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Torpedo Market

Torpedo Market

Torpedo Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:


Base Year:



Aug - 2023



Report Code:


Segments Covered
  • By Product By Product Heavyweight Torpedoes , Lightweight Torpedoes
  • By Launched platform By Launched platform Air-launched , Surfaced-launched , Underwater-launched
  • By  Propulsion By Propulsion Electric Propulsion, Conventional Propulsion
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 936 Million
Revenue 2030Revenue 2030: USD 1454 Million
Revenue CAGRRevenue CAGR (2023 - 2030): 5.6%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Europe
Largest Region Largest Region (2022): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Torpedo Market Share

The global Torpedo Market is valued at USD 936 Million in 2022 and is projected to reach a value of USD 1454 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 5.6% between 2023 and 2030.

Premium Insights

Defense groups strategically allocate higher funds for research and development efforts to produce superior naval weaponry options. According to the defense ministry, this significant increase will fund a multifaceted transformation that will include acquiring new platforms, establishing operational and strategic infrastructure, closing critical capability gaps, and developing a forward-thinking maritime force. For instance, in 2022, India’s Defense Ministry increased its budget by 10% to strengthen its defense capabilities. The Indian Navy emerged as the primary beneficiary of this surge, with a 44.53% increase in its F.Y. 2022-23 capital budget.

The robotic torpedo-carrying vessel can identify and destroy enemy submarines in remote waters and Arctic latitudes. The motorized boat will be able to function autonomously and be controlled remotely by pilots from the most advanced facility or a ship transporting these drones. The boat is believed to have a top speed of more than 35 kilometers per hour, the ability to operate without refueling for up to three days, and two electric torpedoes. For instance, In January 2022, the Russian military industry announced that they were developing a 14m-long robotic vehicle for the Russian Navy to augment and enhance its anti-submarine warfare (ASW) capabilities.

The coronavirus outbreak has had a temporary effect on defense businesses around the world. The interruption in the supply chain management of torpedo manufacturers and suppliers significantly influenced European market growth. Financial crises have struck both large and small market participants. As a result, they have opted to postpone operational activities to absorb financial losses and limit the coronavirus spread. As a result of the interrupted supply chain, supplies were considerably delayed. For instance, replacing several torpedoes from the Naval Group of France was delayed because of the COVID-19 pandemic.

Torpedo Market Size, 2022 To 2030 (USD Million)

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Key Highlights

  • Asia Pacific generated more than 40.30% of revenue share in 2022
  • Europe is expected to grow at the fastest rate from 2023 to 2030
  • Based on type, the Heavyweight torpedo segment contributed a significant revenue share in 2022
  • Based on launched platform, the Surfaced-launched part recorded the most important market share in 2022
  • Based on propulsion, Electric Propulsion led the market during 2022

Economic Insights

Developing countries’ governments focus on developing naval assets such as navy ships, submarines, and torpedo-equipped maritime helicopters. This proactive approach includes testing emerging capabilities that improve maritime defense and spur market growth. For instance, India's Defense Research and Development Organization (DRDO) triumphed in December 2021, and the Supersonic Missile Assisted Torpedo System (SMAT) was successfully launched from Abdul Kalam Island. , demonstrating its full proposed range and amplifying anti-submarine warfare capability. A parallel tendency may be seen in leading nations such as the United States, India, and China, where rising defense spending has prompted the introduction of improved torpedoes with superior guidance systems. The consequences of Russia's intrusion into Ukraine have rippled throughout businesses, disrupting supply chains in the defense and commercial aviation industries and redefining geopolitical dynamics. Poland, which borders Ukraine, Belarus, and Russia, is grappling with the security consequences of this changing landscape, which is influencing the modernization trajectory of the Polish Armed Forces (PAF). As a result, the PAF has made significant military improvements, as seen by the Ambitious Technical Modernization Plan (TMP) 2021-35, which includes many modernization schemes.

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Top Market Trends

  • Advancements in Technology: Torpedo technology has advanced with improved propulsion systems, guidance systems, stealth capabilities, and target identification technologies. Torpedoes have become more efficient and effective as materials science and miniaturization have advanced.
  • Naval Modernization and Upgrades: Many governments invested in naval fleet modernization, including torpedo upgrades or replacements. The necessity to maintain a solid marine presence, preserve territorial waterways, and respond to new security problems drove this development.
  • Underwater Autonomous Systems: The integration of autonomous and unmanned systems in naval operations, including torpedoes, has grown. Uncrewed underwater vehicles (UUVs) with torpedo-like capabilities were being developed for mine detection, surveillance, and intelligence-gathering missions.
  • Anti-Submarine Warfare (ASW) Concentration: Torpedoes are essential in anti-submarine warfare, and there has been a continual emphasis on improving ASW capabilities to counter future submarine threats. Torpedo detection, classification, and engagement were all improved.

Market Segmentation

The Global Torpedo market can be categorized into Type, Launched platform, Propulsion, and Region.

The market is segmented based on type into Heavyweight Torpedoes and Lightweight Torpedoes. Based on the launched platform, the torpedo market has been segmented into Air-launched, Surfaced-launched, and Underwater-launched. Based on propulsion, the market is bifurcated into Electric Propulsion, Conventional Propulsion. Likewise, the market is segmented based on region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

Heavyweight Torpedoes hold the largest share

Based on type, heavyweight torpedoes dominate the industry. Heavyweight torpedoes have a more excellent range and are more potent than lightweight torpedoes, making them perfect for hitting large ships and submarines—it also increased demand for heavyweight torpedoes from naval forces worldwide. Furthermore, developing new technology, like improved guidance systems and warheads, has raised the need for heavyweight torpedoes.

