The Torpedo Market size was valued at USD 945.1 million in 2022 and is expected to grow to USD 1448.23 million by 2030 and grow at a CAGR of 5.48 % over the forecast period of 2023-2030.
The increased manufacture of light weight torpedoes that can be transported in large numbers on a warship or an aircraft is the main driver driving the torpedo market. The requirement for precise guidance equipment is minimized because the torpedoes are launched close to the targets, lowering total expenses. Torpedo market expansion is projected to be aided by the growing use of lightweight torpedoes.
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The development of underwater warfare technologies is another significant factor driving the demand for torpedoes. Torpedoes are essential weapons in modern underwater warfare since it has developed significantly since the early days. Market expansion has been spurred by technological developments. The development of computerized systems and propulsion technologies has led to a rise in the demand for torpedoes that are more accurate and effective. These improvements make torpedoes more adaptable and enable them to perform a variety of tasks, including anti-submarine warfare, minefield protection, and long-range strikes. Unmanned Underwater Vehicles (UUVs) are in greater demand, which is driving growth in the torpedo sector. Applications in the military and business, like as reconnaissance and environmental surveillance, are using UUVs more and more. Torpedoes are also mounted on UUVs, creating powerful weaponry. Additionally, the use of nonethal torpedoes in maritime law enforcement operations has grown in popularity. These torpedoes are made to destroy ships without endangering crew members or causing any damage. These torpedoes are used by international maritime agencies to apprehend criminals for marine offenses in international waterways such drug trafficking, smuggling of guns and ammunition, and human trafficking.
KEY DRIVERS
Growing Defense Budget and Increasing Naval Ship Procurement
Rising Maritime Border Conflict amongst Neighboring Nations to Fuel
Growing use of torpedo
Unmanned Underwater Vehicles (UUVs) are in greater demand, which is driving growth in the torpedo sector. UUVs are being employed more frequently in commercial and military applications like environmental surveillance and reconnaissance. Torpedoes are also mounted aboard UUVS, creating powerful weaponry. Non-lethal torpedoes have also grown in favor for use in maritime law enforcement operations. These torpedoes are made to destroy ships without endangering crew members or causing any damage. These torpedoes are used by international maritime agencies to apprehend criminals engaged in marine offenses like drug trafficking, smuggling of weapons and artillery, and human trafficking in international waters.
RESTRAIN
Increasing cyber attacks
OPPORTUNITY
Growing budgets for R and D initiatives
Increasing programs for naval modernization
The world is seeing a lot of navy modernization efforts because maritime security is one of the most important defense units. A vast variety of ships, planes, wire-guided torpedoes, and wake-homing torpedoes are all part of China's navy modernization effort, which also includes improvements in maintenance & logistics, personnel education, and training. China's navy modernization efforts aim to strengthen capabilities for managing any unfortunate series of events or for gaining more control over China's near-seas region, protecting China's commercial sea lines of communication (SLOCs).
CHALLENGES
The delay in purchasing orders and slow production rate
Invention of new hybrid torpedo
Future torpedo sales are predicted to increase due to the introduction of new hybrid torpedoes. The development of hybrid torpedoes is a continuing emphasis for torpedo producers, and it will have a good effect on air and naval forces all over the world. The next generation of stealth torpedoes, known as hybrid torpedoes, combine the two primary capabilities into a single weapon to make it difficult for the adversaries to respond with defenses. The range and movement speed of the torpedo systems are increased, which is the main benefit of these hybrid torpedoes. Another benefit is that until they reach their target, opposing submarines or warships cannot detect the hybrid torpedoes or next-generation stealth torpedoes.
IMPACT ANALYSIS
IMPACT OF RUSSIAN UKRAINE WAR
The Poseidon was inspired by Soviet designs under Josef Stalin for a nuclear torpedo that could annihilate American coastlines. Putin stated in his address from that the torpedo's range will be limitless and that it could operate at severe depths at a rate that is many times faster than a submarine or conventional torpedoes. They are extremely quiet, highly manoeuvrable, and nearly indestructible to the enemy. There is now no weapon in existence that can defeat them, according to Putin. The K-329 Belgorod, a nuclear submarine with specialized use, will transport the Poseidon the Shipyard in Sevmash.
