Torpedo is referred to as type of weapon that is predominantly adopted during naval warfare. It is equipped with the ability to attack opponents since it is self-movable and independent, therefore can sent from a wide array of stages including submarines, boats, ships, and airplanes. It is comprised of three primary units, namely propulsion system, guided system, and explosives.
It is estimated for the Global Torpedo Market to grow at a CAGR of 10.2% during the forecast period of 2022 to 2030. The market witnessed a healthy growth rate even during the previous forecast period of 2018 to 2021.
Growth propellants and restraints of this industry
The widespread increase in cross border maritime disputes, rising defense expenditure, and technological innovations in the field are primarily augmenting the outlook of this marketplace.
Also, rising focus of players to develop and launch advanced torpedo is creating lucrative opportunities for the industry vertical to prosper.
Growth in military activities around the world is estimated to boost the growth of the market during the forecast period. The market is also estimated to witness growth owing to the rise in the investment in the defense sector by major economies of the world including the US, India, China, France, Gulf Countries and so on.
The growth in the adoption of submarines by countries around the globe to boost their naval sector is also a factor that is estimated to drive the growth of the market during the forecast period. The inclusion of advanced submarines in the defense sector by countries around the world is fostering the growth of the market during the forecast period.
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Global Torpedo Market - Segmental Assessment
By Weight
- Heavyweight Torpedoes
- Lightweight Torpedoes
It is estimated for the lightweight torpedoes to boost the growth of the market.
By Propulsion
- Electric
- Conventional
It is estimated for the electric propulsion to boost the growth of the market
Global Torpedo Market- Geographical Landscape
North America, Asia Pacific, Europe, Latin America, and Middle East and Africa are the major regions that are boosting the growth of the market during the forecast period. Among these, North Ameerica is poised to capture a high revenue share over 2022-2030. This is ascribed to the growing investments by the region along with the presence of major players.
Global Torpedo Market- Competitive Hierarchy
The prominent players characterizing the competitive terrain of this marketplace are Aselsan, Atlas Elektronik GmbH, BAE Systems, Bharat Dynamics Limited, Leonardo SpA, Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport, Saab AB and so on are the key players in the market.
Key Questions Answered In The Report:
- What is the growth forecast for the Global Torpedo Market?
- What are some of the factors that are estimated to drive the growth of the market?
- What is meant by a torpedo device?
- Which country is estimated to lead the growth of the market?
- Which are some of the major players boosting the growth of the market?
Key Takeaways From The Report:
- It is estimated for the Global Torpedo Market to grow at a CAGR of 10.2% during the forecast period of 2022 to 2030.
- Growth in the military activities around the world is estimated to boost the growth of the market during the forecast period. The market is also estimated to witness a growth owing to the rise in the investment in the defense sector by major economies of the world including the US, India, China, France, Gulf Countries and so on.
- Torpedo is a device that comes handy in as a weapon which launching the attack on the enemies. It is considered as one of the sophisticated weapons in the arena of naval warfare. The weapon consists of three units that is explosive, propeller system and guiding system. It can be sent form airplanes, boats or even submarines.
- During the forecast period it is estimated for the region of North America to drive the growth of the market. Increasing investments by the region in the sector of defense is one of the factors for the growth in the investments along with the presence of major players in the regions is another factor that is driving the region at a healthy rate.
- Aselsan, Atlas Elektronik GmbH, BAE Systems, Bharat Dynamics Limited, Leonardo SpA, Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport, Saab AB and so on are the key players in the market.
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