Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSMay 2016: Lockheed Martin to provide the U.S. Navy the latest advancements in sonar systems for guidance and control systems for the MK 48 Mod 7 torpedo, which will equip the heavyweight torpedoes with increased bandwidth, streamlined targeting and tracking capabilities, and provision of advanced counter-measure capabilities.
June 2018: Leonardo announced to provide the Italian navy Black Shark Advanced (BSA) torpedoes and associated logistic support services to equip the U212A 2nd series submarines. The deal is anticipated to significantly increase the anti-submarine warfare capability of the navy.
Introduction to Torpedo
A torpedo is an underwater weapon system used in marine warfare, designed to detonate either on contact with the target or in its vicinity. Torpedo are one among the most destructive underwater weapons. The torpedo can simultaneously track several targets, including in a sonar countermeasure environment, and can be used in a wide envelope of depths like shallow waters. Advanced torpedo delivers high performance with key characteristics such as reliability and supportability, interoperability and enhanced acoustic processing. It can be launched from a variety of platforms such as submarines or warships, and sometimes from aircrafts or helicopters. They are self-propelled and self-guided weapons which are installed on naval vessels, anti-submarine warfare helicopters, and submarines. Modern torpedo can also carry nuclear warheads.
Market Size and Forecast
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. The torpedo market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The 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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
Restraints
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.
Market Segmentation
Our in-depth analysis of the torpedo market includes the following segments:
By Product Type
By Launch Platforms
By Propulsion
By Operation
By Region
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.
The market for torpedo in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market torpedo. Moreover, 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 this 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.
The torpedo market is further classified on the basis of region as follows:
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