Torpedo Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
The torpedo market was estimated at US$ 1.1 Billion in 2021 and is expected to grow at a CAGR of 4.7% during 2022-2028 to reach US$ 1.9 Billion in 2028.
Torpedoes are underwater missiles that are designed to attack enemy vessels, submarines, or other targets. The torpedo market is primarily driven by the increasing military spending across the globe, especially in emerging economies. The growing tensions between countries and the rise in maritime security threats are also expected to drive the demand for torpedoes in the coming years.
The global torpedo market is expected to grow at a moderate rate in the next few years, owing to the increasing adoption of advanced technology in torpedo systems. The market can be segmented based on type, launch platform, guidance system, and region.
The torpedo market was estimated at US$ 1.1 Billion in 2021 and is expected to grow at a CAGR of 4.7% during 2022-2028 to reach US$ 1.9 Billion in 2028.
Based on type, the torpedo market can be segmented into lightweight, heavyweight, and other torpedoes. Heavyweight torpedoes are expected to dominate the market, as they are capable of carrying larger payloads and causing significant damage to the target.
Based on launch platform, the market can be segmented into submarine-launched torpedoes, surface-launched torpedoes, and air-launched torpedoes. Submarine-launched torpedoes are expected to dominate the market, as they are the most commonly used torpedoes in naval warfare.
Based on guidance system, the market can be segmented into wire-guided torpedoes, homing torpedoes, and wake-homing torpedoes. Homing torpedoes are expected to dominate the market, as they are capable of tracking and following a target using sensors and guidance systems.
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The key players in the torpedo market include Lockheed Martin Corporation, Raytheon Technologies Corporation, Saab AB, BAE Systems, and Leonardo S.p.A. These companies are investing heavily in research and development to enhance the performance and efficiency of their torpedo systems and expand their product offerings.
There is stiff competition in the Torpedo market. The growth of the companies is directly dependent on the industry conditions and government support. These companies differentiate Torpedo based on their quality and penetration in the target and emerging markets. Also, some major mergers and acquisitions in the industry recently have significantly influenced the competitive dynamics. For example:
- In October 2021, the Indian Defence Ministry signed a contract (worth INR 423 crore (USD 56.38 million)) with the US government to procure MK 54 torpedo and expendables such as chaff and flares for P-8I anti-submarine warfare aircraft of the Indian Navy.
- In October 2021, Thales Australia won a contract from the Australian Department of Defence to provide the Royal Australian Navy’s (RAN) MU90 lightweight torpedo that is worth of around $14.5 million.
- General Dynamics Corp’s subsidiary, Electric Boat, March 2019, received UDS$ 2 billion in contract modification by the U.S. Navy for long-term supply for the main propulsion unit and ship service turbine-generator efforts. Electrical and mechanical components of the system.
In conclusion, the torpedo market is driven by the increasing military spending and the rise in maritime security threats. The market is expected to grow at a moderate rate in the next few years, with heavyweight torpedoes and submarine-launched torpedoes expected to dominate the market. The market is highly competitive, with key players investing heavily in research and development to enhance the performance of their products.