In its Nuclear Posture Review in 2022, the US stated that Russia and China "continue to expand" their nuclear arsenals to incorporate new, unstable systems. "Russia is developing a number of innovative nuclear-capable systems intended to defend the American homeland or its allies."The Posture Review states that this puts both parties at danger. According to the U.S. Naval Institute, Russia's development of Poseidon last year changed perceptions about nuclear weapons launched from submarines inverted. The possibility for autonomous functioning of this nuclear weapon is perhaps the most terrifying aspect, according to the institute. It stated in an article that a fully functional Kanyon "would have an incredible strategic impact." "As a fresh present nuclear weapons treaties do not include it as a delivery platform. In its Nuclear Posture Review from 2022, the US claimed that Russia and Russia and China "continue to expand and diversify their nuclear capabilities, to include novel and destabilizing systems, The U.S. Naval Institute, turned preconceived notions about nuclear weapons deployed from submarines on their head. The possibility for autonomous functioning of this nuclear weapon is perhaps the most terrifying aspect, according to the institute. It stated in an article that a fully functional Kanyon "would have an incredible strategic impact." Current nuclear arms treaties do not apply to it as a new delivery platform.
IMPACT OF ONGOING RECESSION
The Air Force are promoting fighter jets as an employer. Congressmen are being reminded by the Army of how many House districts will be involved in producing its new, networked tanks. The Navy won't be pushed away from the economic stimulus trough by ship and sub builders. Common Dynamics John Casey, the president of Electric Boat, for one, is promoting his Virginia-class submarines as employment gold mines.
By Weight
Heavyweight Torpedoes
Lightweight Torpedoes
By Launch Platform
Air-Launched
Surface-Launched
Underwater-Launched
By Propulsion
Electric Propulsion
Conventional Propulsion
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REGIONAL ANALYSIS
The market is anticipated to grow most quickly in Asia Pacific during the anticipated timeframe. This increase can be attributed to the increased attention being paid to China's and India's naval force capabilities. The Indian Shipyards revealed in February 2021 that they were in discussions with Naval Group over next surface ship and submarine developments.
The second-largest market share in 2021 was held by the European market. The growing conflict between Russia and Ukraine has accelerated the development of cutting-edge weaponry, which propels market expansion during the projection period. For instance, work has begun on a long-range, nuclear-powered torpedo by the Russian Navy. This nuclear-armed torpedo is now undergoing testing, and delivery is expected to happen in 2027.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The Major Players are ASELSAN AS, Atlas Elektronik GmbH, BAE Systems PLC, Bharat Dynamics Limited, Honeywell International Inc., Leonardo S.P.A., Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Technologies Corporation and other players
Atlas Elektronik GmbH (Germany)-Company Financial Analysis
RECENT DEVELOPMENT
July 2022, according to the Polish Armed Forces (PAF), the ambitious technical modernization plan (TMP) 2021–35 will be modified. About 2,000 modernization programs are part of this programme.
September 2022, for example The Russian Poseidon Nuclear Torpedo is a nuclear weapon designed to destroy significant port cities that have a significant economic impact. significant significance in business and trade. On the ocean floor, Poseidon is a massive torpedo that might be hard to thwart. Additionally, it switches out a conventional high-explosive warhead with a nuclear payload.
January 2021, A 14-meter-long robotic vehicle for the Russian Navy was being developed, according to the Russian defense industry, bolster and enhance its ASW (anti-submarine warfare) capabilities.
