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Torpedo Market Size, Share & COVID-19 Impact Analysis, By Weight (Heavyweight Torpedoes, and Lightweight Torpedoes), By Launch Platform (Air-launched, Surface-Launched, and Underwater-Launched), By Propulsion (Electric Propulsion, and Conventional Propulsion) and Regional Forecast, 2020-2027

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



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The global torpedo market size was USD 889.9 million in 2019 and is projected to reach USD 1,065.4 million by 2027, exhibiting a CAGR of 6.71% during the forecast period.

A torpedo is an ocean conceived a weaponized system that is used in naval warfare as a form of mechanism for the attack on opponents. It primarily comprises three units; propulsion system, guided system, and explosives. The torpedo propulsion system is used to drive the torpedo, whereas the guided system helps the torpedo reach the target location. Once the torpedo reaches the target location, the collision of the torpedo against the target results in an explosion. Torpedoes are mostly installed in submarines, naval vessels, anti-submarine warfare helicopters, and aircraft. The rise in marine border conflicts and marine trade has contributed to the growing adoption of naval vessels, which in turn are foreseen to boost the growth of the market during the forecast period.

Several defense organizations are looking to increase their budget allocations on military and naval sectors. For instance, The Indian Ministry of Defence recently increased the defense budget by an annual rate of 9% to strengthen the defensive capabilities. The Ministry of Defence announced that it has allocated USD 8,670.6 million for navy forces; wherein USD 3,446.1 million would be directed towards the modernization of navy operation solutions. Similarly, in February 2020, the Indian government announced that it plans to invest USD 16,669.5 million for the development of nuclear-powered submarines and armed with conventional missiles and torpedoes. In another similar instance, the U.S. Department of defense allocated USD 194.17 billion for the development of naval force.

COVID-19 Pandemic is Delaying Proposed Deliveries of Torpedoes

The recent coronavirus outbreak has had a drastic impact on defense industries across the globe. Among all regions, the market in Europe has witnessed the highest impact due to the slowdown in the supply chain management of key torpedo manufacturers. Several players have experienced financial crises and have thus decided to postpone the operational activities to minimize the spread of coronavirus. This has significantly delayed the deliveries of the torpedoes. Moreover, due to the COVID-19 pandemic, major carrier transport operations on the U.S.- Asia and Europe - Asia Pacific routes have been canceled. These factors have affected the worldwide raw material supply in the shipbuilding industry.


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Growing Adoption of Unmanned Vehicles Will Result in Rapid Advances in Small-Sized Torpedoes

The adoption of unmanned aerial vehicles (UAVs) and unmanned underwater vehicles (UUVs) is rising across the globe. This has encouraged manufacturers to design and develop compact size and lightweight torpedoes. Due to the increasing concerns surrounding anti-submarine warfare operations, the demand for advanced torpedoes has risen in the past few years. In July 2020, Italy based Leonardo S.P.A. designed a Black Scorpion mini-torpedo. This new torpedo is 1.1 meters long and has a body diameter of 127 mm. The product delivery is expected to start in 2021. This mini torpedo is designed to launch from surface, airborne, and underwater platforms. The increasing number of such innovative products is an increasing trend in the global market.


Rising Maritime Border Dispute Among Neighbouring Countries to Boost the Market Growth

The rising disputes among governments in developing countries and terrorist activities across the world will contribute to the growing adoption of torpedoes across the world. With increasing terrorist activities, the concerns related to the border security in countries across Europe and Asia Pacific have significantly raised. Therefore, to improve the marine border security and marine mission capabilities, the government in the developing countries is focusing on the development of navy ships, submarines, and maritime helicopters armed with torpedoes.

In July 2020, the Brazilian Navy announced that it will activate its new Island of Madeira Submarine Base for the operation of four future Riachuelo-class S-BR diesel-electric submarines. These four submarines are manufactured under the Submarine Development Program (PROSUB) and manufactured by Itaguai Naval Constructions; a joint venture between Naval Group, the Brazilian Navy, and the Brazilian conglomerate Odebrecht.

