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

Global Torpedo Market size was valued at USD 991.20 million in 2022 and is poised to grow from USD 1045.42 million in 2023 to USD 1600.74 million by 2031, growing at a CAGR of 5.47% in the forecast period (2024-2031).

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. '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)'

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. 

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.  

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.