"Smart Market Solutions to Help Your Business Gain Edge over Competitors"

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, 2022-2029

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

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global torpedo market size was valued at USD 944.9 million in 2021. The market is projected to grow from USD 991.2 million in 2022 to USD 1,439.2 million by 2029, exhibiting a CAGR of 5.47% during the forecast period. The global COVID-19 impact has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a sluggish growth of 2.1% in 2020 as compared to 2019.

WE ARE IN THE PROCESS OF REVAMPING Torpedo Market WITH RESPECT TO RUSSIA-UKRAIN CONFLICT

Request Sample

A torpedo is an ocean conceived as a weaponized system that is used in naval warfare as a form of mechanism for the attack on opponents. It is a self-moved and independent submerged weapon and it very well may be sent off from various stages, including airplanes, boats, missiles, or submarines. It principally contains three units; propulsion system, explosives, and guided system. The torpedo propulsion system is utilized to drive the system, whereas the guided system assists the torpedo in reaching the target location. Once it reaches the target location, the collision of the torpedo against the target results in a blast. Thus, the rise in marine border conflicts and marine trade has contributed to the growing adoption of anti-submarine and advanced weapon integrated naval vessels, which in turn are foreseen to boost the torpedo market growth during the forecast period.


The defense organizations are focusing on developing advanced weapon solutions for the naval sector by increasing their budgets for research and development activities. For example, in 2021, the Defense Ministry of India had increased the defense budget by an annual rate of 10% to improve the country’s defense capabilities. The Navy has gained the greatest benefit. In FY 2022-23, the Indian Navy's capital budget has been increased by a stunning 44.53 %. The boost, according to the defense ministry, will be used to acquire new platforms, establish operations and strategic infrastructure, close critical capability gaps, and construct a future-ready maritime force.


Similarly, in February 2021, the budget for the Navy improved by 44.53% higher for the FY 2022-2023. The defense ministry stated that they would focus on finding new platforms, creating jobs and strategic infrastructure, closing critical skills gaps and building a reliable maritime capacity for an efficient naval future. In another similar instance, the U.S. Department of defense allocated USD 211.7 billion in 2021 for the development of a naval force.


COVID-19 AND WAR IMPACT


Impact of COVID-19 on the Market


Delayed Torpedo Deliveries due to Supply Chain Disruption Amid Pandemic


The coronavirus outbreak had a temporary impact on defense industries across the globe. Among all regions, the Europe market witnessed a large impact on growth due to the disruption in the supply chain management of torpedo manufacturers and suppliers. The big and small players in the market have experienced financial crises. They have thus decided to postpone the operational activities to bear financial losses and minimize coronavirus spread. Therefore, the disrupted supply chain had significantly resulted in delayed deliveries. For instance, the replacement of several torpedoes from the Naval Group of France was delayed due to COVID-19 pandemic. Following a July 2019 tender, the torpedo replacement program was under evaluation in 2020.


In addition, due to the COVID-19 pandemic, major carrier transport operations on the U.S.- Asia and Europe - Asia Pacific routes had been canceled. These factors have affected the worldwide raw material supply in the shipbuilding industry.


Impact of War on the Market


Introduction of Advanced Torpedo Amid War to Boost the Market Growth


Due to border conflicts, the ongoing war between Russia and Ukraine has led to sudden demand for military and naval products, be it torpedo, frigates, or a submarine. These war crises around the world, such as the Russian and Ukraine conflict and the border conflicts between China and Taiwan, India and China, had suddenly raised the military budgets for countries, including India, the U.S., China and Russia. The war between Ukraine and Russia has disrupted the supply chain for the defense and commercial aviation sector. Moreover, Russia’s invasion of Ukraine has created a new geostrategic situation for Poland, which shares a border with Ukraine, Belarus, and Russia. The attacks damaged the security area of ​​the region and will have direct consequences on the modernization of the Polish Armed Forces (PAF). This has led the Polish Armed Forces (PAF) to update their current military weapons and capabilities, boosting the market growth. For Instance,



  • In February 2022, Polish Armed Forces (PAF) decided to update the Ambitious Technical Modernization Plan (TMP) 2021–35, which was announced in 2019 and covers about 2,000 modernization programs.


The high market growth is due to increasing conflicts between countries and war situations around the world; defense organizations from all over the world are spending more to enhance their naval capabilities.


Russia, for instance, is enhancing its naval forces and is prepared for any attack by any means. This factor has led the country to enhance its nuclear capabilities on the ocean floor and is continuously advancing the torpedoes to aid in the time of emergency. For instance,



  • Russia’s Poseidon Nuclear Torpedo is a nuclear weapon to destroy large port cities that holds a vital role in industry and trade. Poseidon is a massive torpedo on the ocean floor that could make it impossible to stop. Moreover, it forgoes a conventional high-explosive warhead in favor of a nuclear payload.


On the other hand, the Russian invasion has also hampered defense programs and delayed military equipment procurement for other countries; the major reason behind this delay is a disruption in logistic support and improper communication due to ongoing conflicts in the European region. For Instance,



  • The Russia-Ukraine conflict delayed India’s much-awaited DefExpo 2022. The Ministry of Defense (MoD) postponed the event due to logistical problems with participants. The main attraction of the expo was the Naval Group of France, as they were to display cutting-edge technology in submarines, weapons, and innovative solutions like torpedoes. The company is a leading player in India’s vision to build nuclear-powered submarines.


LATEST TRENDS


Request a Free sample to learn more about this report.


Development of Robotic Torpedo Vessel to Reshape Global Landscape


The robotic torpedo-carrying vessel can automatically detect and eliminate enemy submarines in distant waters and Arctic latitudes. The robotic boat will be able to operate automatically and be controlled by a small team and remotely controlled by pilots from the most advanced facility or a ship carrying these drones. The ship is said to have a speed of more than 35 km/hr, operate without refueling for up to three days and have two electric torpedoes. For Instance,



  • In January 2022, the Russian defense industry announced that they were working on A 14m-long Robotic vessel that is reportedly being designed and developed for the Russian Navy to boost and enhance its anti-submarine warfare (ASW) capabilities.


DRIVING FACTORS


Rising Maritime Border Dispute among Neighboring 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 border security in countries across Europe and the Asia Pacific have significantly raised. Therefore, to improve marine border security and marine mission capabilities, the governments in the developing countries are focusing on the development of navy ships, submarines, and maritime helicopters armed with torpedoes. The countries are testing new capabilities that will also support market growth. For Instance,



  • In December 2021, Defense Research and Development Organization (DRDO) India announced that they had successfully launched the Supersonic Missile Assisted Torpedo System (SMAT) from Abdul Kalam island. During the operation, the full range of the proposed distance was demonstrated successfully. The system is designed to improve the ability to combat submarines that exceed the standard range


Increasing Procurement of Naval Vessels owing to Growing Defense Budget to Foster 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 of the defense budget has been allocated for the modernization and development of naval solutions. This factor 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 industry forecast period. For Instance,



  • In February 2022, Damen Naval contracted Lockheed Martin for the MK 41 vertical launching system to support the F126 project. In this way, Lockheed Martin will strongly support the construction of new German Navy frigates. The first ship is expected to be delivered to the German Navy in 2028.

  • In January 2022, According to the Russian defense industry source, a 14m long unmanned torpedo-carrying vessel was developed for the Russian Naval force to strengthen their anti-submarine warfare capabilities. This torpedo-carrying ship is capable of eliminating and detecting enemy submarines autonomously.


RESTRAINING FACTORS


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


The changing nature of warfare and the adoption of internet in things (IoT) and artificial intelligence (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 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 attack from torpedoes.


SEGMENTATION


By Weight Analysis


Heavyweight Torpedo Segment held the largest share in 2021 with Rising Demand to Boost Combat Capabilities


Based on weight, the market is classified into heavyweight and lightweight torpedoes. The heavyweight segment dominated the market in 2021. The utilization of heavyweight has risen as it helps to improve the combat mission capabilities of the naval force. The increasing procurement of heavyweight in several countries across Asia Pacific will aid the market growth. The heavyweight segment is intended to be launched from submarine torpedo tubes. India- based Bharat Dynamics Limited and Naval Science and Technological Laboratory of the DRDO have developed the new heavyweight anti-submarine torpedo for the Indian Navy. In March 2020, the Naval Group headquartered in Paris, announced that it delivered the first batch of new heavyweight torpedo, F21, to the French Navy and Brazilian Navy.


