Global Torpedo Market

Global Torpedo Market Size, Share, Growth Analysis, By Type(Wire-guided torpedoes, wake-homing torpedoes), By Propulsion(Electric torpedoes, thermal torpedoes), By Launch Platform(Surface ships, submarines) - Industry Forecast 2023-2030


Report ID: SQMIG20A2179 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 91 | Figures: 76

Global Torpedo Market Insights

Torpedo Market size was valued at USD 946.1 million in 2021 and is poised to grow from USD 1.13 billion in 2022 to USD 14.29 billion by 2030, at a CAGR of 37.32% during the forecast period (2023-2030).

The global torpedo market has experienced substantial growth in recent years, primarily driven by the increasing focus on military modernization and the rising demand for enhanced naval defense capabilities. Our report contains detailed information on the value chain analysis for the torpedo market, which manufacturers can use to gain a competitive edge during the projected period. Torpedoes, advanced underwater weapons, play a critical role in naval operations, offering a means to target and destroy enemy vessels effectively.

The market has witnessed significant investments in research and development activities, leading to the introduction of technologically advanced torpedoes with improved speed, accuracy, and stealth capabilities. Furthermore, the geopolitical tensions and regional conflicts around the world have prompted nations to bolster their naval forces, thereby fueling the demand for torpedoes.

Geographically, North America holds a substantial share in the torpedo market, primarily driven by the US' robust naval forces and extensive defense expenditure. Europe also accounts for a significant market share, attributed to the presence of major defense contractors and technological advancements. Asia Pacific is witnessing rapid market growth, driven by the increasing defense budgets of countries like China and India. Latin America, the Middle East, and Africa are also emerging markets, fueled by rising security concerns and efforts to strengthen naval capabilities. The torpedo market is poised for continued growth, driven by military modernization programs, rising defense budgets, and geopolitical tensions.

The integration of advanced sensors and communication systems in torpedoes. With technological advancements, torpedoes are being equipped with sophisticated sensors, including sonar and acoustic sensors, to enhance their target detection and tracking capabilities. These sensors enable torpedoes to gather real-time information about their surroundings, enabling precise and effective engagement with enemy vessels. Furthermore, advancements in communication systems have facilitated improved connectivity and coordination between torpedoes and their launch platforms or command centers.

US Torpedo Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 946.1 million

Largest Segment

Wire-guided torpedoes

Fastest Growth

Wire-guided torpedoes

Growth Rate

37.32% CAGR

Global Torpedo Market ($ Bn)
Country Share for North America Region (%)
Global Torpedo Market By Type ($ Bn)
Global Torpedo Market By Type (%)

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Global Torpedo Market Segmental Analysis

The global torpedo market can be segmented based on type, propulsion, launch platform, and region. Based on type, the market can be divided into wire-guided torpedoes, wake-homing torpedoes, autonomous torpedoes. Based on propulsion, the market can be categorized into electric torpedoes, thermal torpedoes, hybrid torpedoes, other propulsion systems. Based on launch platform, the market can be categorized into surface ships, submarines, aircraft. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis By Type

The largest market segment in the torpedo market is currently the wire-guided torpedoes segment. Wire-guided torpedoes are highly accurate and offer precise target tracking capabilities, making them a preferred choice for naval forces. These torpedoes are guided by a wire that connects them to the launch platform, allowing for real-time control and adjustments during the attack. The wire-guided torpedoes segment holds a significant market share due to its reliability, effectiveness, and established deployment by various naval forces worldwide.

On the other hand, the fastest growing segment is the autonomous torpedoes segment. Autonomous torpedoes are equipped with advanced artificial intelligence (AI) and onboard decision-making capabilities, enabling them to operate independently without constant control from the launch platform. These torpedoes can autonomously detect and track targets, assess the best engagement strategies, and make real-time adjustments during the attack. The autonomous torpedoes segment is experiencing rapid growth due to advancements in AI technology and the increasing emphasis on unmanned systems in modern warfare. The ability of autonomous torpedoes to operate stealthily and make autonomous decisions makes them a promising choice for future naval operations.

Analysis By Launch Platform

The largest market segment in the torpedo market is currently the surface ships segment. Surface ships, including frigates, destroyers, and aircraft carriers, serve as the primary launch platforms for torpedoes. These platforms offer a versatile and mobile means of deploying torpedoes, allowing naval forces to effectively engage enemy vessels. The surface ships segment holds a significant market share due to the extensive deployment of torpedoes on various types of surface vessels across different naval fleets worldwide.

On the other hand, the fastest growing segment is the unmanned underwater vehicles (UUVs) segment. UUVs are autonomous or remotely operated vehicles designed for underwater missions, including surveillance, reconnaissance, and mine countermeasures. They can be equipped with torpedoes to enhance their offensive capabilities. The UUVs segment is experiencing rapid growth due to the increasing demand for unmanned systems in naval operations. UUVs offer several advantages, including reduced risk to human operators and the ability to operate in challenging environments.

Global Torpedo Market By Type, 2021 (%)

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Global Torpedo Market Regional Insights

The largest market region in the torpedo market is currently North America. The region has a dominant share in the market due to the presence of major defense contractors and technologically advanced naval forces, particularly in the US. North America boasts a robust defense budget and ongoing military modernization programs, which have contributed to the significant deployment of torpedoes in the region. The US Navy, being one of the largest and most technologically advanced naval forces in the world, has been a key driver of the torpedo market in North America. Additionally, Canada's naval modernization initiatives further contribute to the market's growth in the region.

The fastest growing region in the torpedo market is currently Asia Pacific. The region is witnessing rapid growth, primarily driven by increasing defense budgets, geopolitical tensions, and a focus on enhancing naval capabilities. Countries like China and India have been significantly investing in their naval forces, leading to the procurement of advanced torpedoes. China, in particular, has been expanding its submarine fleet and investing in next-generation torpedoes, contributing to the overall market growth in the region. Additionally, India's naval modernization programs, including the construction of indigenous submarines and the acquisition of advanced torpedoes, are further propelling market growth in Asia Pacific. The combination of increasing defense expenditure, geopolitical tensions, and a focus on modernizing naval forces positions Asia Pacific as a significant growth opportunity in the torpedo market.

Global Torpedo Market By Geography, 2023-2030
  • Largest
  • Fastest

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Global Torpedo Market Dynamics

Drivers

Increasing Geopolitical Tensions And Regional Conflicts

  • The world is witnessing heightened tensions in various regions, leading to a growing emphasis on strengthening naval defense capabilities. Nations are actively investing in torpedoes as a critical component of their naval forces to enhance their offensive and defensive capabilities. The need to safeguard maritime borders, protect strategic assets, and maintain dominance at sea is driving the demand for torpedoes. Geopolitical tensions act as a significant driver for the market, as countries seek to maintain a strong deterrent and the ability to counter potential threats.

Restraints

Regulatory Challenges And Export Control Restrictions

  • Torpedoes, being advanced military weapons, are subject to strict regulations and export controls imposed by governments. These regulations aim to prevent the unauthorized transfer of sensitive military technology and protect national security interests. Export control restrictions can limit the market's growth potential by imposing barriers to the trade and transfer of torpedoes between countries. Companies operating in the torpedo market need to comply with these regulations, obtain necessary licenses, and navigate complex export control frameworks.

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Global Torpedo Market Competitive Landscape

The competitive landscape of the torpedo market is characterized by the presence of several key players, including major defense contractors, specialized torpedo manufacturers, and naval technology companies. These players actively engage in research and development activities to introduce advanced torpedoes with improved capabilities. The competitive landscape of the torpedo market is dynamic and characterized by intense competition, technological advancements, strategic collaborations, and the pursuit of innovation to gain a competitive advantage.

Top Player’s Company Profiles

  • Leonardo S.p.A (Italy)
  • Naval Group (France)
  • Raytheon Technologies Corporation (US)
  • Thales Group (France)
  • Northrop Grumman Corporation (US)
  • Atlas Elektronik GmbH (Germany)
  • Bharat Dynamics Limited (India)
  • General Dynamics Corporation (US)
  • Rosoboronexport (Russia)
  • Mitsubishi Heavy Industries, Ltd. (Japan)
  • Israel Aerospace Industries Ltd. (Israel)
  • Kongsberg Gruppen ASA (Norway)
  • Naval Group (France)
  • Rafael Advanced Defense Systems Ltd. (Israel)
  • Navantia (Spain)
  • Babcock International Group PLC (UK)
  • Hanwha Corporation (South Korea)

Recent Developments

  • In June 2023, Indian Navy the indigenously developed Varunastra a ship-launched anti-submarine heavy weight torpedo (HWT) was successfully test fired. The Varunastra HWT is an electrically-powered torpedo capable of anti-submarine and anti-ship operations.
  • In April 2023, Ukraine launched its ‘Loitering Torpedo’ After Deadly Sea Drones, a logo beside the weapon’s label mentioned ‘Brave1,’ a new defense manufacturing and technology initiative launched by the Ukrainian government.
  • In April 2023, Russia’s TASS state new agency reported that its Pacific Fleet was moving forward with plans to activate a new division of submarines specially designed to launch an intercontinental-range nuclear drone-torpedo called Poseidon, which could be used to attack coastal cities.

Global Torpedo Key Market Trends

  • Growing Emphasis on Stealth and Low-observable Technologies: There is an increasing focus on developing torpedoes with enhanced stealth and low-observable technologies. Stealthy torpedoes are designed to minimize their acoustic, magnetic, and thermal signatures, making them harder to detect by enemy vessels and underwater surveillance systems. The use of advanced materials, such as composites, and innovative design techniques enable torpedoes to reduce their detectability and increase their survivability in hostile environments.

Global Torpedo Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analyses, the Torpedo market is poised for significant growth in the coming years, driven by various factors and offering substantial future scope. The torpedo market is experiencing significant growth and presents promising future prospects. The increasing focus on military modernization, rising defense budgets, and geopolitical tensions are driving the demand for torpedoes globally. The wire-guided torpedoes segment currently holds the largest market share, driven by its precision and target tracking capabilities. However, the autonomous torpedoes segment is the fastest growing, owing to advancements in artificial intelligence and autonomous operation features. North America dominates the market, with the United States as a key driving force due to its robust naval forces and extensive defense expenditure. Looking ahead, the market holds immense potential with the integration of advanced sensors and communication systems, enabling enhanced performance in naval operations. Regulatory challenges and export control restrictions serve as a restraint, impacting the market's growth potential. Nonetheless, technological advancements, strategic collaborations, and the pursuit of innovation by key players will shape the future of the torpedo market, providing opportunities for continued growth and advancement in naval defense capabilities.

Report Metric Details
Market size value in 2021 USD 946.1 million
Market size value in 2030 USD 14.29 billion
Growth Rate 37.32%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Wire-guided torpedoes, wake-homing torpedoes, autonomous torpedoes
  • Propulsion
    • Electric torpedoes, thermal torpedoes, hybrid torpedoes, other propulsion systems
  • Launch Platform
    • Surface ships, submarines, aircraft
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Leonardo S.p.A (Italy)
  • Naval Group (France)
  • Raytheon Technologies Corporation (US)
  • Thales Group (France)
  • Northrop Grumman Corporation (US)
  • Atlas Elektronik GmbH (Germany)
  • Bharat Dynamics Limited (India)
  • General Dynamics Corporation (US)
  • Rosoboronexport (Russia)
  • Mitsubishi Heavy Industries, Ltd. (Japan)
  • Israel Aerospace Industries Ltd. (Israel)
  • Kongsberg Gruppen ASA (Norway)
  • Naval Group (France)
  • Rafael Advanced Defense Systems Ltd. (Israel)
  • Navantia (Spain)
  • Babcock International Group PLC (UK)
  • Hanwha Corporation (South Korea)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Torpedo Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Torpedo Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Torpedo Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Torpedo Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Torpedo Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Torpedo Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Torpedo Market size was valued at USD 946.1 million in 2021 and is poised to grow from USD 1.13 billion in 2022 to USD 14.29 billion by 2030, at a CAGR of 37.32% during the forecast period (2023-2030).

The competitive landscape of the torpedo market is characterized by the presence of several key players, including major defense contractors, specialized torpedo manufacturers, and naval technology companies. These players actively engage in research and development activities to introduce advanced torpedoes with improved capabilities. The competitive landscape of the torpedo market is dynamic and characterized by intense competition, technological advancements, strategic collaborations, and the pursuit of innovation to gain a competitive advantage. 'Lockheed Martin Corporation (US)', 'Saab AB (Sweden)', 'BAE Systems plc (UK)', 'Leonardo S.p.A (Italy)', 'Naval Group (France)', 'Raytheon Technologies Corporation (US)', 'Thales Group (France)', 'Northrop Grumman Corporation (US)', 'Atlas Elektronik GmbH (Germany)', 'Bharat Dynamics Limited (India)', 'General Dynamics Corporation (US)', 'Rosoboronexport (Russia)', 'Mitsubishi Heavy Industries, Ltd. (Japan)', 'Israel Aerospace Industries Ltd. (Israel)', 'Kongsberg Gruppen ASA (Norway)', 'Naval Group (France)', 'Rafael Advanced Defense Systems Ltd. (Israel)', 'Navantia (Spain)', 'Babcock International Group PLC (UK)', 'Hanwha Corporation (South Korea)'

The world is witnessing heightened tensions in various regions, leading to a growing emphasis on strengthening naval defense capabilities. Nations are actively investing in torpedoes as a critical component of their naval forces to enhance their offensive and defensive capabilities. The need to safeguard maritime borders, protect strategic assets, and maintain dominance at sea is driving the demand for torpedoes. Geopolitical tensions act as a significant driver for the market, as countries seek to maintain a strong deterrent and the ability to counter potential threats.

Growing Emphasis on Stealth and Low-observable Technologies: There is an increasing focus on developing torpedoes with enhanced stealth and low-observable technologies. Stealthy torpedoes are designed to minimize their acoustic, magnetic, and thermal signatures, making them harder to detect by enemy vessels and underwater surveillance systems. The use of advanced materials, such as composites, and innovative design techniques enable torpedoes to reduce their detectability and increase their survivability in hostile environments.

The largest market region in the torpedo market is currently North America. The region has a dominant share in the market due to the presence of major defense contractors and technologically advanced naval forces, particularly in the US. North America boasts a robust defense budget and ongoing military modernization programs, which have contributed to the significant deployment of torpedoes in the region. The US Navy, being one of the largest and most technologically advanced naval forces in the world, has been a key driver of the torpedo market in North America. Additionally, Canada's naval modernization initiatives further contribute to the market's growth in the region.

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