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Torpedo Market Size, Share & Industry Analysis, By Weight (Heavyweight Torpedoes and Lightweight Torpedoes), By Propulsion (Electric and Conventional), By Launch platform (Air-launched, Surface-launched, and Underwater-launched), and Regional Forecast 2019-2026

Region : Global | Format: PDF | Report ID: FBI101571

 

KEY MARKET INSIGHTS

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The global torpedo market size was valued at USD 805.3 million in 2018 is projected to reach USD 1,113.9 million by 2026, exhibiting a CAGR of 4.2% during the forecast period.

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The torpedo is a sea-born weapon system used in marine warfare, while it reaches across the area of the target with explosives. Torpedoes are the most preferred deadly underwater weapons, which are installed on naval vessels, anti-submarine warfare helicopters, and submarines. The rise in the global sea-borne trade has propelled the demand for new naval vessels around the world.


Naval vessels ensure safety and security of seaborne trade through patrolling of the country’s marine borders and ensure freedom of navigation for merchant's vessels. The requirement of new naval vessel deliveries is rising as all the Naval forces are investing into developing new platforms to ensure the safety of sea routes surrounded by their borders; thus the new naval ship deliveries, in turn, increase the demand for torpedoes. The torpedoes, which can be launched from submarines are known as submarine torpedoes, whereas torpedoes launched from aircraft known as airdrop torpedoes.


The introduction of new torpedo technologies such as electric propulsion and advanced navigation is expected to replace legacy torpedoes is another factor driving the torpedo market growth trends. Navies around the world are investing heavily on their up-gradation of existing naval battle systems, wherein torpedoes are the most important weapons for anti-submarine warfare. Anti-submarine warfare is the highest priority for naval forces, as an increase in the deliveries of submarines from countries such as China, India and others in Asia Pacific region.


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Torpedo manufacturers are introducing torpedoes with electric propulsion designed explicitly for submarine warfare, also a requirement for precision navigation, automatic and remotely control guidance mechanism is requirement of newly build naval ships. With this technological enhancement the new torpedoes will be capable of completing their mission with their intelligence used for target tracking. The requirement of automation in the newly developed torpedoes for precision guidance and automated navigation is driving the growth of torpedoes market.


MARKET DRIVERS


“The increase in the maritime border disputes between the countries likely to propel the global torpedoes market.”


The increasing threat of terrorism and growing conflicts between countries drives the torpedo market share. Growing security concerns over internal and external threats lead to focus on marine vessels, like submarine combat systems and naval ships. The market is supported by the growth in the deliveries of naval ships and submarines by different naval forces around the world. Torpedoes are self-guided weapons for anti-submarine warfare. The torpedoes are mainly operated underwater and are developed to detonate in the vicinity of the target. New technological development of new unmanned underwater vehicle systems and surface vessels with torpedoes launching capabilities propel the growth of the market.


 “Increase in the defense budget of Global countries and increase in the deliveries of naval vessels and submarines are expected to lead the torpedo market growth"


The major driving factors are increasing investments of the countries on acquiring newer naval vessels such as submarines, destroyers, and frigates to safeguard maritime interests of the nations is a major factor fueling the demand for the torpedoes equipped in these vessels. The new era of modern maritime warfare and anti-submarine warfare have increased the expenditure for the development of technically advanced torpedoes.


Torpedoes are designed to sink deep-diving submarines as well as surface vessels, with the introduction of new submarines, and naval vessels are propelling the demand for new torpedo deliveries.


 SEGMENTATION


By Weight Analysis


“The Heavyweight segment estimated to generate the highest revenue during the forecast period.”


Based on the weight, the torpedo market is segmented into a lightweight torpedo and heavyweight torpedo. The heavyweight torpedo segment is estimated to dominate this market. The heavyweight torpedoes are designed to launch from submarine torpedo tubes. These torpedoes are majorly carried by vessels into their torpedo launching tube. The Varunastra is an Indian advanced heavyweight anti-submarine torpedo, developed by the Naval Science and Technological Laboratory of the DRDO for the Indian Navy.


Whereas, The Mark 54 Lightweight Torpedo was jointly by Raytheon and the US Navy under for the U.S. Navy's Lightweight Hybrid Torpedo program. Saab's Lightweight Torpedo (SLWT) is designed to secure your littoral supremacy. It is an anti-submarine warfare (ASW) solution that gives total control to forces worldwide.


By Propulsion Analysis


Based on propulsion, torpedoes industry is segmented, into electric propulsion and conventional propulsion. The electric propulsion uses battery and electric motor to drive the torpedo; it provides energy to speed to march the torpedo at its target. Increase in demand for electric propulsion in torpedoes due to factors such as high trust, more speed, and less vibrations, is driving the market for the electric propulsion segment. Whereas, conventional propulsion uses the combustion engine to generate trust. Torpedo conventional fuel engine carriers oxidizer or it does not require oxidizer to ignite the torpedo engine. Most of the time it uses OTTO fuel, which contains oxidizer with the fuel. These type of torpedoes are becoming less popular from the naval forces around the world. As a result, Electric propulsion torpedoes are replacing the Conventional propulsion torpedoes, due to their advanced capabilities in terms of speed and less vibrations, due to this the share of conventional propulsion torpedoes will get reduced in forecast year.


By launch Platform Analysis


“Sea-launched torpedo is anticipated to exhibit a significant CAGR during the forecast period.”


Based on Launch platform type market is classified as Sea launched torpedo and Air launched torpedo. Torpedoes released from submarines, and surface vessels considered under the sea-launched torpedo under the launch platform segment. The Sea launch torpedo further studied for surface-launched and Underwater-launched platforms.


