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Torpedo Market Size (2024 - 2029)

The torpedo market is expected to experience growth driven by increased military spending and the procurement of advanced weapons systems, largely due to rising global conflicts and security threats. The demand for torpedoes is being propelled by investments in naval capabilities, including submarines and unmanned sea systems, particularly in regions with heightened maritime tensions. Additionally, the growing focus on equipping torpedoes with nuclear warheads represents a significant area of investment, further contributing to the expansion of the market size during the forecast period.

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Market Size of Torpedo Industry

Torpedo Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
CAGR > 4.00 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Torpedo Market Major Players

*Disclaimer: Major Players sorted in no particular order

Torpedo Market Analysis

The torpedo market is anticipated to register a CAGR of over 4% during the forecast period.

The COVID-19 pandemic impact on the torpedo market was relatively low as the demand and procurement of torpedoes were relatively unaffected due to robust investments of armed forces into the enhancement of their naval attack capabilities.

The increasing military spending, fueled by the growing conflicts between the countries and the increasing threat of terrorism and border issues, is driving the growth procurement of new and advanced weapons systems, thereby propelling the demand for torpedoes during the forecast period.

With the growing tensions over the water borders, such as in the South China sea, the countries are investing in the procurement of naval ships, submarines, and unmanned sea systems. This is accelerating the demand for torpedoes during the forecast period.

Further, the installation of nuclear warheads on torpedoes is picking up pace and is one of the most promising areas of investment for the countries.

Torpedo Industry Segmentation

A torpedo is a self-propelled weapon with an explosive warhead, which is designed to detonate either in contact with the target or in its vicinity. The market of torpedoes is segmented based on weight into heavyweight torpedoes and lightweight torpedoes. Torpedoes weighing less than 500 kg are included in the lightweight torpedoes segment, whereas the torpedoes weighing more than 500 kg are included in heavyweight torpedoes. The market is also segmented by launch platform in sea-launched and air-launched. The sea-launched segment is further sub-segmented into surface-launched and underwater-launched. The report also covers the market sizes and forecasts for the market by region. The market sizing and forecasts have been provided in value (USD million).

Weight
Heavyweight Torpedoes
Lightweight Torpedoes
Launch Platform
Sea-launched
Surface-launched
Underwater-launched
Air-launched
Geography
North America
Europe
Asia-Pacific
Rest of the World
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Torpedo Market Size Summary

The torpedo market is poised for steady growth, driven by increased military spending and geopolitical tensions that necessitate enhanced naval capabilities. The demand for torpedoes remains robust, largely unaffected by the COVID-19 pandemic, as countries continue to invest in advanced weapons systems to address threats from terrorism and border disputes. The market is experiencing a surge in the procurement of naval ships, submarines, and unmanned sea systems, particularly in regions like the South China Sea, which is fueling the demand for torpedoes. The sea-launched segment currently leads the market, supported by investments in new generation naval vessels and the development of nuclear submarines. The installation of nuclear warheads on torpedoes is also gaining momentum, representing a significant area of investment for many nations.

The Asia-Pacific region is expected to witness the highest growth in the torpedo market, driven by escalating military expenditures in response to geopolitical tensions and border issues. Countries such as China, India, and Japan are expanding their naval fleets by procuring new warships and submarines, which is boosting the demand for next-generation torpedoes. Prominent market players like Saab AB, Leonardo SpA, BAE Systems PLC, Raytheon Technologies Corporation, and Naval Group are actively investing in the development of torpedoes with advanced capabilities. Additionally, domestic manufacturers like Bharat Dynamics Limited and LIG Nex1 Co. Ltd are increasing their market presence by developing high-lethal torpedoes. Collaborations among suppliers are expected to enhance market concentration and strengthen supply chain control, further propelling market growth during the forecast period.

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Torpedo Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size and Forecast by Value - USD million, 2018 - 2031)

    1. 2.1 Weight

      1. 2.1.1 Heavyweight Torpedoes

      2. 2.1.2 Lightweight Torpedoes

    2. 2.2 Launch Platform

      1. 2.2.1 Sea-launched

        1. 2.2.1.1 Surface-launched

        2. 2.2.1.2 Underwater-launched

      2. 2.2.2 Air-launched

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 Rest of the World

Torpedo Market Size FAQs

The Torpedo Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Saab AB, Leonardo S.p.A., BAE Systems plc, Raytheon Technologies Corporation and Naval Group are the major companies operating in the Torpedo Market.

Naval Torpedo Market Report Snapshots

Torpedo Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)