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

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.