USD 995.2 million
Torpedo Market Size, Share, Growth Analysis, By Product(Acoustic Homing Torpedo, Wake Homing Torpedo), By Type(Electric, Thermal), By Weight(Heavyweight Torpedo, Lightweight Torpedo), By Launch Platform(Surface-launched, Underwater-launched, Air-launched), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20A2179 |
Region:
Global |
Published Date: October, 2024
Pages:
202
|Tables:
91
|Figures:
76
Torpedo Market Insights
Torpedo Market size was valued at USD 1045.42 Million in 2023 and is poised to grow from USD 1102.6 Million in 2024 to USD 1688.3 Million by 2032, growing at a CAGR of 5.47% during the forecast period (2025-2032).
The increasing conflicts among different countries are encouraging governing agencies to increase their investments in the defense and military sector. This represents one of the major factors that is fueling the global torpedo market growth. High expenditure on the upgradation of the current naval systems, particularly in the developed economies, is positively influencing the sales of torpedoes. Furthermore, the advent of advanced technologies, like electric propulsion, advanced navigation and mini torpedoes, is boosting the market growth. In present time, the popularity for electric propulsion torpedoes is increasing globally due to their advanced capabilities, like high speed and fewer vibrations. Moreover, the rising investments in research and development (R&D) activities are helping to enhance connectivity between submarines and weapons, intelligent controllers and ultra-broadband arrays. This will strengthen the market growth in the upcoming years.
Torpedo market expansion is driven by the increasing utilization of lightweight torpedoes as they can be transported in large numbers on a warship. The advancement of underwater warfare technologies is another important factor boosting the demand for torpedoes. Torpedoes are vital weapons in modern underwater warfare because they have developed significantly since the early days. Torpedoes are also mounted on UUVs, creating powerful weaponry. Furthermore, the popularity of nonlethal torpedoes in maritime law enforcement operations has increased rapidly. These torpedoes are designed for destroying ships without endangering crew members or creating any damage. These torpedoes are used by international maritime agencies for catching criminals for marine offenses in international waterways like drug trafficking, smuggling of guns and ammunition, and human trafficking.
US Torpedo Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
5.19% CAGR
Global Torpedo Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Torpedo Market Segmental Analysis
Global Torpedo Market is segmented on the product, type, weight, launch platform, and region. By product, market is segmented into acoustic homing torpedo, and wake homing torpedo. By type, market is segmented into electric, and thermal. By weight, market is segmented into heavyweight torpedo, and lightweight torpedo. By launch platform, market is segmented into Surface-launched, Underwater-launched, and Air-launched. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Weight
Based on weight, the heavyweight segment is dominating the market with the largest torpedo market share. A heavyweight torpedo is a large underwater missile designed for military use, frequently launched from submarines or surface ships. It has a powerful propulsion system and advanced guidance mechanisms for targeting enemy vessels or coastal installations. These torpedoes have the ability to carry explosive warheads, mines, or other payloads, posing considerable threats to naval assets and maritime infrastructure. Due to their size and destructive potential, heavyweight torpedoes play a vital part in naval warfare, allowing stealthy and devastating attacks against enemy forces. Their advanced technology and stealth features make them difficult to get detected and counter, which is increasing their efficiency in modern naval operations.
The lightweight segment is expected to witness the highest demand growth during the forecast period. The primary growth factor for the lightweight torpedo market is the increasing emphasis on modernizing naval fleets around the world. Nations are investing heavily in upgrading their military capabilities to protect territorial waters and strategic maritime routes. Lightweight torpedoes are essential components of these modernization programs due to their versatility and effectiveness in ASW operations. Additionally, the incorporation of advanced technologies such as sonar and improved propulsion systems enhances the performance and reliability of these torpedoes, further driving market growth.
Analysis by Launch Platform
Based on launch platform, the surface launched segment is dominating the torpedo market. A surface-launched torpedo refers to the self-propelled underwater missile that can be launched from a surface vessel, like a ship or a submarine, targeting submerged or surface threats. These torpedoes are also designed to be launched from tubes or launchers that are mounted on the vessel's deck. Upon launching, they use their own propulsion systems for travelling through the water, guided by advanced onboard sensors and navigation systems. Surface-launched torpedoes are generally utilized for anti-submarine warfare (ASW), anti-surface warfare (ASuW), and other naval operations. They offer naval forces with versatile and efficient means of engaging underwater and surface threats, improving the vessel's defensive and offensive abilities in maritime operations.
