Torpedo Market to Depict 5.47 % CAGR from 2022 to 2029; Lockheed Martin Corp. to Provide AN/SQQ- ASW and Anti-Torpedo Systems for Surface Warships

The global torpedo market size is anticipated to rise from USD 991.2 million in 2022 to USD 1,439.2 million by 2029. Industry players are likely to exhibit traction for robotic vessels to spot and destroy enemy submarines in Arctic latitudes and distant waters. The need for a propulsion system will be pronounced, with underwater-launched and water-surface launched missiles poised to gain traction in the ensuing period.

According to the latest research report 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, 2022-2029,” the market was pegged at USD 944.9 million in 2021. It is poised to observe a 5.47% CAGR during the assessment period.

Supply Chain Disruptions amidst COVID-19 Pandemic & Russia-Ukraine War Redefine Global Dynamics

The COVID-19 pandemic had a telling impact on the defense sector as several players postponed or temporarily shut down operational activities. To illustrate, the COVID-19 pandemic was attributed to the delay in replacing several products from either Atlas or the Naval Group of France. Additionally, with heavy clashes continuing in and around the Russia-Ukraine borders, the demand for naval and military products has witnessed a notable uptick. The war has disrupted the supply chain in the commercial aviation sector and could influence it in the ensuing period.

Lockheed Martin Awarded USD 59.5 Million Contract to Build ASW and Systems for Surface Warships

At a time when global manufacturers are gearing to bolster their portfolios, leading companies could foster their penetration. To illustrate, in February 2020, Lockheed Martin Corp. was awarded USD 59.5 million contract to provide AN/SQQ-89A(V)15 Anti-Submarine Warfare (ASW) and anti-torpedo systems for surface warships. The undersea combat system would be used to detect, search, classify, track, and localize underwater contacts. The torpedo market share will witness a notable gain against the backdrop of investments in the development of cutting-edge technologies for naval operations. Leading companies are likely to invest in missiles that offer advanced acoustic countermeasures, agility, and sophisticated self-guided mode.

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https://www.fortunebusinessinsights.com/industry-reports/torpedo-market-101571

Bullish Demand for Naval Vessels to Propel Industry Growth

Leading manufacturers are poised to explore opportunities in naval vessels as the U.S., China, and India continue to bolster their defense budgets. The traction for advanced products with state-of-the-art propulsion technology and guided systems will augur well for the industry growth. To illustrate, in February 2022, Damen Naval contracted Lockheed Martin to equip the MK 41 vertical launching system (VLS) to underpin the F126 project. The torpedo market growth will observe an appreciable gain during the forecast period. The trend is mainly attributed to the developments and modernization of naval solutions. Governments will continue to inject funds into the expansion of submarines, navy ships, and maritime helicopters. Rising cases of cyberattacks could challenge major companies in the landscape.

Leading Companies Prioritize Collaborations to Tap into Global Market

Industry players are expected to invest in product rollouts, technological advancements, mergers & acquisitions, and R&D activities. Moreover, leading players are expected to bolster their geographical footprint through innovations.

Notable Industry Development

• November 2021- Science Applications International Corporation (SAIC) was awarded a USD 123 million contract to offer support services for the Taiwanese Navy’s MK-48 Mod 7 torpedoes.

List of the Companies Profiled in the Report

• ASELSAN AS (Turkey)
•  Atlas Elektronik GmbH (Germany)
•  BAE Systems PLC (U.K.)
• Bharat Dynamics Limited (India)
• Honeywell International Inc. (U.S.)
•  Leonardo S.P.A. (Italy)
•  Lockheed Martin Corporation (U.S.)
• Naval Group (France)
• Northrop Grumman Corporation (U.S.)
• Raytheon Technologies Corporation (U.S.)
•  Rosoboronexport (Russia)
• Saab AB (Sweden)
• Sechan Electronics Inc. (U.S.)

Further Report Findings

• Based on the launch platform segment, the surface-launched segment could account for a notable share owing to the increasing purchase of surface naval vessels.
• The North America market size will witness an appreciable gain on the back of technological advancements.
• Asia Pacific market outlook will be strong owing to surging investments in maritime security and operations.

Table of Segmentation