Torpedo Market Analysis: Major Players, Lucrative Segments And Top Geographies
19 Jul, 2023
The global torpedo market size is expected to grow from $1.06 billion in 2022 to $1.14 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global torpedo market size is expected to reach $1.49 billion in 2027 at a CAGR of 6.9%.
Global Torpedo Market Key Driver
Increasing marine security challenges are projected to take the torpedo industry ahead. Maritime security threats are classified issues in the maritime realm that involve violence against passengers on board ships as well as the deployment of equipment on board a ship that has the ability to harm or damage it, resulting in national and human security. Torpedoes are often used to mitigate maritime security concerns by detecting and neutralising submarines and underwater mines, acting as a deterrent against attackers, and assisting with search and rescue efforts.
Get a sample of the global torpedo market reportGlobal Torpedo Market Segments
The global torpedo market is segmented:
1) By Product Type: Acoustic Homing Torpedo, Wake Homing Torpedo
2) By Weight: Heavyweight, Lightweight
3) By Propulsion: Thermal Powered, Electric Powered
4) By Application: Air-launched, Surfaced-launched, Underwater-launched
5) By Geography: The regions covered in the torpedo market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global torpedo market.
Major Torpedo Industry Players
Atlas Electronic GmbH, BAE Systems Plc., Bharat Dynamics Limited, Leonardo S.p.A., Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Technologies Corporation, Saab AB, Aselsan A.S, Mitsubishi Heavy Industries Ltd., Rubin Design Bureau, Orbital ATK, Tactical Missiles Corporation, Sechan Electronics Inc.
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Torpedo Market Overview
Torpedoes are underwater self-propelled weapons that can be launched from a submarine, ship, or aircraft that are employed to sever the hulls of surface ships and submarines used in naval combat. It is outfitted with advanced technology that allows it to change depth and direction in reaction to external signals, as well as detonate its explosive warhead when it reaches or approaches its target.
Torpedo Global Market Report 2023 provides data on the global torpedo market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The torpedo market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.