Torpedo Market Is Expected to Rise at a CAGR of 4.5% During 2021-2028
According to Vantage Market Research, the Global Torpedo Market was valued at USD 891 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.5% between 2021 to 2028. An underwater self-propelled missile or weapon that is designed with an explosive warhead that is used to blow from a submarine or a ship. Torpedoes contains devices that are useful for depth and direction control, the signals are reciprocated from external sources or changed in accordance to the pre-planned strategies.
Increasing Production Of Light Weight Torpedoes To Spur The Market Growth
The major factors contributing to the growth of torpedoes market is due to the increasing production of light weight torpedoes, these are useful as they can be taken on an aircraft or on warship in a greater number. The light weight torpedoes are then released at the target site from the aircraft, as these are released at or near the target site the overall cost is reduced and it minimizes the need for accurate navigation systems. Moreover, torpedoes play important role air forces and naval forces. The advancements and improvements in the underwater warfare technology is another reason for growth in the torpedoes market. Furthermore, the rising defense budget and growing border conflicts adds to the market growth.
Whereas the major factor that is obstructing the market growth for torpedoes is because the submarine manufacturers are more focused towards the improving ballistic missile protected submarines and hence, the growth of ballistic missile protected submarines is obstructing market growth as it is not afflicted by the torpedoes.
The torpedo market in segmented on the basis of product type and application. On the basis of product type, the market is bifurcated into heavyweight torpedoes and lightweight torpedoes. On the basis of applications, the market is segmented into air-launched, surfaced launched and underwater launched torpedoes.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to growing government initiatives and investments and because the U.S. procured advanced naval systems.
Some of the major players operating in the global torpedo market include ASELSAN AS, Atlas Elektronik GmbH, BAE Systems, Honeywell International Inc., Leonardo, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport, Leonardo-Finmeccanica, BAE Systems, and among others.