Increasing Procurement of Naval Vessels Owing to Growing Defense Budget will Emerge in Favor of Market Growth

The rising defense budgets in leading economies such as the U.S., India, and China have led to an increase in the adoption of advanced torpedoes with improved guided systems and propulsion technology. A significant amount from the defense budget has been allocated for the modernization and development of naval solutions. This has further increased the procurement of new naval vessels such as frigates, destroyers, and submarines to protect marine borders. This factor will fuel the demand for torpedoes during the forecast period.


Increasing Cyber Attacks and Deployment of Ballistic Missiles in Submarines are Anticipated to Hamper the Market Growth

The changing nature of warfare and the adoption of IoT and AI technology in maritime industries will increase the threat of cyber-attacks. These factors are likely to impede the market growth during the forecast period. Torpedoes are self-guided weapons that can be fired on the target once the location is fixed. By getting access to the torpedo’s guided system, the path to the target can be changed. Moreover, the growing focus on the development of missile protected submarines is expected to hamper the market growth as these submarines are not affected by the attack from torpedoes.


By Weight Analysis

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Heavyweight Torpedo Segment is Estimated to Lead the Global Market

Based on weight, the market is classified into heavyweight torpedoes and lightweight torpedoes. The heavyweight segment held the largest share in the market in 2019. The adoption of heavyweight torpedoes has risen as it helps to improve the combat mission capabilities of the naval force. The increasing procurement of heavyweight torpedoes in several countries across Asia Pacific will aid market growth. The heavyweight torpedoes are intended to be launched from submarine torpedo tubes. India- based Bharat Dynamics Limited and Naval Science and Technological Laboratory of the DRDO has developed the new heavyweight anti-submarine torpedo for the Indian Navy. In March 2020, the Naval Group headquartered in Paris announced that the company delivered the first batch of new heavyweight torpedoes, F21, to the French Navy and Brazilian Navy.

By Launch Platform Analysis

Sea-Launched Torpedo Segment to Display a Considerable CAGR During the Estimated Timeframe

In terms of the launch platform, the market is segmented into air-launched, surface-launched, and underwater-launched. Torpedoes launched from submarines are categorized under the ‘underwater launched platform’ segment. The torpedoes released from surface vessels are categorized under the surface-launched platform segment. The underwater launched platform and surface vessels launched platform are together also considered undersea launched platforms.

The surface-launched platform segment dominates the market owing to the rising procurement of surface naval vessels across the world. The surface naval ship vessels have torpedo tubes to release the torpedo into the ocean. The Mark 32 ocean propelled Triple Torpedo Tube (TTT) launcher allows destroyers and cruisers to participate immediately in an anti-submarine struggle, peering down submarines with acoustic homing torpedoes. The Mark 32 utilizes a pneumatic discharge gadget to deliver torpedoes far away from the sub-chasing vessel into the sea.

By Propulsion Analysis

Electric Propulsion Segment to Grow at a Faster Rate During 2020-2027

Based on propulsion, the market is segmented into electric propulsion and conventional propulsion. The electric propulsion segment is anticipated to rise at the fastest growth rate during the forecast period. This growth is attributable to the rising demand for electric ships. The electric propulsion system comprises an electric motor and battery that deliver energy to the torpedo to move forward with high speed. The electric propulsion offers high thrust, low vibrations, and more speed. These advantages associated with the electric propulsion system will contribute to the increasing product demand in the coming years.


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In terms of geography, the torpedo market growth is divided into North America, Europe, Asia Pacific, and the Rest of the World.North America held the highest share in the market in the base year. The U.S. Navy has procured several advanced naval systems in the past few years. Recent technological advances and rising investment from the US government for the procurement of new vessels will aid the growth of the market in North America.

