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Torpedo Market to Rise at 6.71% CAGR till 2027; Increasing Border Disputes and Security Concerns will lead to a Wider Procurement

October 15, 2020 | Aerospace & Defense

The global torpedo market size is projected to reach USD 1,065.4 million by the end of 2027. The increasing investments in torpedo are consequential to rising government budget allocations. According to a report published by Fortune Business Insights, titled “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, the market was worth USD 889.9 million and will exhibit a CAGR of 6.71% during the forecast period, 2020-2027.

A torpedo is an ocean conceived military weapon system that is mostly used in naval warfare as a mode of explosives that are directed towards the enemy.  The entire system is inclusive of a propulsion system, a guided system, and explosives.  The increasing marine border conflicts will lead to a wider product adoption across the world.  The increasing number of conflicts will create the need for higher military budget allocations across the world.  The presence of several large-scale torpedo manufacturers in several countries across the world will have a direct impact on the growth of the global market in the coming years. Recent advancements in structure and design of torpedo are attributable to increasing funding as well as rising R&D investments.

Raytheon Technologies bags $88 Million Contract from the US Navy

The report highlights a few of the major industry developments of recent times and discusses their impact on the global market.  It is observed that company mergers and collaborations are an increasing trend among major companies across the world. Accounting to the increasing demand for the product across the world, defense organizations are looking to enter into long term contracts with torpedo manufacturers. In July 2020, the US Navy announced that it has awarded a contract to Raytheon Technologies. Through this contract, the latter will modify MK54 lightweight torpedoes and integrate new spare components. This will help the device track underwater targets with a greater efficiency. Increasing number of such company collaborations will have a positive impact on market growth.

To get a detailed report summary and research scope of this market, click here:


Increasing Adoption of Unmanned Vehicles to Aid Growth

The rising adoption of unmanned vehicles by navy organizations across the world has made a huge impact on the global market. The rising demand for innovative products will create a platform for growth for the companies operating in the market. This has not only encouraged established companies, but has also encouraged start-ups in this sector towards investing more in product innovations.

Major Companies are Focused on Product Innovations

Accounting to the increasing competition in the global market, SMEs are finding it difficult to sustain the pressure that is generated due to the large scale companies. As a result, start-ups and mid-level companies are more inclined towards product innovations, with the aim of catching the attention of larger firms and defense organizations.

List of companies profiled in the report:

  • ASELSAN AS (Ankara, Turkey)

  • Atlas Elektronik GmbH (Bremen, Germany)

  • BAE Systems PLC (Farnborough, the U.K.)

  • Bharat Dynamics Limited (India)

  • Honeywell International Inc.(Charlotte, the U.S.)

  • Leonardo S.P.A. (Italy)

  • Lockheed Martin Corporation (Bethesda, the U.S.)

  • Naval Group (Paris, France)

  • Northrop Grumman Corporation (Falls Church, the U.S.)

  • Raytheon Technologies Corporation (Farmington, the U.S.)

  • Rosoboronexport (Moscow, Russia)

  • Saab AB (Sweden)

  • Sechan Electronics Inc. (Pennsylvania, the U.S.)

  • Other Players

Industry Developments:

  • June 2019 - Bharat Dynamics Limited has signed a 42 month contract worth USD 169.8 million with the Indian Navy. Through this contract, the company will develop a new heavyweight torpedo, Varunastra.

The global torpedo market is segmented on the basis of:



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD Million)

By 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 (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)

Torpedo Market
  • PDF
  • 2019
  • 2016-2018
  • 150


  • 4850

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