Torpedo Market to Reach USD 1,025 Million by 2028

According to analysts at Vantage Market Research, the Torpedo market is expected to reach USD 1,025 Million by 2028, growing at a CAGR of 4.5% between 2021 and 2028. The rising use of submarines and increasing tensions between nations are rising the demand for torpedos in the market.

Key Findings

• The heavy-weight torpedo segment is projected to expand over 3.6% CAGR over the forecast period. Heavyweight torpedo gives navies an incomparable tactical benefit overall danger. Taking advantage of a range of advances and innovations in torpedo technology, the primary battery offers both extended range and high maximum speed. Completely digitalized technologies end in improved overall performance and enhanced signal processing.
• The underwater launched segment held a market share of more than 36.1% in 2020, owing to the growth of nuclear submarines and rising investments in nuclear submarines.
• Asia Pacific is expected to expand at a CAGR of over 5.4% between 2021 and 2028 owing to rapid development in military expenses owing to ongoing border tensions and geopolitical issues. The nations like India, China, and others are investing in the development of their naval fleet which is existing by procurement of submarines and new warships and replacing older naval vessels.

Some of the key players in the Torpedo market are ASELSAN AS, Atlas Elektronik GmbH, BAE Systems, Honeywell International Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport, Saab AB, Raytheon, Atlas Elektronik, among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.

Violence and conflict are currently on the surge, with much warfare today between non-state factors such as criminal, political militias, and international groups of terrorists. Unsettled regional conflicts, co-opted or absent state institutions, a disruption in the rule of law, illegitimate economic boost, and the deficiency of resources infuriated by climate change, are some factors driving conflicts among nations which is also driving the torpedo market. The increasing defense budgets in leading economies, for instance, the U.S., China, and India have led to a rise in the adoption of torpedoes which are advanced and with improved propulsion technology and guided systems. A substantial amount from the defense budget has been assigned for the development and modernization of naval solutions. This has also further increased the obtainment of new naval vessels such as destroyers, submarines, and frigates to protect marine borders. This determinant will also drive the demand for the torpedoes market globally.

Asia Pacific is poised to record a substantial CAGR, owing to increasing focus on developing naval force capabilities in nations such as China and India. Furthermore, investments in naval vessels by the government in the Asia Pacific are propelling the torpedo market.