Torpedo Market Share, Size, Trends, Industry Analysis Report, By Product (Acoustic Homing Torpedo and Wake Homing Torpedo); By Weight Type; By Application; By Region; Segment Forecast, 2023 - 2032

Torpedo Market Share, Size, Trends, Industry Analysis Report, By Product (Acoustic Homing Torpedo and Wake Homing Torpedo); By Weight Type; By Application; By Region; Segment Forecast, 2023 - 2032

The global torpedmarket size is expected treach USD 1,641.68 million by 2032, according ta new study by Polaris Market Research. The report “TorpedMarket Share, Size, Trends, Industry Analysis Report, By Product (Acoustic Homing Torpedand Wake Homing Torpedo); By Weight Type; By Application (; By Region; Segment Forecast, 2023-2032” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.

Torpedoes are the most lethal underwater weapons widely used in submarines. The increase in ongoing disputes among countries such as Russia and Ukraine, China and India, China, Taiwan, and others has driven the growth of the torpedmarket. The government of both developed and developing economies are investing in making strong submarine and navy forces. This factor is anticipated tenhance the overall demand for torpedoes in the coming years. AI-integrated smart and lightweight torpedoes are in high demand due ttheir cost-effectiveness and quick detection ability has improved the performance of torpedoes.

For instance, the Russian Navy has alsdeveloped a nuclear-enabled torpedo. The rest of the globe is expected twitness a high growth rate in the coming years. Rising maritime border conflicts in the South China Sea & anti-piracy operations. Besides, Brazil alsdeveloping new submarines is key development which led ta rise in the potential sales of the torpedmarket during the forecast period.

Factors such as the upgradation of AI and IoT technologies in torpedhave escalated the torpedmarket. Furthermore, defense organizations are focusing on strengthening advanced weapon solutions for submarine sectors. For instance, according tdata revealed by Fortune India in December 2022, India's defense budget for 2022-23 was USD 70.6 Bn, & around 24% was allocated for weapons and equipment for modernization. This factor is projected tdrive the torpedmarket during the forecast period.

Moreover, the marine conflicts & disruptions in maritime trade activity have contributed tan increase in the adoption of anti-submarine weapons, mainly torpedoes. In addition, AI-integrated and lightweight torpedoes are best suited in anti-submarine warfare due ttheir cost-effectiveness and efficiency have driven the market. These factors are enhancing the potential sales of the torpedmarket, thus, offering the most lucrative opportunities for the future.

TorpedMarket Report Highlights

Wake homing type segment is anticipated thold largest revenue share over the forecast period, owing tthe growing economy and demographic growth are the major key market trend for enhancing the defense industry.

Lightweight type segment accounted for largest revenue share which is accelerated by the emerging trends of adopting lightweight torpedduring the wars and anti-submarine activities.

Naval vessel segment is held substantial share over the study period due tthe strong navy forces and government support and high spending on R&D activities have fuel the market growth.

North America is expected tgrow at a significant CAGR over the projected period. This is primarily due tpresence of key companies in the region.

The global players Aselsan, Atlas Elektronik, BAE Systems, Bharat Dynamics, Honeywell International, Leonardo, Lockheed Martin, and Naval Group.

Polaris Market Research has segmented the torpedmarket report based on product type, weight type, application, and region:

Torpedo, Product Type Outlook (Revenue - USD Million, 2019 - 2032)

Acoustic Homing Torpedo

Wake Homing TorpedInternational

Torpedo, Weight Type Outlook (Revenue - USD Million, 2019 - 2032)

Heavy weight

Lightweight

Torpedo, Application Outlook (Revenue - USD Million, 2019 - 2032)

Naval Vessel launched torpedo

Aerial platform-Launched Torpedo

Torpedo, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa