been a strong focus on developing torpedoes capable of autonomous decision-making and target acquisition. The increasing integration of AI for improved target recognition, adaptive behavior, and optimized attack strategies will also favor the market growth.

The torpedo industry is segmented into type, propulsion, guidance system, launch platform, application, and region.

By type, the industry value from the lightweight torpedoes segment will witness lucrative growth through 2032, as they are easier to handle and transport whilst offering quicker deployment and reloading, which is crucial in fast-paced combat scenarios. With the proliferation of smaller, quieter submarines, the need for lightweight torpedoes specifically designed for anti-submarine warfare is surging. Advances in propulsion, guidance, and warhead technology are also enhancing the effectiveness of lightweight torpedoes, making them a viable option for a vast range of missions.

Based on launch platform, the torpedo market size from the submarines segment will record significant expansion from 2024 to 2032. Submarine-launched torpedoes complement the naval forces by providing a potent and mobile strike capability that can operate independently or as part of a larger strategy. These torpedoes can also be used against a wide range of targets, including surface ships, other submarines, and static underwater targets.

Regionally, the Europe torpedo industry value may witness substantial CAGR through 2032. This can be attributed to the ongoing efforts to enhance the capabilities and effectiveness of torpedoes in modern naval warfare and defense strategies. With the presence of a robust naval industry and rapid technological advancements, the development of autonomous torpedoes capable of independent decision-making and target acquisition is significantly growing in the region.