As per torpedo market analysis, air-launched segment is experiencing tremendous growth and popularity in recent years. The air-launch segment has contributed considerably towards increasing the revenue of the market because of their better efficiency and targeting. Furthermore, submarines are dominating this segment in terms of revenue. This segment is expected to contribute considerably to the increase in market revenue during the forecast period. Moreover, the hybrid propulsion system is more efficient as compared to conventional systems. This is because it can be adapted at very low-speed operation. Increasing efficiency at low speeds ensures suitable power for high-speed operation, such as attack or faster transit.
To get detailed analysis on other segments, Request For Free Sample Report
Torpedo Market Regional Insights
North America is dominating with the largest Torpedo market share. The torpedo market in this region is experiencing growth due to considerable defense budgets and continuous investments in naval modernization programs. The region's increasing emphasis on advanced military technology, including next-generation torpedoes with enhanced guidance and propulsion systems is boosting the demand. Furthermore, increasing geopolitical tensions and the strategic significance of maintaining naval superiority in the main maritime regions further fuels the market. moreover, countries like the U.S. and Canada are focusing on upgrading their underwater warfare capabilities. The torpedo industry in the U.S. is rising rapidly due to significant expenditure on defense and a strong focus on naval modernization. The U.S. Navy's focus on improving submarine and surface fleet abilities is boosting the demand for advanced torpedoes.
The Asia-Pacific region is anticipated to witness the highest growth during the forecast period. This is primarily because of the rapid growth in military expenditure of the countries in the region due to ongoing geopolitical issues and border tensions. Countries such as China, India, and Japan are investing in the expansion of their existing naval fleet. They are doing this by purchasing or manufacturing new warships and submarines along with replacing aging naval vessels. This is propelling the demand for the development and procurement of new generation torpedoes. Furthermore, significant sea lanes and vital waterways are at the centre of many maritime disputes in the South China sea. Ensuring the safety of these crucial routes is important for both national security and trade. The solutions provided by torpedoes is beneficial in securing these vital sea routes.
Global Torpedo Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Torpedo Market Dynamics
Drivers
Growing Dispute of Maritime Border
- The growing disputes among governments in developing countries and terrorist activities across the world is contributing to the rising adoption of torpedoes globally. With increasing terrorist activities, the concerns related to border security in countries across Europe and the Asia Pacific have considerable raised. Therefore, to enhance marine border security and marine mission abilities, many governments in the developing countries are emphasizing on the development of navy ships, submarines, and maritime helicopters armed with torpedoes. The countries are testing new potentials that will also support market growth.
Increasing Investment on Modernization of Naval Fleet
- The increasing defence budgets in prominent economies, like the U.S., India, and China have led to an increase in the adoption of advanced torpedoes with enhanced guided systems and propulsion technology. A substantial amount of the defence budget has been assigned for the modernization and development of naval solutions. This has further increased the purchase of new naval vessels such as frigates, destroyers, and submarines to protect marine borders. This factor will fuel the demand for torpedoes during the industry forecast period.
Restraints
Threat of Cyber Attacks
- The rise in number of cyber-attacks and the development of ballistic missile capabilities in submarines is creating challenges for the growth of the torpedo market. Furthermore, advanced computer systems and electronics are frequently seen in modern of torpedoes. The use of such digitalization is increasing frequency of cyberattacks creating a threat to the security and functionality of these systems. Purchasers are getting discouraged because of their concerns about how vulnerable torpedo systems are to cyberattacks.
Growing Investment in Ballistic Missiles
- The acquisition of ballistic missile capabilities by submarines causes defence expenditure. It is possible that having ballistic missiles on a submarine makes it more significant strategically and adaptable. But it can reduce funds allocated for developing and acquiring torpedo systems. Naval tactics tends to favour other weapons over traditional torpedoes if submarines acquire a wider range of capabilities, such as ballistic missiles, anti-ship missiles, and other cutting-edge armaments. This might negatively influence the demand for torpedo system, hampering market growth.