Asia Pacific is projected to witness the fastest growth in the market during the forecast period. This growth is attributable to the increasing focus on strengthening naval force capabilities in countries such as India and China. Due to the rising disputes and tensions among neighboring countries, the governments of these countries are focusing on the procurement of torpedoes equipped with advanced ships and submarines to improve maritime security and operations. Recently, In July 2019, the Indian Ministry of Defense (MoD) announced that they are planning to procure hundred new heavyweight torpedoes for the Indian Navy's new Scorpene-class (Kalvari-class) of diesel-electric attack submarines.

The market in Europe accounted for the second-largest share in the market in 2019. This is due to the increase in deliveries of advanced naval vessels and the presence of several key players such as BAE Systems PLC, Atlas Elektronik GmbH, Saab AB, Leonardo S.P.A., and Naval Group, among others.

The Rest of the World is projected to witness significant a growth rate in the coming years. An increase in maritime border conflicts and anti-piracy operations over major sea routes such as the Persian Gulf. Besides, Brazil witnessed the development of new submarines.


Major Companies are Focusing on the Innovation of Cutting-edge Technologies

Key players in the global market such as Raytheon Technologies Corporation, Naval group, BAE Systems PLC, Bharat Dynamics Limited, and Lockheed Martin Corporation are focusing on developing cutting-edge technologies for naval operations. The Naval Group designed and developed a new heavyweight torpedo F21. This is aimed at replacing the traditional F17 torpedo. This newly developed F21 torpedo is more agile and offers advanced self-guided mode, advanced acoustic countermeasure, high endurance, and speed. The report covers the competitive landscape and company profiles of all the key players in the market.

Moreover, the key players are adopting several other strategies such as expanding global presence, entering into a long term contract with Navies around the world and focusing on collaborations with the major U.K and the U.S. government companies to maintain their position in the torpedo market.



  • July 2020 –The U.S. Navy awarded Raytheon Technologies Corporation a USD 88 million contract to modify MK54 lightweight torpedoes with new spare components to make it more efficient to track and attack underwater targets.

  • April 2020 –The U.S. State Department has made a potential deal with India, worth USD 63 million. According to this deal, the U.S. state department has agreed to provide 16 MK 54all up round lightweight torpedoes, three MK 54 exercise torpedoes, and associated equipment manufactured by Raytheon Technologies Corporation.

  • June 2019 -Bharat Dynamics Limited has signed a 42 months contract worth USD 169.8 million with the Indian Navy to provide a new heavyweight torpedo, Varunastra.


An Infographic Representation of Torpedo Market

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The torpedo market research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the torpedo market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.

Report Scope & Segmentation



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Million)

By Segmentation

By Weight

  • Heavyweight Torpedoes

  • Lightweight Torpedoes

By Launch Platform

  • Air-launched

  • Surface-Launched

  • Underwater-Launched

By Propulsion

  • Electric Propulsion

  • Conventional Propulsion

By Region

  • North America (the U.S., and Canada)

  • Europe (the U.K, Germany, France, Russia, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific)

  • Rest of the world (Latin America, and The Middle East and Africa)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 889.9 million in 2019 and is projected to reach USD 1,065.4 million by 2027.

Growing at a CAGR of 6.71%, the market will exhibit steady growth in the forecast period (2020-2027).

The Heavyweight Torpedo segment is anticipated to be the leading segment in this market during 2020-2027.

The rising demand for cutting-edge torpedoes and the growing procurement of new naval vessels are expected to drive the growth of the market.

BAE Systems PLC, Atlas Elektronik GmbH, Raytheon Technologies Corporation, Leonardo S.P.A., Lockheed Martin Corporation, and Saab AB, among others are key players of the global market.

North America dominated the market share in the base year.

The market key players are focusing on the development of cutting-edge technology by investing in R&D activities to provide the advanced end product with improved performance.

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Torpedo Market Size, Share and Global Industry Trend Forecast till 2026
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