October 2022, according to India's Defense Research and Development Organization (DRDO), the Supersonic Missile Assisted Torpedo System (SMAT) was successfully launched from Abdul Kalam Island. The operation successfully showed the complete range of the proposed distance. The system's purpose is to improve the ability to combat submarines that travel farther than usual.
| Report Attributes | Details |
| Market Size in 2022 | US$ 945.1 Million |
| Market Size by 2030 | US$ 1448.23 Million |
| CAGR | CAGR of 5.48% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Weight (Heavyweight Torpedoes, Lightweight Torpedoes) • By Launch Platform (Air-Launched, Surface-Launched, Underwater-Launched) • By Propulsion (Electric Propulsion, Conventional Propulsion)) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | ASELSAN AS (Turkey), Atlas Elektronik GmbH (Germany), BAE Systems PLC (U.K.), Bharat Dynamics Limited (India), Honeywell International Inc. (U.S.), Leonardo S.P.A. (Italy), Lockheed Martin Corporation (U.S.), Naval Group (France), Northrop Grumman Corporation (U.S.), Raytheon Technologies Corporation (U.S.) |
| Key Drivers | • Growing Defense Budget and Increasing Naval Ship Procurement • Rising Maritime Border Conflict amongst Neighboring Nations to Fuel • Growing use of torpedo |
| Market Opportunity | • Growing budgets for R and D initiatives • Increasing programs for naval modernization |
Ans: Torpedo Market is anticipated to expand by 5.48 %from 2023 to 2030.
Ans: USD 1448.23 million is expected to grow by 2030.
Ans: Torpedo Market size was valued at USD 945.1 million in 2022
Ans: Growing budgets for R and D initiatives and Increasing programs for naval modernization
Ans: Growing Defense Budget and Increasing Naval Ship Procurement, Rising Maritime Border Conflict amongst Neighboring Nations to Fuel, Growing use of torpedo.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Torpedo Market Segmentation, By Weight
8.1 Heavyweight Torpedoes
8.2 Lightweight Torpedoes
9. Torpedo Market Segmentation, By Launch Platform
9.1 Air-Launched
9.2 Surface-Launched
9.3 Underwater-Launched
10. Torpedo Market Segmentation, By Propulsion
10.1 Electric Propulsion
10.2 Conventional Propulsion
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Torpedo Market by Country
11.2.2North America Torpedo Market by Weight
11.2.3 North America Torpedo Market by Launch Platform
11.2.4 North America Torpedo Market by Propulsion
11.2.5 USA
11.2.5.1 USA Torpedo Market by Weight
11.2.5.2 USA Torpedo Market by Launch Platform
11.2.5.3 USA Torpedo Market by Propulsion
11.2.6 Canada
11.2.6.1 Canada Torpedo Market by Weight
11.2.6.2 Canada Torpedo Market by Launch Platform
11.2.6.3 Canada Torpedo Market by Propulsion
11.2.7 Mexico
11.2.7.1 Mexico Torpedo Market by Weight
11.2.7.2 Mexico Torpedo Market by Launch Platform
11.2.7.3 Mexico Torpedo Market by Propulsion
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Torpedo Market by Country
11.3.1.2 Eastern Europe Torpedo Market by Weight
11.3.1.3 Eastern Europe Torpedo Market by Launch Platform
11.3.1.4 Eastern Europe Torpedo Market by Propulsion
11.3.1.5 Poland
11.3.1.5.1 Poland Torpedo Market by Weight
11.3.1.5.2 Poland Torpedo Market by Launch Platform
11.3.1.5.3 Poland Torpedo Market by Propulsion
11.3.1.6 Romania
11.3.1.6.1 Romania Torpedo Market by Weight
11.3.1.6.2 Romania Torpedo Market by Launch Platform
11.3.1.6.4 Romania Torpedo Market by Propulsion
11.3.1.7 Turkey
11.3.1.7.1 Turkey Torpedo Market by Weight
11.3.1.7.2 Turkey Torpedo Market by Launch Platform
