Torpedo Market - Growth, Trends, and Forecast (2020 - 2025)

The Torpedo Market is segmented by Weight (Heavy-weight Torpedoes and Light-weight Torpedoes), Launch Platform (Sea-launched and Air-launched), and Geography.

Market Snapshot

Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

North America


3 %

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Market Overview

The market is anticipated to register a CAGR of over 3% during the forecast period.

  • The increasing military spending, fueled by the growing conflicts between the countries, is expected to help the growth of the market during the forecast period.
  • The increasing threat of terrorism and border issues have led the countries to focus on marine vessels, like naval ships and submarines combat systems. This may propel the demand for torpedoes during the forecast period.
  • Development of nuclear torpedoes is picking up pace and is one of the most promising areas of investment for the countries.

Scope of the Report

A torpedo is a self-propelled weapon with an explosive warhead, which is designed to detonate either on contact with the target or in its vicinity. The study includes the torpedoes launched above and below the water surface, including the ones launched from an aircraft.

Heavyweight Torpedoes
Lightweight Torpedoes
Launch Platform
North America
Rest of World

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Key Market Trends

Sea-launched Segment is Expected to Experience the Highest Growth During the Forecast Period

The sea-launched segment is expected to register the highest CAGR during the forecast period. Investment of countries into the development of nuclear submarines and smart torpedoes is one of the primary driving factors for the growth of this segment. Additionally, the development of new unmanned underwater and surface vessels, with torpedo-launching capabilities, may facilitate the growth of this segment in the future. For instance, Elbit Systems’ ISTAR division partnered with Leonardo, to develop and demonstrate the launching of the latter’s lightweight and mini torpedoes from the Elbit Systems’ SeagullTM Unmanned Surface Vessel (USV).

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Asia-Pacific is Expected to Experience the Highest Growth During the Forecast Period

Asia-Pacific is anticipated to register the highest growth during the forecast period. The military expenditures of the countries in this region have increased significantly in recent years. This increase is majorly due to the tensions between China, India, Japan, and South Korea. Due to the ongoing tensions in the South China Sea, China is rigorously developing its naval ships and submarines. Similarly, India has also been investing in empowering its naval force. Recently, the Defense Ministry of India approved the acquisition of more than 100 heavyweight torpedoes, which are likely to be equipped on six Scorpene-class submarines. Such immediate requirements for heavyweight torpedoes are expected to be met by purchases from foreign vendors, while the long-term bulk requirements may be fulfilled through the ‘Made in India’ initiative. Development of indigenous torpedoes and their deployment in the respective naval forces may be the supporting factor for the development of the torpedo market in this region.

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Competitive Landscape

Some of the prominent players in the market are Saab AB, Leonardo SpA, Raytheon Company, BAE Systems, and Rosoboronexport. Development of new torpedoes, with high lethal capabilities, by the companies are expected to help them gain new customers and increase their presence in the market. Lockheed Martin Corporation, Honeywell International Inc., Northrop Grumman Corporation, and Sechan Electronics Inc., among others, are the suppliers of the guidance, control, propulsion, and other essential systems for torpedoes. The collaborations between suppliers are expected to increase the concentration in the market and strengthen the control over the market’s supply chain in the coming years.

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Table Of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers/Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 Weight

      1. 5.1.1 Heavyweight Torpedoes

      2. 5.1.2 Lightweight Torpedoes

    2. 5.2 Launch Platform

      1. 5.2.1 Sea-launched

        1. Surface-launched

        2. Underwater-launched

      2. 5.2.2 Air-launched

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia-Pacific

      4. 5.3.4 Rest of World


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 BAE Systems

      2. 6.2.2 Atlas Elektronik GmbH

      3. 6.2.3 Raytheon Company

      4. 6.2.4 Saab AB

      5. 6.2.5 Leonardo SpA

      6. 6.2.6 Bharat Dynamics Limited

      7. 6.2.7 Rosoboronexport

      8. 6.2.8 ASELSAN AS

      9. 6.2.9 Naval Group

      10. 6.2.10 Lockheed Martin Corporation

      11. 6.2.11 Honeywell International Inc.

      12. 6.2.12 Northrop Grumman Corporation

      13. 6.2.13 Sechan Electronics Inc.

      14. 6.2.14 DRDO


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