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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.
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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:
The global torpedo market is segmented on the basis of:
Value (USD Million)
By Launch Platform