11.3.1.7.3 Turkey Torpedo Market by Propulsion
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Torpedo Market by Weight
11.3.1.8.2 Rest of Eastern Europe Torpedo Market by Launch Platform
11.3.1.8.3 Rest of Eastern Europe Torpedo Market by Propulsion
11.3.2 Western Europe
11.3.2.1 Western Europe Torpedo Market by Weight
11.3.2.2 Western Europe Torpedo Market by Launch Platform
11.3.2.3 Western Europe Torpedo Market by Propulsion
11.3.2.4 Germany
11.3.2.4.1 Germany Torpedo Market by Weight
11.3.2.4.2 Germany Torpedo Market by Launch Platform
11.3.2.4.3 Germany Torpedo Market by Propulsion
11.3.2.5 France
11.3.2.5.1 France Torpedo Market by Weight
11.3.2.5.2 France Torpedo Market by Launch Platform
11.3.2.5.3 France Torpedo Market by Propulsion
11.3.2.6 UK
11.3.2.6.1 UK Torpedo Market by Weight
11.3.2.6.2 UK Torpedo Market by Launch Platform
11.3.2.6.3 UK Torpedo Market by Propulsion
11.3.2.7 Italy
11.3.2.7.1 Italy Torpedo Market by Weight
11.3.2.7.2 Italy Torpedo Market by Launch Platform
11.3.2.7.3 Italy Torpedo Market by Propulsion
11.3.2.8 Spain
11.3.2.8.1 Spain Torpedo Market by Weight
11.3.2.8.2 Spain Torpedo Market by Launch Platform
11.3.2.8.3 Spain Torpedo Market by Propulsion
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Torpedo Market by Weight
11.3.2.9.2 Netherlands Torpedo Market by Launch Platform
11.3.2.9.3 Netherlands Torpedo Market by Propulsion
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Torpedo Market by Weight
11.3.2.10.2 Switzerland Torpedo Market by Launch Platform
11.3.2.10.3 Switzerland Torpedo Market by Propulsion
11.3.2.11.1 Austria
11.3.2.11.2 Austria Torpedo Market by Weight
11.3.2.11.3 Austria Torpedo Market by Launch Platform
11.3.2.11.4 Austria Torpedo Market by Propulsion
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Torpedo Market by Weight
11.3.2.12.2 Rest of Western Europe Torpedo Market by Launch Platform
11.3.2.12.3 Rest of Western Europe Torpedo Market by Propulsion
11.4 Asia-Pacific
11.4.1 Asia-Pacific Torpedo Market by Country
11.4.2 Asia-Pacific Torpedo Market by Weight
11.4.3 Asia-Pacific Torpedo Market by Launch Platform
11.4.4 Asia-Pacific Torpedo Market by Propulsion
11.4.5 China
11.4.5.1 China Torpedo Market by Weight
11.4.5.2 China Torpedo Market by Propulsion
11.4.5.3 China Torpedo Market by Launch Platform
11.4.6 India
11.4.6.1 India Torpedo Market by Weight
11.4.6.2 India Torpedo Market by Launch Platform
11.4.6.3 India Torpedo Market by Propulsion
11.4.7 Japan
11.4.7.1 Japan Torpedo Market by Weight
11.4.7.2 Japan Torpedo Market by Launch Platform
11.4.7.3 Japan Torpedo Market by Propulsion
11.4.8 South Korea
11.4.8.1 South Korea Torpedo Market by Weight
11.4.8.2 South Korea Torpedo Market by Launch Platform
11.4.8.3 South Korea Torpedo Market by Propulsion
11.4.9 Vietnam
11.4.9.1 Vietnam Torpedo Market by Weight
11.4.9.2 Vietnam Torpedo Market by Launch Platform
11.4.9.3 Vietnam Torpedo Market by Propulsion
11.4.10 Singapore
11.4.10.1 Singapore Torpedo Market by Weight
11.4.10.2 Singapore Torpedo Market by Launch Platform
11.4.10.3 Singapore Torpedo Market by Propulsion
11.4.11 Australia
11.4.11.1 Australia Torpedo Market by Weight
11.4.11.2 Australia Torpedo Market by Launch Platform
11.4.11.3 Australia Torpedo Market by Propulsion
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Torpedo Market by Weight
11.4.12.2 Rest of Asia-Pacific Torpedo Market by Launch Platform
11.4.12.3 Rest of Asia-Pacific Torpedo Market by Propulsion
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Torpedo Market by Country
11.5.1.2 Middle East Torpedo Market by Weight
11.5.1.3 Middle East Torpedo Market by Launch Platform
11.5.1.4 Middle East Torpedo Market by Propulsion
11.5.1.5 UAE
11.5.1.5.1 UAE Torpedo Market by Weight
11.5.1.5.2 UAE Torpedo Market by Launch Platform
11.5.1.5.3 UAE Torpedo Market by Propulsion
11.5.1.6 Egypt
11.5.1.6.1 Egypt Torpedo Market by Weight
11.5.1.6.2 Egypt Torpedo Market by Launch Platform
11.5.1.6.3 Egypt Torpedo Market by Propulsion
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Torpedo Market by Weight
11.5.1.7.2 Saudi Arabia Torpedo Market by Launch Platform
11.5.1.7.3 Saudi Arabia Torpedo Market by Propulsion
11.5.1.8 Qatar
11.5.1.8.1 Qatar Torpedo Market by Weight
11.5.1.8.2 Qatar Torpedo Market by Launch Platform
11.5.1.8.3 Qatar Torpedo Market by Propulsion
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Torpedo Market by Weight
11.5.1.9.2 Rest of Middle East Torpedo Market by Launch Platform
11.5.1.9.3 Rest of Middle East Torpedo Market by Propulsion
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by Country
11.5.2.2 Africa Torpedo Market by Weight
11.5.2.3 Africa Torpedo Market by Launch Platform
11.5.2.4 Africa Torpedo Market by Propulsion
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Torpedo Market by Weight
11.5.2.5.2 Nigeria Torpedo Market by Launch Platform
11.5.2.5.3 Nigeria Torpedo Market by Propulsion
11.5.2.6 South Africa
11.5.2.6.1 South Africa Torpedo Market by Weight
11.5.2.6.2 South Africa Torpedo Market by Launch Platform
11.5.2.6.3 South Africa Torpedo Market by Propulsion
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Torpedo Market by Weight
11.5.2.7.2 Rest of Africa Torpedo Market by Launch Platform
11.5.2.7.3 Rest of Africa Torpedo Market by Propulsion
11.6 Latin America
11.6.1 Latin America Torpedo Market by Country
11.6.2 Latin America Torpedo Market by Weight
11.6.3 Latin America Torpedo Market by Launch Platform
11.6.4 Latin America Torpedo Market by Propulsion
11.6.5 Brazil
11.6.5.1 Brazil Torpedo Market by Weight
11.6.5.2 Brazil Torpedo Market by Launch Platform
11.6.5.3 Brazil Torpedo Market by Propulsion
11.6.6 Argentina
11.6.6.1 Argentina Torpedo Market by Weight
11.6.6.2 Argentina Torpedo Market by Launch Platform
11.6.6.3 Argentina Torpedo Market by Propulsion
11.6.7 Colombia
11.6.7.1 Colombia Torpedo Market by Weight
11.6.7.2 Colombia Torpedo Market by Launch Platform
11.6.7.3 Colombia Torpedo Market by Propulsion
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Torpedo Market by Weight
11.6.8.2 Rest of Latin America Torpedo Market by Launch Platform
11.6.8.3 Rest of Latin America Torpedo Market by Propulsion
12 Company profile
12.1 ASELSAN AS (Turkey)
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Atlas Elektronik GmbH (Germany)
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 BAE Systems PLC (U.K.)
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Bharat Dynamics Limited (India)
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Honeywell International Inc. (U.S.)
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Leonardo S.P.A. (Italy)
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Lockheed Martin Corporation (U.S.)
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Naval Group (France)
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Northrop Grumman Corporation (U.S.)
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Raytheon Technologies Corporation (U.S.)
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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