Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Torpedo Market size was valued at USD 1.11 billion in 2024 and is expected to reach USD 2.31 billion by 2037, registering around 5.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of torpedo is evaluated at USD 1.16 billion.
Increasing investments in underwater warfare equipment and growing conflicts among countries along with the emergence of advanced technologies in marine war capabilities are some of the significant factors boosting the market growth.
Torpedo Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Military Expenditure and Growing Disputes Among Countries to Boost the Market Growth
There is a significant rise in the global military spending to enhance defense capabilities and procurement of marine vessels owing to the increase in the maritime border disputes among the countries and continuing tensions over territorial conflicts. According to data released by Stockholm International Peace Research Institute (SIPRI), world military expenditure is estimated to have been $1822 billion in 2018, 2.6 per cent higher in than in 2017. Furthermore, the increasing threat of terrorism and growing security concerns have led the countries to focus on development of naval ships and submarines combat systems. These factors are propelling the growth of the torpedo market.
- Technological Advancements in Marine Warfare and Naval Vessels to Drive the Market Growth
Since the requirement of naval ships and submarines is growing globally, there has been intense focus on developing torpedo and integrating submarines to safeguard maritime interests and strengthen naval fleet. Further, it has now become possible to precisely navigate the enemy by expanding the range and increasing the mobility with the advent of new hybrid torpedo which possess self-guided and self-propelled characteristics. On the back of these factors, the global torpedo market is predicted to grow over the forecast period.
Challenges
- Presence of Alternative Missiles on Submarines to Hamper the Market Growth
Despite the advanced developments in torpedo, few submarine manufacturers are putting a lot of emphasis on development of ballistic protected submarines which may negatively affect the market growth. Additionally, the control of these warfare is sometimes not possible owing to the complex process of detecting direction and speed during launching of torpedo. This is estimated to hinder the growth of torpedo market in the future.
Torpedo Market: Key Insights
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.8% |
|
Base Year Market Size (2024) |
USD 1.11 billion |
|
Forecast Year Market Size (2037) |
USD 2.31 billion |
|
Regional Scope |
|
Torpedo Segmentation
The torpedo market is segmented by launch platforms into aerial, naval and land. Among these segments, the segment for naval is anticipated to hold the leading share in the market on account of the development of new unmanned underwater vessels as well as the ability of this platform to carry heavy weight torpedoes.
Our in-depth analysis of the global market includes the following segments:
|
By Product Type |
|
|
By Launch Platforms |
|
|
By Propulsion |
|
|
By Operation |
|
Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Torpedo Industry - Regional Synopsis
On the basis of regional analysis, the torpedo market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America industry is estimated to dominate majority revenue share by 2037,, as development of innovative technologies as well as huge investments in naval procurements combined with the growing emphasis on developing ship combat systems are met in the region. which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of significant rise in the military expenditures in recent years. Additionally, China has developed a large number of submarines and naval ships on account of prevailing tensions in the south China sea. Moreover, owing to the protection and security from the enemies, many countries, especially China, India and South Korea has been investing massively in empowerment of its naval forces which further raise the demand for torpedo.
Companies Dominating the Torpedo Landscape
- Lockheed Martin Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Leonardo S.p.A
- Raytheon Technologies Corporation
- Rosoboronexport
- Saab AB
- BAE Systems
- Bharat Dynamics Ltd.
- Atlas Elektronik GmbH
Author Credits: Dhruv Bhatia
- Report ID: 2625
- Published Date: Dec 23, 2024
- Report Format: PDF, PPT
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