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

Global 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 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.