IMARC Group has recently released a new research study titled “Torpedo Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global torpedo market share, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. The market size reached US$ 1,015 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,307 Million by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.

Industry Definition and Application:

A torpedo is a self-propelled underwater projectile designed to target and destroy enemy vessels or submarines. It is a weapon used in naval warfare and is launched from submarines, surface ships, or aircraft. Torpedoes are designed to be capable of traveling long distances underwater to deliver a powerful explosion upon impact. Characteristics of torpedoes include their streamlined shape, propulsion system, and warhead. They are equipped with guidance systems that enable them to track and home in on their targets. Torpedoes can travel at high speeds and are capable of manoeuvring to evade countermeasures. Features of torpedoes may vary depending on their specific design and purpose. Some torpedoes are wire-guided, allowing the operator to control their trajectory remotely. They can be equipped with acoustic sensors, sonar, or active and passive homing systems to detect and lock onto targets. Additionally, modern torpedoes may incorporate advanced technologies, such as stealth features, to reduce their detection and countermeasure resistance. Consequently, torpedoes find their application in the defence industry and in anti-submarine warfare operations to detect and neutralize enemy submarines.

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Torpedo Market Trends and Drivers:

Modernization of the existing naval fleet represents one of the key factors driving the market growth. In line with this, governments of several countries are investing heavily in the modernization of their naval fleet, which is leading to an increased demand for advanced torpedoes. This is stimulating the market growth. The rising geopolitical tensions and the increasing need to enhance maritime security are contributing to the market growth. The expansion of submarine fleet globally has increased the demand for torpedoes, which are the primary weapons used by submarines. This, in turn, is propelling the growth of the market. The ongoing technological advancements in torpedo systems, including improved guidance systems and increased range are boosting the market growth.

Governments across the world are allocating higher defense budgets to strengthen their naval capabilities, which is driving the market growth of torpedoes. The rising focus on underwater surveillance and monitoring capabilities is facilitating the demand for torpedoes with improved sensors and intelligence gathering capabilities, which is driving the market growth of torpedo. The expansion of global maritime trade has necessitated the protection of shipping routes and commercial vessels, which is driving the demand for torpedoes, thereby contributing to the market growth. The market is also being driven by the advent of electric propulsion torpedoes, which are currently gaining preference around the world on account of their advanced capabilities. Since these torpedoes offer high speed and fewer vibrations, they are being widely utilized, which is contributing to the market growth significantly. Other factors, such as extensive research and developmental (R&D) activities and the expansion of defense and military industries, are creating a positive outlook for the torpedo market further across the globe.

Competitive Landscape With Key Players:

The competitive landscape of the torpedo market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Aselsan
• Atlas Elektronik GmbH
• BAE Systems
• Bharat Dynamics Limited
• Leonardo SpA
• Lockheed Martin Corporation
• Naval Group
• Northrop Grumman Corporation
• Raytheon Company
• Rosoboronexport
• Saab AB

Key Market Segmentation:

The report has segmented the global torpedo market based on weight, launch platform, propulsion and region.

Breakup by Weight:

• Heavyweight Torpedoes
• Lightweight Torpedoes

Breakup by Launch Platform:

• Sea-launched
  • Surface-launched
  • Underwater-launched
• Air-launched

Breakup by Propulsion:

• Electric
• Conventional

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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