Torpedo Market Size
The market size for Torpedo Market stood at USD 996.3 million in 2023 and is estimated to have a CAGR of over 5% from 2024 to 2032.
Improvements in supersonic torpedo technology, like the recent release of India’s Supersonic Missile Assisted Torpedo System (SMAT) by DRDO, are driving the market’s growth.
Torpedo Market Report Attributes
Report Attribute Details
Base Year 2023
Torpedo Market Size in 2023 USD 996.3 Million
Forecast Period 2024 – 2032
Forecast Period 2024 – 2032 CAGR 5%
2032 Value Projection USD 1.5 Billion
Historical Data for 2021 – 2023
No. of Pages 250
Tables, Charts & Figures 430
Segments covered Type, propulsion, guidance system, launch platform, application, and region
Growth Drivers
Technological advancements in supersonic torpedo systems drive growth
Rising maritime security threats
Demand for longer-range capabilities
Development of autonomous and smart torpedoes
Integration of advanced guidance system
Pitfalls & Challenges
Long procurement cycles and bureaucratic delays
Intense competition among defense contractors
What are the growth opportunities in this market?
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Growing maritime security threats like more submarine activities and asymmetric warfare tactics propel the growth of the torpedo market. Countries across the globe are strengthening naval defenses to offset the changing threats like stealthy submarines and unmanned underwater vehicles. This demand fuels investment in advanced torpedo systems with the ability to effectively detect and neutralize the threats. With rising maritime tensions across the world, governments are focusing on strengthening their naval forces. This is driving market growth of cutting-edge torpedo technologies that can effectively secure maritime borders and assets.
Long procurement cycles and bureaucratic holdups slow down the torpedo industry by taking longer to convert defense contracts into reality. Governmental regulations, approval procedures, and budgetary allocations are among the factors that lead to these delays, affecting both buyers and suppliers. These inefficiencies can cause project delays, higher costs, and operational uncertainty for defense agencies across the globe. In a fast-changing defense environment, such delays can further hinder technological innovations and restrict the market’s ability to quickly adjust to the rising threats and operational needs.
Torpedo Market Trends
Current developments in torpedo technology target enhanced guidance systems, range, and maneuverability. Advances in propulsion systems and sensor technology allow torpedoes to travel more precisely and hit targets at larger ranges. Not only do these developments increase effectiveness in operations against submarines, but they also bolster defense capabilities within complicated maritime situations, demonstrating constant efforts to remain technologically advanced and responsive to naval warfare circumstances.
A strong trend towards autonomous torpedoes that can perform missions on their own is present. These weapons incorporate sophisticated AI and autonomous guidance technologies, cutting down on dependence on human personnel and allowing more responsive & quicker operations. Autonomous torpedoes provide benefits of operational flexibility, quick response capability, and capacity to carry out complex maneuvers. This trend is a response to the growing requirement for unmanned systems that are able to augment situational awareness and operational performance in various underwater warfare environments.
Torpedo Market Analysis
Find out more about the major segments defining this market
According to the application, the market is categorized into submarine warfare, anti-submarine warfare, anti-surface warfare, stealth operations, tactical situations, anti-submarine warfare, and general-purpose engagements. The submarine warfare segment is likely to grow above USD 500 million by 2032.
Submarines play a significant role in current naval warfare strategy due to their stealth & attack capabilities, which are fundamental for national defense and power projection. This strategic importance fuels the demand for advanced torpedoes to ensure submarines can be effective across different combat scenarios, thereby stimulating growth in the torpedo industry.
Technological advancements in torpedoes, including better guidance systems, propulsion, and stealth capabilities, improve their efficiency in submarine warfare. Such advancements make torpedoes more effective against advanced underwater threats, triggering the need for newer & advanced torpedo systems and increasing market growth.
Discover more on the leading segments defining this market
On the basis of launch platform, the market can be categorized under submarines, surface ships, aircraft, Unmanned Underwater Vehicles (UUVs). The surface ships segment is estimated to exhibit a CAGR more than 12% through the forecast period.
Surface ships are capable of launching a variety of torpedoes such as heavyweight torpedoes for combating submarines and lightweight torpedoes for attacking surface vessels. These capabilities make it easier for the ship to confront multiple threats and counter them easily.
Contemporary surface vessels are outfitted with sophisticated sensor suites, command & control systems, and communications networks. These combined systems facilitate efficient coordination between the vessel & launched torpedoes, thus improving situational awareness and operational effectiveness.
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North America led the global market in 2023 with more than 35% of the overall revenue share. The North American torpedo market is growing because of huge defense budgets and ongoing investment in naval modernization initiatives. The region’s emphasis on advanced military technology, such as next-generation torpedoes with better guidance and propulsion systems, propels demand. Moreover, rising geopolitical tensions and the strategic need to continue to have naval supremacy in the most important maritime regions drive the market further, as the U.S. and Canada prioritize enhancing their underwater warfare capabilities.
The U.S. torpedo industry is expanding with high defense expenditure and strong naval modernization focus. The demand for advanced torpedoes is driven by the U.S. Navy’s emphasis on developing submarine and surface fleet capabilities. Growing geopolitical tensions, maritime security threats, and technological advancements in guidance systems, propulsion, and stealth capabilities further enhance the market, with the U.S. seeking to ensure naval superiority and preparedness.
The APAC market is expanding as a result of rising defense budgets and naval modernization by nations such as China, India, and Japan. Geopolitical tensions and territorial conflicts in the South China Sea and the surrounding waters fuel the demand for sophisticated underwater weapons. Regional investments in the development of indigenous torpedo technologies and enhancing maritime security capabilities also fuel market growth, with APAC countries improving their naval defense and upholding strategic stability.
Torpedo Market Companies
Major players operating in the torpedo industry are
- BAE Systems
- General Dynamics Corporation
- Honeywell International Inc.
- Leonardo S.p.A.
- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- Saab AB