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The surface-launched torpedoes majorly launched from the surface naval vessels. The surface naval vessels have torpedo tubes to launch the torpedo into the sea; the Mark 32 sea-launched Triple Torpedo Tube (TTT) launcher permits cruisers and destroyers to participate without delay in an anti-submarine struggle, looking down submarines with acoustic homing torpedoes. The Mark 32 makes use of a pneumatic ejection device to release torpedoes far away from the sub-hunting ship into the ocean.


Whereas, the Air launched torpedoes can be carried with the aid of aircraft generally used for antisubmarine warfare. The air-launch torpedo witnessed diminishing demand with the introduction of new technologies such as anti-submarine missiles and improvement in the naval rocket systems.  


REGIONAL ANALYSIS


North America is dominating the torpedo market during the forecast period. US is the largest market in the world for the procurement of naval systems for the US Navy. The North American market is majorly focusing on the modernization program of their existing naval ships. However, launches of new technologies and increase investment from the US in their naval procurements is driving the of North America.


Asia-Pacific is the fastest-growing market appreciably supported by the procurement of torpedoes by the major naval forces in the region. China, especially, has released a massive number of naval ships and submarines, as a result of the continuing tensions inside the South China Sea. China and India are dominating the Asia-Pacific heavyweight torpedoes market. Massive investment by India to developed heavyweight torpedoes in the region is driving the Asia Pacific market.


Torpedo Market Size, 2018

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UK, France, and Germany are dominating the Europe region in the torpedo market. An increase in the deliveries from the naval ships by these countries is expected to drive the heavyweight torpedoes segment most of the torpedo manufacturers based in the Europe region such as BAE Systems, SAAB. Atlas Elektronik GmbH, Leonardo SpA, and Naval Group are driving this market in the region.


The rest of the world region includes all the countries based in the Middle East & Africa. The Middle Eastern countries are projected to grow at the highest CAGR duration of the forecast period. The rise in the maritime border conflicts and anti-piracy operations over major sea routes such as the Persian Gulf are increasing the procurement of new naval vessels and torpedoes deliveries in the region.


INDUSTRY KEY PLAYERS


“Introduction of new technologies by Lockheed Martin, BAE Systems, Raytheon, and Bharat Dynamics are some of the leading players.”


BAE systems based in the UK are considered to be the key government supplier, builds naval vessels and defense systems for maritime vessels, which provides them superiority in modern naval warfare. Certain factors such as considerable market hold in emerging nations, healthy relationship with Navies around the world and focus on collaborations with the major UK and US government companies is expected to maintain its position in the torpedo market.


Bharat Dynamics is one of the prominent players based in the Asia Pacific market, and the company announced a projected plan of expansion of Vizag, India based manufacturing facility of the company. An increasing number of purchase orders for torpedoes from the Indian navy and further opportunities for exports these torpedoes to friendly nations.


List Of Key Companies Covered



  • Aselsan AS

  • Atlas Elektronik GmbH

  • BAE System PLC.

  • Bharat Dynamics Limited.

  • DCN International S.A.

  • Honeywell International Inc.

  • Leonardo SpA. 

  • Lockheed Martin Corporation.

  • Naval Group

  • Northrop Grumman Corporation

  • Raytheon Company.

  •  Rosoboronexport.

  • Saab AB.

  • Sechan Electronics Inc.


REPORT COVERAGE


The global torpedo market is witnessing a moderate growth rate owing to long term government contracts and lengthy timelines on naval shipbuilding. 


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Along with this, the report provides an elaborative analysis of this market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in this market, such as contacts, mergers & acquisitions, partnership, agreements, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2018



Unit



  Value (USD Million)



Segmentation



By Weight



  • Heavy Torpedoes

  • Lightweight Torpedoes



By Launch Platform



  • Air-launched

  • Surface-launched

  • Underwater-launched



By Propulsion



  • Electric Propulsion

  • Convectional Propulsion



By Region



  • North America

  • Europe

  • Asia Pacific

  • Rest of the Worlds



 


INDUSTRY DEVELOPMENT



  • July 2019: Bharat Dynamics Limited signed a strategic contract with Indian Navy. The contract value estimated at US$ 164.3 Mn. According to the agreement, Bharat Dynamics Limited agreed to provide heavyweight torpedoes to the Indian Navy for the next 42 months.

  • April 2019: ATLAS ELEKTRONIK GmbH announced successful trail of SeaSpider, (ATT- Anti-torpedo-torpedo) in Baltic sea. The trial conducted in partnerships with German Bundeswehr Technical Center. In the same month, ATLAS ELEKTRONIK and Canada government signed an agreement over the development of advanced ATT which will be equipped with new technology and propulsion systems


Frequently Asked Questions

Fortune Business Insights says that the global torpedo market size was valued at USD 805.3 million in 2018 is projected to reach USD 1,113.9 million by 2026, exhibiting a CAGR of 4.2% during the forecast period.

Growing at a CAGR of 4.2%, the market will exhibit steady growth in the forecast period (2019-2026)

Heavyweight Torpedo segment is expected to be the leading segment in torpedo market during the forecast period.

The growing need for up-gradation of legacy torpedoes and introduction of new naval vessels will drive the growth of the market.

BAE Systems, Atlas Elektronik GmbH, Leonardo SpA, Lockheed Martin Corporation, Raytheon Company, and Saab AB among others are the top players in this market.

North America is expected to hold the highest market share in this market.

Sea-launched torpedo platform would drive this market based on the launch platform.

Electric propulsion, precision navigation, autonomous operations, and advanced target acquisition are some of the futuristic trends in this market.

Torpedo Market Size, Share and Global Industry Trend Forecast till 2026
  • Oct, 2019
  • 2018
  • 2015-2017
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