Torpedo Market Share, Size, Trends, Industry Analysis Report, By Product (Acoustic Homing Torpedo and Wake Homing Torpedo); By Weight Type; By Application; By Region; Segment Forecast, 2023 - 2032
- Published Date:Apr-2023
- Pages: 119
- Format: PDF
- Report ID: PM3186
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global torpedo market was valued at USD 993.57 million in 2022 and is expected to grow at a CAGR of 5.2% during the forecast period. Torpedos possess high-speed, long-range, lethality, and low detectability offering effective attack over other naval weapons. In addition, the surge in demand for the lightweight torpedo from aircraft in large quantities for warships is expected to drive the market. In addition, the rise in the modernization events in the navy industry has become one of the key drivers responsible for the growth of self-guided torpedoes during the forecast period.
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The shutdown of several manufacturing units and the imposition of strict lockdown disturbed the supply chain and logistics activity. In addition, the decrease in sales and demand for the passenger air transport industry during the pandemic concerned market revenue. For instance, according to a report published by IFC, the airport closures led to a 22.9% drop in global air traffic..
Industry Dynamics
Growth Drivers
Ongoing war due to broader disputes, which in turn increased the demand for torpedoes. This may be anticipated to enhance the market growth in the coming years. Furthermore, China and India and China and Taiwan have raised their military budget. For instance, according to an article published by Business Leader Insider in June 2020, India currently has 150 nuclear warheads & China’s has doubled to 320 warheads. This factor is expected to drive the market for torpedo during the forecast period.
In recent year advancement in torpedo technology, the adoption of AI, and the launch of robotics torpedo have enhanced the overall performance of the torpedo market during the forecast period. For instance, on January 2022, the Russian Navy launched a new+ robotic torpedo vessel for ASW and carrying submarine hunter. This event is driving the torpedo’s market value across the globe.
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Report Segmentation
The market is primarily segmented based on product type, weight type, application, and region.
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By Product Type |
By Weight Type |
By Application |
By Region |
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Wake homing torpedo type segment is expected to witness largest revenue share growth in 2022
In 2022, wake homing torpedo is projected to garner the largest revenue share over the study period. The economy and demographic growth are the key market trends for enhancing the defense industry. Furthermore, the wake-homing torpedo is a guidance technique.
It follows a zig-zag course to keep itself in motion while moving forward, and it uses high-frequency and upward-looking sonar to detect the ship's wake. Type 53-65 is the 1st mass-produced Soviet torpedo in use with some operators of the Soviet Kilo-class submarines in Asian countries.
Furthermore, the rise in maritime threats, illegal activities, sea-based terrorism, and escalating maritime disputes between countries led to increased investments to strengthen the naval capabilities where wake homing torpedo are widely preferred in the submarine industry. It helps in detecting wake, which is produced by surface ships. This factor is projected to increase the demand for wake-homing torpedoes in the upcoming years.
Lightweight segment accounted for the largest market share in 2022
Increased incorporation of anti-submarine warfare has led to enhanced demand for the lightweight torpedo. Anti-submarine uses aircraft, surface warships, and other platforms to track, detect, damage, and destroy enemy submarines. The lightweight torpedoes play a significant role in anti-submarine warfare, where it detects and senses the enemy's submarine. For instance, Saab Company has increased its production capacities for light torpedoes due to its excellent detecting ability.
The heavyweight type has a positive impact on the torpedo market. This type of torpedo is also called a black shark torpedo. It can offer high bandwidth and signal processing ability. This factor is expected to fuel the market during the forecast period.
Naval vessel torpedo segment accounted for the fastest growing in 2021
The naval vessel torpedo has a tube to release the torpedoes into the ocean. This factor will offer new opportunities for torpedoing for the naval vessel segment. Furthermore, aerial-launched torpedos are generally smaller and lighter than a submarine, widely used in World War 1 and 2 and submarine warfare. This factor is projected to increase demand for naval vessels and aerial-launched torpedoes in the coming years.
The demand in North America is expected to witness significant growth during forecast period
North American region tends to show considerable growth due to the strong existence of the defense and navy system. The U.S. Navy has upgraded distinct naval systems. In addition, government support for the navy sector, technological advancement, and high investment from the U.S. government to acquire naval vessels will offer new opportunities in the region.
According to data published by Lockheed Martin Corporation, “M.K. 48 Mod 7 CBASS torpedo is the U.S. most dangerous anti-surface & the anti-submarine weapon and is lethal & effective in threats operating in deep & shallow waters. Broadband sonar enhancement is more lethal in emerging submarine classes in tough acoustic conditions. This factor is expected to drive the potential sales of torpedoes in the region.
Asia Pacific is anticipated to witness the second-fastest growth in the market during the forecast period. Rising naval force capabilities in China and India and the rise in disputes and chaos among neighboring countries have enhanced the overall potential sales of torpedoes equipped with modern ships & submarines to safeguard the maritime boundaries. For instance, the Indian Shipyards was expected to expand its Naval Group for the future generation of surface ship & submarine programs in February 2021. This factor is projected to have a positive impact on the region.
Europe region has shown a positive impact on the torpedoes market. Key factors include the rise in the deliveries of upgraded naval vessels and strong key players such as Atlas Elektronik GmbH, Saab AB, BAE Systems PLC, Leonardo S.P.A., Naval Group, and others. In addition, an ongoing dispute between Russia and Ukraine has increased the demand for modern and AI-integrated robotics weapon systems.
Competitive Insight
Some of the major players operating in the global market include Aselsan, Atlas Elektronik, BAE Systems, Bharat Dynamics, Honeywell International, Leonardo, Lockheed Martin, Naval Group, Northrop Grumman, Raytheon Company, Rosoboronexport, Saab AB, & Sechan Electronics.
Recent Developments
- In January 2022, India’s Ministry of Defense launched a torpedo from the missile. Recently India tested a missile-delivered torpedo system.
- In October 2022, Saab Company expanded its torpedo business by sending lightweight torpedos to Sweden’s defense procurement agency FMV.
- In October 2021, the Australian Department of Defense selected Thales Australia to maintain its Navy’s MU90 light-weight torpedo.
Torpedo Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 1,042.95 million |
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Revenue forecast in 2032 |
USD 1,641.68 million |
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CAGR |
5.2% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Type, By Weight Type, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Aselsan, Atlas Elektronik GmbH, BAE Systems, Bharat Dynamics Limited, Honeywell International Inc, Leonardo SpA,, Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport, Saab AB, and Sechan Electronics Inc. |
FAQ's
The torpedo market report covering key segments are product type, weight type, application, and region.
Torpedo Market Size Worth $1,641.68 Million By 2032.
The global torpedo market expected to grow at a CAGR of 5.2% during the forecast period.
North America is leading the global market.
Key driving factors in torpedo market are demand for the lightweight torpedo from aircraft in large quantities.