By Launch Platform Analysis


To know how our report can help streamline your business, Speak to Analyst


Underwater-Launched Torpedo to Display a Major Growth in the Segment


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


The surface-launched platform segment held the dominant torpedo market share. This large share is attributed to the rising purchase of surface naval vessels across the world. The surface naval ship vessels have 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 Due to Rising Footfall of Electric Ships


Based on propulsion, this market is segmented into electric propulsion and conventional propulsion. The electric propulsion segment is anticipated to rise at the fastest growth rate during the industry 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 at high speed. 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.


REGIONAL INSIGHTS


North America Torpedo Market Size, 2021 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample


In terms of geography, this market is divided into North America, Europe, Asia Pacific, and the rest of the world. North America held a market value of USD 326.9 million in 2021. The U.S. Navy has procured several advanced naval systems in the past few years. Recent technological advances and rising investment from the U.S. 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 India and China. Due to 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. In February 2021, the Indian Shipyards announced that they were in talks with Naval Group for future surface ship and submarine programs.


The market in Europe accounted for the second-largest share in the market in 2021. 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. In addition, the rising dispute between Russia and Ukraine has increased development of advanced weapon systems, which drives the market growth during the forecast period. For instance, the Russian Navy has started to develop a long-range nuclear-powered torpedo. The trial of this nuclear-armed torpedo already started in December 2018 and it is scheduled for delivery in 2027.


The rest of the world is projected to witness a significant 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 led to the development of new submarines.


KEY INDUSTRY PLAYERS


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 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. This newly developed F21 is more agile and offers advanced self-guided mode, advanced acoustic countermeasure, high endurance, and speed. 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 U.S. government companies to maintain their position in the global market.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • January 2022 - Pakistan Defense Ministry announced that it was ready to acquire a deadly Turkish torpedo countermeasure system to ‘check’ the Indian navy’s rapid expansion. According to Aselsan the Zargana torpedo countermeasure system for the Pakistan Navy’s Agosta 90B-class submarines has passed standard factory acceptance tests.

  • February 2020 - Lockheed Martin was awarded a contract worth USD 59.5 million to build AN/SQQ-89A(V)15 anti-submarine warfare (ASW) and anti-torpedo systems for surface warships. The AN/SQQ-89A(V)15 undersea combat system for surface warships is specially designed to search for, detect, classify, localize, and track underwater contacts.


REPORT COVERAGE


An Infographic Representation of Torpedo Market

To get information on various segments, share your queries with us



The global market research report provides detailed market analysis and focuses on key factors such as major companies, product types, and leading product applications. Apart from this, the report provides details about market trends and highlights important sector developments. In addition, the report covers a number of factors that have contributed to the market growth in recent years. The report also covers the competitive landscape and company profiles of all the key players in the market.


Report Scope & Segmentation















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Million)



Segmentation



By Weight



  • Heavyweight Torpedoes

  • Lightweight Torpedoes



By Launch Platform



  • Air-Launched

  • Surface-Launched

  • Underwater-Launched



By Propulsion



  • Electric Propulsion

  • Conventional Propulsion



By Geography



  • North America (Weight, Launch Platform, Propulsion, and Country)

    • U.S. (Launch Platform)

    • Canada (Launch Platform)



  • Europe (Weight, Launch Platform, Propulsion, and Country)

    • U.K. (Launch Platform)

    • Germany (Launch Platform)

    • France (Launch Platform)

    • Russia (Launch Platform)

    • Rest of Europe (Launch Platform)



  • Asia Pacific (Weight, Launch Platform, Propulsion, and Country)

    • Japan (Launch Platform)

    • China (Launch Platform)

    • India (Launch Platform)

    • Rest of Asia Pacific (Launch Platform)



  • Rest of the World (Weight, Launch Platform, Propulsion, and Country)

    • Latin America (Launch Platform)

    • Middle East & Africa (Launch Platform)





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 944.9 million in 2021 and is projected to reach USD 1,439.2 million by 2029.

The market will exhibit a steady CAGR of 5.47% during the forecast period 2022-2029.

The electric propulsion segment is expected to lead the market during the forecast period.

Raytheon Technologies Corporation RTX is the leading player in the global market.

North America dominated the market share in 2021

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • May, 2022
  • 2021
  • 2018-2020
  • 200

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Aerospace & Defense Clients

Itic
Dupont
Mitsubishi
Airbus
Kaman

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X