Torpedo Market to Witness Comprehensive Growth by 2032 | ASELSAN A.S., Atlas Elektronik GmbH

The global torpedo market size was valued at $3.1 billion in 2022, and is projected to reach $6.3 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.

WILMINGTON, DE, UNITED STATES, February 19, 2025 /EINPresswire.com/ -- Allied Market Research published a report, titled, “Torpedo Market by Weight (Heavyweight Torpedoes and Lightweight Torpedoes), Launch Platform (Air Launched, Surface Launched, and Underwater-launched), and Propulsion (Electric Propulsion and Conventional Propulsion): Global Opportunity Analysis and Industry Forecast, 2023–2032. According to the report, the global torpedo industry generated $3.1122 billion in 2022 and is anticipated to generate $6.3141 billion by 2032, witnessing a CAGR of 7.6 % from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐧𝐝 𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 - https://www.alliedmarketresearch.com/request-sample/A314853

Prime Determinants of Growth

Increased geopolitical tensions and security concerns in various regions drive nations to invest in naval capabilities, including torpedoes, to protect maritime interests and deter potential adversaries. Furthermore, the allocation of defense budgets by countries plays a significant role in determining the growth of the torpedo market. Increase in defense spending, including investments in naval modernization programs, impact the procurement of torpedoes. In addition, ongoing advancements in torpedo technology, such as improvements in propulsion systems, guidance systems, and stealth capabilities, drive demand for upgraded and more sophisticated torpedoes.

Impact of Russia-Ukraine War Scenario

Russia and Ukraine frequently spend more on defense to strengthen their armed forces during times of war. As a result, more defense systems, such as torpedoes, are purchased. Furthermore, changes in the geopolitical landscape result in changes to international alliances and partnerships. Other countries have started looking for new suppliers or have started working with other defense contractors, which could have an impact on the dynamics of the torpedo market.
In addition, the development of military technology is influenced by intense conflict between Russia and Ukraine. Governments might spend money on R&D to create new, advanced technologies or to enhance torpedo systems that are already in place. In addition, participating countries are subject to export and import restrictions or sanctions over military hardware, including torpedoes.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A314853

Recent Advancements in the Torpedo Industry:

In September 2023, BAE Systems partnered with Malloy Aeronautics and successfully showcased the launch of an inert Sting Ray torpedo from a heavy-lift Unmanned Aerial System (UAS) during the NATO Repmus exercise.
In October 2023, the Royal Australian Navy inaugurated its state-of-the-art torpedo training facility at Her Majesty's Australian Ship (HMAS) Stirling in Western Australia, offering advanced training for naval personnel on torpedo operation and maintenance.
In May 2020, Northrop Grumman unveiled a very lightweight torpedo, demonstrating its air-launch capability on various U.S. Navy aircraft. The prototype underwent successful testing for potential integration into the U.S. Navy's arsenal.
In October 2022, Saab AB delivered the first batch of its new lightweight torpedo, Saab Lightweight Torpedo, to Sweden's defense procurement agency (FMV). The torpedo is designed for Swedish submarines and Visby corvettes, with provisions for integration with helicopters. FMV is conducting final verifications to ensure compliance with the Royal Swedish Navy's requirements.

North America to maintain its dominance by 2032

On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global torpedo market revenue. This is attributed to the fact that the North America, particularly the U.S., has one of the most technologically advanced and sophisticated defense industries in the world. The region has a long history of developing and producing cutting-edge defense technologies, including torpedoes. However, Asia-Pacific is expected to witness the fastest CAGR of 9.9% from 2023 to 2032, this is attributed to the fact that Asia-Pacific region has experienced historical and contemporary geopolitical tensions, driving nations to invest in robust defense capabilities, including naval assets and torpedoes, to address security concerns.

Key Insights from the Torpedo Market Report:

The study encompasses an in-depth analysis of the torpedo market across over 16 countries, offering a detailed segment breakdown by value ($million) for the forecast period.
The research employs a comprehensive approach, integrating top-tier data, expert opinions, and thorough analysis with substantial independent perspectives. The methodology is designed to present a well-rounded perspective of the global market, aiding stakeholders in making informed decisions to achieve ambitious growth objectives.
A thorough review of over 3,700 product literature pieces, annual reports, industry statements, and comparable materials from major industry participants has been conducted to enhance understanding and insights into the market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐐𝐮𝐚𝐥𝐢𝐭𝐚𝐭𝐢𝐯𝐞 𝐚𝐧𝐝 𝐐𝐮𝐨𝐭𝐚𝐭𝐢𝐯𝐞 𝐃𝐚𝐭𝐚, 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) - https://www.alliedmarketresearch.com/torpedo-market/purchase-options

Leading Market Players: -
ASELSAN A.S.
Atlas Elektronik GmbH
BAE Systems
Bharat Dynamics Limited
Leonardo S.p.A.
Naval Group
Northrop Grumman
Raytheon techmologies
Rosoboronexport
Saab

Davin Correa
Allied Market Research
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