The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increasing marine security threats are projected to promote torpedo manufacturing innovation, hence driving the market during the forecast period.

The global torpedo market is expected to grow from $1.06 billion in 2022 to $1.14 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The global torpedo market size is expected to reach $1.49 billion in 2027 at a CAGR of 6.9%.

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 Global Torpedo Market Segments Include:

• By Product Type: Acoustic Homing Torpedo, Wake Homing Torpedo
• By Weight: Heavyweight, Lightweight
• By Propulsion: Thermal Powered, Electric Powered
• By Application: Air-launched, Surfaced-launched, Underwater-launched
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global torpedo market in 2021.

Major Market Players in the torpedo market include Atlas Electronic GmbH, BAE Systems Plc., Bharat Dynamics Limited, Leonardo S.p.A., Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Technologies Corporation.

The advancement of improved guiding systems is a crucial trend that is gaining traction in the torpedo market. To increase their market position, major players in the torpedo market are working on the advancement of guidance systems. For example, in June 2022, Raytheon Integrated Defence Systems, a defence business located in the United States, cooperated with the United States Navy, a maritime service branch based in the United States, to introduce the sophisticated lightweight torpedo MK 54 for deep and shallow waters, as well as in acoustic conditions. To improve its capacity to counter shallow-water countermeasures, the MK 54 lightweight torpedo blends hardware and software characteristics from the Mk 46, Mk 50, and Mk 48 torpedoes with commercial off-the-shelf technology. MK 54 torpedoes are equipped with processing algorithms that aid in identifying false targets or countermeasures and then hunting the identified threats. The torpedo is 2.71m long, 32.3cm wide, and weighs 275.7kg. The warhead of the weapon is incredibly explosive and weighs 43.9kg.

The Torpedo Global Market Report 2023  provides a torpedo market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The torpedo market forecast analyzes torpedo market size, torpedo market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Torpedoes are underwater self-propelled weapons that can be launched from a submarine, ship, or aircraft and are used in naval conflict to sever the hulls of surface ships and submarines. It is loaded with modern technology that allows it to respond to external signals by changing depth and direction, as well as detonate its explosive warhead when it reaches or approaches its target.

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