Torpedo Market Size to Surpass USD 5.18 Billion Growth by 2033, Exhibit a CAGR of 7.75% | Growing Need to Preserve Maritime Superiority

Torpedo market size is anticipated to grow from USD 2.46 Billion to USD 5.18 Billion in 10 years. The torpedo market has increased due to factors such as AI and IoT technology advancement in torpedoes.

Newark, April 18, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 2.46 Billion in 2023 torpedo market will reach USD 5.18 Billion by 2033. Torpedoes are the most lethal underwater weapon commonly seen in submarines. An increase in ongoing disputes between countries such as China and India, Taiwan, Russia and Ukraine, and others has led to a growth in the torpedo business. Developed and developing countries governments have allocated funds to build strong naval and submarine forces. This aspect is anticipated to raise the overall demand for torpedoes in the future years. AI-integrated lightweight and smart torpedoes are in great demand because of their improved performance, low cost, and quick detecting speed.

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Key Insight of the Torpedo Market

Asia Pacific is anticipated to expand at the highest CAGR of 10.32% over the projection period.

Asia Pacific is expected to grow at the highest CAGR of 10.32% over the forecast period. This is explained by the past and current geopolitical tensions in the Asia-Pacific area, which have compelled countries to invest in strong defence capabilities, such as torpedoes and naval assets, to address security concerns.

The lightweight torpedoes segment is expected to register the highest CAGR of 10.35% over the projected period in the torpedo market.

The lightweight torpedoes segment is anticipated to grow at the highest CAGR of 10.35% in the torpedo market. This is described by the fact that lightweight torpedoes are generally more agile, which makes them appropriate for striking targets in shallow or coastal waters. In situations where larger torpedoes could encounter difficulties, their skill and aptitude for navigating through intricate surroundings can be beneficial.

Over the projected period, the air launched segment is expected to register the highest CAGR of 10.73% in the torpedo market.

Over the forecasted period, the air launched segment is anticipated to grow at the highest CAGR of 10.73% in the torpedo market. This is explained by the fact that air-launched torpedoes give naval, and air forces a strategic edge by allowing them to engage targets over long distances. Air-launched torpedoes are useful for maritime security because of their capacity for quick reaction and wide coverage.

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Market Dynamics

Driver: Growing regional conflicts and geopolitical tensions

The world’s growing number of battles in various locations has led to an increased focus on improving naval defence capabilities. Countries actively invest in torpedoes as an essential component of their naval forces to enhance their combat and defensive capabilities. The need to protect vital assets, maintain maritime superiority, and secure maritime borders drives the market for torpedoes. Geopolitical tensions are important to the market because countries want to neutralise potential threats and maintain effective prevention.

Restraint: Regulatory obstacles and export limitations

Nations have imposed rigorous export controls and prohibitions on torpedoes due to their complexity as weapons. These regulations aim to protect national security interests and prevent the unauthorised transfer of critical military technology. Export restriction laws may restrict international trade and torpedo transfers, consequently restricting the market’s ability to expand. Companies handling torpedoes must follow these regulations, obtain the necessary licences, and manage complex export control systems.

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Some of the major players operating in the torpedo market are:

• Atlas Elektronik GmbH
• Bharat Dynamics Limited
• Naval Group
• Raytheon techmologies
• Saab
• ASELSAN A.S.
• Leonardo S.p.A.
• Rosoboronexport
• BAE Systems
• Northrop Grumman

Key Segments cover in the market:

By Weight:

• Lightweight Torpedoes
• Heavyweight Torpedoes

By Launch Platform:

• Surface Launched
• Air Launched
• Underwater Launched

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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