Torpedo Market Size Worth $1,641.68 Million By 2032 | CAGR: 5.2%

Torpedo Market Size Worth $1,641.68 Million By 2032 | CAGR: 5.2%

The global torpedo market size is expected to reach USD 1,641.68 million by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Torpedoes are the most lethal underwater weapons widely used in submarines. The increase in ongoing disputes among countries such as Russia and Ukraine, China and India, China, Taiwan, and others has driven the growth of the torpedo market. The government of both developed and developing economies are investing in making strong submarine and navy forces. This factor is anticipated to enhance the overall demand for torpedoes in the coming years. AI-integrated smart and lightweight torpedoes are in high demand due to their cost-effectiveness and quick detection ability has improved the performance of torpedoes.

For instance, the Russian Navy has also developed a nuclear-enabled torpedo. The rest of the globe is expected to witness a high growth rate in the coming years. Rising maritime border conflicts in the South China Sea & anti-piracy operations. Besides, Brazil also developing new submarines is key development which led to a rise in the potential sales of the torpedo market during the forecast period.

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Factors such as the upgradation of AI and IoT technologies in torpedo have escalated the torpedo market. Furthermore, defense organizations are focusing on strengthening advanced weapon solutions for submarine sectors. For instance, according to data revealed by Fortune India in December 2022, India's defense budget for 2022-23 was USD 70.6 Bn, & around 24% was allocated for weapons and equipment for modernization. This factor is projected to drive the torpedo market during the forecast period.

Moreover, the marine conflicts & disruptions in maritime trade activity have contributed to an increase in the adoption of anti-submarine weapons, mainly torpedoes. In addition, AI-integrated and lightweight torpedoes are best suited in anti-submarine warfare due to their cost-effectiveness and efficiency have driven the market. These factors are enhancing the potential sales of the torpedo market, thus, offering the most lucrative opportunities for the future.

Torpedo Market Report Highlights

  • Wake homing type segment is anticipated to hold largest revenue share over the forecast period, owing to the growing economy and demographic growth are the major key market trend for enhancing the defense industry.
  • Lightweight type segment accounted for largest revenue share which is accelerated by the emerging trends of adopting lightweight torpedo during the wars and anti-submarine activities.
  • Naval vessel segment is held substantial share over the study period due to the strong navy forces and government support and high spending on R&D activities have fuel the market growth.
  • North America is expected to grow at a significant CAGR over the projected period. This is primarily due to presence of key companies in the region.
  • The global players Aselsan, Atlas Elektronik, BAE Systems, Bharat Dynamics, Honeywell International, Leonardo, Lockheed Martin, and Naval Group.

Polaris Market Research has segmented the torpedo market report based on product type, weight type, application, and region:

Torpedo, Product Type Outlook (Revenue - USD Million, 2019 - 2032)

  • Acoustic Homing Torpedo
  • Wake Homing Torpedo International

Torpedo, Weight Type Outlook (Revenue - USD Million, 2019 - 2032)

  • Heavy weight
  • Lightweight

Torpedo, Application Outlook (Revenue - USD Million, 2019 - 2032)

  • Naval Vessel launched torpedo
  • Aerial platform-Launched Torpedo

    Torpedo, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa