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 2024-2031

Torpedo Market size was valued at USD 995.2 million in 2022 and is poised to grow from USD 1046.85 million in 2023 to USD 1569.21 million by 2031, growing at a CAGR of 5.19% during the forecast period (2024-2031).

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.