Request Free Customization of this report to help us to meet your business objectives.
Torpedo Market Competitive Landscape
Some of the prominent players in the market are Saab AB, Leonardo SpA, BAE Systems PLC, Raytheon Technologies Corporation, and Naval Group. In addition to the rising global players, the growing demand for domestic manufacturing, companies like Bharat Dynamics Limited, LIG Nex1 Co. Ltd, and Mitsubishi Heavy Industries Ltd have been gradually increasing their presence in the market. Many organizations are investing heavily in the development of new torpedo with high lethal capabilities and range. This will help them gain new customers and increase their presence in the market. Furthermore, the collaborations between suppliers are expected to increase the product flow in the market and strengthen the control over the supply chain in the coming years.
Top Player’s Company Profiles
- ATLAS ELEKTRONIK GmbH (Germany)
- ASELSAN A.S. (Turkey)
- BAE Systems plc (UK)
- Bharat Dynamics Limited (India)
- Honeywell International Inc. (US)
- Leonardo S.p.A. (Italy)
- Lockheed Martin Corporation (US)
- Naval Group (France)
- Northrop Grumman Corporation (US)
- Raytheon Technologies Corporation (US)
- Rosoboronexport (Russia)
- Saab AB (Sweden)
- Sechan Electronics Inc. (US)
- thyssenkrupp AG (Germany)
- MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
- JSC Tactical Missiles Corporation (Russia)
- Thales Group (France)
- General Dynamics Corporation (US)
- Israel Aerospace Industries Ltd. (Israel)
- Kongsberg Gruppen ASA (Norway)
- Rafael Advanced Defense Systems Ltd. (Israel)
- Navantia (Spain)
- Babcock International Group PLC (UK)
- Hanwha Corporation (South Korea)
Recent Developments
- In October 2023, the Royal Australian Navy was able to officially inaugurate the new torpedo training equipage at the His Majesty’s Australian Ship (HMAS) Stirling, located in Western Australia. This facility is anticipated to improve the existing training opportunities of the naval officers in the operation and maintenance of torpedoes.
- In November 2021, Leonardo said that one of the torpedo systems which A244/S, new mod 4 has been implemented and reported as an improved and recently produced weapon system by the company.
- In September 2023, BAE systems partnered with Malloy Aeronautics. This helped them to successfully confirm the launch of an inert sting ray torpedo from a heavy-lift unmanned aerial system (UAS) during the NATO repmus exercise.
Torpedo Key Market Trends
- Advancement in Precision Technology: The accuracy and precision of torpedoes have enhanced with advancements in guiding and targeting systems. This is important for minimizing the chance of collateral damage and attacking underwater targets successfully. Furthermore, innovations in technology have made it possible to manufacture torpedoes that travel farther and faster. Torpedoes become more efficient and adaptable, allowing navies to engage targets at longer ranges and react swiftly to changing threats.
- Rising Demand for Unmanned Underwater Vehicles: The unmanned underwater vehicles (UUVs) are fitted with torpedoes to improve their efficiency. UUVs armed with torpedoes are used for various types of tasks, like anti-submarine warfare, mine countermeasures, observation, and reconnaissance. This incorporation increases the number of applications for torpedoes and gives underwater combat a new side. Furthermore, the requirement for torpedoes designed precisely for unmanned systems comes from the distribution of UUVs in military and defence applications.
Torpedo Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing disputes between governments in developing countries and acts of terrorism worldwide is contributing towards the expansion of torpedo industry. Furthermore, concerns about border security in Europe and Asia Pacific have increased considerably with an increase in terrorist activities. Therefore, to enhance maritime border security and naval mission abilities, governments in the developing country are emphasizing on developing torpedo-weapon naval ships, submarines, and naval helicopters. The constant war between Russia and Ukraine over a border dispute has developed a demand for military and naval products, like torpedoes, frigates, or submarines. This war crisis globally, such as the Russia-Ukraine conflict and the border conflict between China and Taiwan and India and China, has raised military budgets for countries such as India, the United States, China, and Russia.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 991.20 million |
| Market size value in 2031 | USD 1600.74 million |
| Growth Rate | 5.47% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Torpedo Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Torpedo Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Torpedo Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Torpedo Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Torpedo Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Torpedo Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
