Torpedo Market Size, Share, Growth, Trends, Forecast 2032

IMARC Group, a leading market research company, has recently released a report titled “Torpedo Market Report by Weight (Heavyweight Torpedoes, Lightweight Torpedoes), Launch Platform (Sea-launched, Air-launched), Propulsion (Electric, Conventional), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global torpedo market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global torpedo market size reached US$ 1,058.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,490.3 Million by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032.

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What is Torpedo Market?

A torpedo represents a self-propelled, cigar-shaped underwater weapon that is launched from a ship, sub, or aircraft to rupture the hulls of other surface vessels and submarines. It is among the most preferred weapons that are utilized in marine warfare. The torpedo consists of intricate devices, including propulsions, explosives, and guided systems for controlling the direction and depth according to the signals acquired from an outside source and detonating the explosive-filled warhead when it hits the target or comes close to it.

Torpedo Market Trends:

The launch of several policies by the government bodies to increasingly invest in the defense and military sector, owing to the escalating incidences of geopolitical conflicts among countries, is primarily driving the torpedo market. Besides this, the introduction of advanced technologies, such as electric propulsion, advanced navigation, and mini-submarines, and the upgradation of existing naval systems are further augmenting the market growth.

Moreover, the growing popularity of electric propulsion torpedoes across countries, on account of their advanced capabilities, including high speed and fewer vibrations, is also catalyzing the global market. Apart from this, the rising investments by the leading players in extensive research and development (R&D) activities to improve connectivity between submarines and weapons, intelligent controllers, and ultra-broadband arrays are acting as significant growth-inducing factors.

Furthermore, the development of progressive weapons solutions for the naval sector and the elevating requirement for innovative vessels, such as frigates, destroyers, and submarines, to protect the marine borders across the globe from threats and terrorist activities are expected to bolster the torpedo market in the coming years.

Torpedo Market Segmentation:

Breakup by Weight:

• Heavyweight Torpedoes

• Lightweight Torpedoes

Breakup by Launch Platform:

Sea-launched

• Surface-launched

• Underwater launched.

Air-launched

Breakup by Propulsion:

• Electric

• Conventional

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Competitive Landscape with Key Players:

The competitive landscape of the torpedo market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

• Aselsan

• Atlas Elektronik GmbH

• BAE Systems

• Bharat Dynamics Limited

• Leonardo SpA

• Lockheed Martin Corporation

• Naval Group

• Northrop Grumman Corporation

• Raytheon Company

• Rosoboronexport

• Saab AB

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Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Content Source: https://indibloghub.com/post/torpedo-market-outlook-industry-size-growth-factors-investment-opportunity-2024-2032