Based on the Launched Platform

Surfaced-launched will dominate the market during Forecast Period

The surfaced-launched segment is expected to dominate the market during the forecast period. This is owing to increased demand from naval forces worldwide for surface-launched torpedoes. Surface-launched torpedoes are more adaptable than other types because they may be fired from various platforms, including ships, planes, and shore-based launchers. Furthermore, surface-launched torpedoes are less expensive than different types, making them a more appealing alternative for many navies.

Based on propulsion

Electric Propulsion will lead the market

The electric propulsion category will lead the market during the projected period. This is because the demand for electric ships is increasing. The electric propulsion systems consist of an electric motor and a battery. That supply energy to the torpedo, allowing it to move quickly. Electric propulsion provides higher thrust, lower vibrations, and faster speeds. These benefits of the electric propulsion system will contribute to increased product demand in the coming years.

Based on Region

Asia Pacific will lead the market

The Asia Pacific region is emerged as the leading revenue generator in the torpedo market, mainly owing to rising demand from the region's developing naval forces, exemplified by countries such as China, India, and Japan. The spike in spending aimed at improving naval capabilities has aided in fueling this demand for torpedoes. Furthermore, the existence of significant torpedo manufacturers, such as China Shipbuilding Industry Corporation (CSIC) and Bharat Dynamics Limited (BDL), has contributed significantly to the region's market supremacy. Several factors contribute to this phenomenon, including increased naval spending due to rising regional tensions and the pursuit of cutting-edge technologies, such as advanced guidance systems and warheads that improve torpedo precision and potency, making them more appealing to regional naval entities.

Competitive Landscape

The global Torpedo market is fragmented, with established players and large technology companies that have made significant strides in defense, manufacturers, suppliers, and defense contractors from different countries, each contributing to the overall supply and demand for torpedoes. Several notable players and defense businesses control a large amount of the market. These firms frequently have significant resources, cutting-edge technology, and established contracts with various naval forces worldwide. For instance, Damen Naval contracted Lockheed Martin in February 2022 for the MK41 vertical launching system to assist the F126 program. Lockheed Martin will substantially support the production of new German Navy frigates in this manner. The first ship is scheduled to arrive in the German Navy in 2030.

The players in the global Torpedo market include Atlas Elektronik GmbH (Germany), BAE Systems PLC (U.K.), Lockheed Martin Corporation (U.S.), Naval Group (France), Northrop Grumman Corporation (U.S.), Raytheon Technologies Corporation (U.S.), Saab AB (Sweden), Sechan Electronics Inc. (U.S.), Bharat Dynamics Limited (India), Honeywell International Inc. (U.S.), Leonardo S.P.A. (Italy) among others.

Recent Market Developments

  • June 2023: The Indian Navy tested the indigenously built Varunastra, a ship-launched anti-submarine heavyweight torpedo (H.T.). The Varunastra HWT is an electrically powered torpedo that can operate against submarines and ships.
  • April 2023: After Deadly Sea Drones, Ukraine released its 'Loitering Torpedo' with a logo underneath the weapon's label mentioning 'Bravel, a new defense manufacturing and technology program sponsored by the Ukrainian government.
  • April 2023: Russia's TASS state news agency reported that the Pacific Fleet was pressing forward with preparations to deploy a new division of submarines specifically built to fire an intercontinental-range nuclear drone-torpedo named Poseidon, which could be used to strike coastal cities.

Segmentation of the Global Torpedo Market

Parameter Details
Segments Covered

By Product

  • Heavyweight Torpedoes
  • Lightweight Torpedoes

By Launched platform

  • Air-launched
  • Surfaced-launched
  • Underwater-launched

By Propulsion

  • Electric Propulsion
  • Conventional Propulsion

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Atlas Elektronik GmbH (Germany)
  • BAE Systems PLC (U.K.)
  • Lockheed Martin Corporation (U.S.)
  • Naval Group (France)
  • Northrop Grumman Corporation (U.S.)
  • Raytheon Technologies Corporation (U.S.)
  • Saab AB (Sweden)
  • Sechan Electronics Inc. (U.S.)
  • Bharat Dynamics Limited (India)
  • Honeywell International Inc. (U.S.)
  • Leonardo S.P.A. (Italy)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Frequently Asked Question
  • The global Torpedo valued at USD 936 Million in 2022 and is expected to reach USD 1454 Million in 2030 growing at a CAGR of 5.6%.

  • The prominent players in the market are Atlas Elektronik GmbH (Germany), BAE Systems PLC (U.K.), Lockheed Martin Corporation (U.S.), Naval Group (France), Northrop Grumman Corporation (U.S.), Raytheon Technologies Corporation (U.S.), Saab AB (Sweden), Sechan Electronics Inc. (U.S.), Bharat Dynamics Limited (India), Honeywell International Inc. (U.S.), Leonardo S.P.A. (Italy) .

  • The market is project to grow at a CAGR of 5.6% between 2023 and 2030.

  • The driving factors of the Torpedo include

    • Increasing Naval Vessel Procurement as a result of an increasing Defense Budget to stimulate market growth

  • Asia Pacific was the leading regional segment of the Torpedo in 2022.