Torpedo Market to Reach USD 1611.3 Million by 2032 Driven by Rising Naval Modernization and Defense Spending

The demand for torpedoes is rising due to advancements in underwater weaponry and global security concerns, prompting governments to modernize naval defenses.

The Torpedo Market has experienced exponential growth, primarily due to increased modernization in naval fleets as well as increasing geopolitical tensions between states. Advanced torpedo systems are in great demand with countries investing so significantly in the naval defense upgrade of their fleets. There are growth factors for the market, such as increased maritime territorial disputes, advancement of technology in Autonomous Underwater Vehicles (AUVs), and increasing significance of anti-submarine warfare. Added to this, lightweight and heavy torpedoes with added precision and destructive power are also developed, thereby fueling their adoption in greater quantities in the ongoing years. Increased defense budgets for naval forces are expected, particularly in the developed countries of the United States, China, and Russia, to check the global arms race. Also, the increasing usage of torpedoes in submarine-launched missiles and advancements in propulsion systems further fuel the market. The growth of this market is likely to be sustained by increasing partnerships between defense contractors and governments as well as the launching of smart torpedoes that can function alone. However, regulatory barriers as well as the high manufacturing cost are likely to hinder the expansion of the torpedo market at a high rate.

What is the growth of the Torpedo market?

The Torpedo Market Size was valued at USD 996.9 million in 2023 and is expected to reach USD 1611.3 million by 2032 and grow at a CAGR of 5.5% over the forecast period 2024-2032. The primary driving forces behind the growth are the increased use of torpedoes for maritime defense, advanced propulsion systems by technology, and rising investments in naval modernization programs across the world. Interest and demand for UUVs along with enhanced anti-submarine capabilities have emerged as significant drivers of the growth of the torpedo market.

Top 10 Companies Operating in the Torpedo Industry Worldwide

1. Raytheon Technologies
2. Lockheed Martin Corporation
3. BAE Systems
4. Saab AB
5. Naval Group
6. Leonardo S.p.A
7. Atlas Elektronik GmbH
8. Bharat Dynamics Limited (BDL)
9. Northrop Grumman Corporation
10. Mitsubishi Heavy Industries

Which Segment Dominated the Torpedo Market?

In 2023, the Electric Propulsion segment dominated and accounted for a 55% market share in the Torpedo Market. Such an approach towards electric propulsion systems is motivated by the requirements for quieter, more efficient weapons for underwater uses, especially in anti-submarine warfare. In contrast to conventional propulsion, the electric propulsion system gives an added advantage of stealth, where the detection of torpedoes by enemy systems is made more difficult. For example, by the U.S.  Electric propulsion torpedoes have been embraced increasingly with favorable action by Navy and NATO allies in light of their greater ranges of operation, much reduced signatures, and capabilities that provide advantages better in shallow waters. The technological advantage places electric propulsion as a favorite choice for modern navies.

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Key Players:

• ASELSAN AS
• Atlas Elektronik GmbH
• BAE Systems PLC
• Bharat Dynamics Limited
• Honeywell International Inc.
• Leonardo S.P.A.
• Lockheed Martin Corporation
• Naval Group
• Northrop Grumman Corporation
• Raytheon Technologies Corporation

What are the opportunities for the Torpedo Market?

• The governments around the world are investing in fleet modernization of naval forces armed with advanced weaponry, including torpedoes, to enhance the strength of defense and security forces. The strategic state of modernization of navies is most visible in North America and the Asia-Pacific states.

• Advanced systems such as autonomous torpedo systems and advanced targeting technologies are making torpedoes more sophisticated and reliable performance. These results increase their ability to execute missions in military operations; therefore, torpedoes are increasingly being used.

• The continuously increasing number of territorial disputes and piracy in international waters has caused a high demand for high-tech torpedoes. Countries are concentrating on modernizing their defense mechanism in the underwater line to protect themselves.

What are the opportunities of the Torpedo Market?

• The naval boundary of the developing countries is now being protected through an increasing defense budget. It gives a larger market for torpedo producers to sell to these countries.
• With unmanned underwater vehicles (UUVs) increasingly being deployed in the roles of surveillance and combat, there may be greater scope for incorporating torpedoes, with intelligence-led defense doctrines probably a strong driver.

Which Region Dominated in the Torpedo Market?

In 2023, Europe dominated the global Torpedo Market, capturing a 40% market share. European countries, such as France, Germany, and the UK, have always invested heavily in naval defense capabilities to meet regional security pressures and also to safeguard maritime trading routes. European defense is also famous for its strong partnerships with its indigenous defense firms as several countries pioneered and launched the best submarine and marine programs. For instance, cooperation with major defense corporations enhances submarine-launched torpedoes vastly, which in turn increases dominance in this region. Furthermore, the strategic maritime position of Europe, with rising threats from Russia and military spending increases, further is driving the growth of its market.

Growth in the torpedoes market is significant, driven by increasing defense spending, technological advancements in torpedoes, and an increase in naval security interest. The market is ready to take off with further innovations in the coming years and the growth of torpedo-based autonomous systems.

Recent Developments

• September 2023: BAE systems teamed up with Malloy Aeronautics and demonstrated an inert sting ray torpedo launch from a heavy-lift UAS platform in the NATO repmus exercise.

• October 2023: the Royal Australian Navy officially opened its new torpedo training facility at Her Majesty's Australian ship (HMAS) Stirling in Western Australia. It is here that fully equipped, state-of-the-art facilities are expected to advance training on the operation and maintenance of torpedoes by naval personnel.

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