Torpedo Market
Torpedo Market Forecasts to 2028 - Global Analysis By Weight (Lightweight Torpedoes and Heavyweight Torpedoes), Propulsion (Conventional Propulsion and Electric Propulsion), Launch Platform (Sea launched and Air Launched), and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $1,014.8 MN |
|
Projected Year Value (2028) |
US $1,557.4 MN |
|
CAGR (2022 - 2028) |
7.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Torpedo Market is accounted for $1,014.8 million in 2022 and is expected to reach $1,557.4 million by 2028 growing at a CAGR of 7.4% during the forecast period. A torpedo is an ocean designed as a weaponized system that is used in naval combat as a method of assault against adversaries. It is a mobile, autonomous underwater weapon that may be launched from a variety of platforms, such as aircraft, ships, missiles, or submarines. Propulsion system, explosives, and guided system make up its main three units. The system is propelled by the torpedo propulsion system, and the guided system aids the torpedo in locating its target.
According to the Swedish Defense Organization (FMV)the first order to Saab for the life extension of the heavyweight torpedo system worth SEK 485 million (USD 52.20 million).
Market Dynamics:
Driver:
Increasing conflicts between governments
Torpedoes are becoming more widely used around the world as a result of the escalating conflicts between developing country governments and global terrorism. Concerns over border security in nations around Europe and the Asia Pacific have greatly increased as a result of rising terrorist activity. Therefore, the governments of the developing nations are concentrating on the development of naval ships, submarines, and maritime helicopters fitted with torpedoes in order to enhance marine border security and marine mission capabilities which drive the market growth.
Restraint:
Increased use of ballistic missiles and cyberattacks
The threat of cyberattacks increase due to the evolving nature of warfare and the use of internet of things (IoT) and artificial intelligence (AI) technology in maritime businesses these variables are probably going to limit market expansion. When the target's location is fixed, self-guiding weaponry such as torpedoes can be fired at the target. It is possible to alter the route to the destination by gaining access to the guided system. Additionally, the market expansion is anticipated to be hampered by the increasing emphasis on the development of missile-protected submarines, which are not vulnerable to torpedo attack are limiting market growth.
Opportunity:
Rising naval ship purchases
Leading economies including the U.S., India, and China have increased their defence spending, which has increased the use of modern torpedoes with better guided systems and propulsion technologies. Modernising and creating naval solutions has been given a considerable portion of the defence budget. Due to this aspect, the purchase of modern navy ships like frigates, destroyers, and submarines to guard maritime borders has increased even more. Throughout the projected period for the industry, this factor increase demand for torpedoes.
Threat:
High cost of raw materials
Due to the lack of anti-air, torpedo boats are extremely vulnerable to plane attacks; hence it is advised that strive to avoid them if a torpedo boat controlled. When the anti-air is disengaged or unmanned, they should launch an attack on the torpedo boat. Moreover, due to the lack of anti-air, torpedo boats are extremely vulnerable to plane attacks, hence it is advised that strive to avoid are a torpedo boat controller. When the anti-air is disengaged or unmanned, they should launch an attack on the torpedo boat which would hamper the market growth.
Covid-19 Impact
Due to the disturbance in the supply chain management of torpedo manufacturers and suppliers, the European market among all others saw a significant impact on growth. The Financial crises have affected both large and small market players. As a result, they have chosen to delay operational activity in order to absorb financial losses and limit the spread of the coronavirus. As a result, the supply chain disruption had caused considerable delivery delays. For instance, the COVID-19 epidemic caused a delay in the replacement of numerous torpedoes from the Naval Group of France which hindered the growth of the market.
The sea launched segment is expected to be the largest during the forecast period
The sea launched segment is estimated to have a lucrative growth; due to investments in the purchase of new generation naval vessels have rapidly increased. During the forecast period, the rise of sea-launched torpedoes is anticipated to be driven by the development of nuclear submarines. Furthermore, nations are significantly expanding their fleet of autonomous sea systems to improve their navy’s anti-submarine warfare capabilities which boosted the market.
The electric propulsion segment is expected to have the highest CAGR during the forecast period
The electric propulsion segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increased demand for electric ships is to blame for this expansion. The electric propulsion system consists of a battery and an electric motor that provide the torpedo with energy to move forward quickly. High thrust, little vibration, and increased speed are all benefits of electric propulsion. In the upcoming years, rising product demand will be influenced by these benefits of electric propulsion systems thus encouraging the torpedo market.
Region with highest share:
Asia Pacific is projected to hold the highest market share during the forecast period owing to rapid increase in military spending as a result of continuous geopolitical concerns and border tensions. In order to replace outdated naval vessels, nations like China, India, and Japan are investing in the development of their current naval fleets by buying new warships and submarines. The need for the creation and acquisition of new generation torpedoes is increasing as a result.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the U.S. Navy which has purchased a number of cutting-edge naval equipment. The market in North America will expand thanks to recent technology developments and increased government spending on the purchase of new ship and since more cutting-edge navy vessels are being delivered, along with numerous important players additionally, the growing conflict between Russia and Ukraine has accelerated the development of cutting-edge weapon systems, which fuels market expansion during the projection period.
Key players in the market
Some of the key players profiled in the Torpedo Market include Atlas Elektronik GmbH, Honeywell International Inc, Leonardo S.P.A, Saab AB, Sechan Electronics Inc, Rosoboronexport, Bharat Dynamics Limited, BAE Systems PLC, Northrop Grumman Corporation, Naval Group, ASELSAN AS, Lockheed Martin Corporation, Raytheon Technologies Corporation, thyssenkrupp AG, Mitsubishi Heavy Industries Ltd, JSC Tactical Missiles Corporation and China Shipbuilding Industry Corporation
Key Developments:
In April 2023, Leonardo and Cisco partner up to develop joint technology projects with the aim of co-developing solutions in specific technology fields such as quantum cryptography, the green transition and secure solutions for logistics and transportation markets
In March 2023, Honeywells announced a new collaboration with Marriott International to improve in-room comfort and control for guests who stay at hotels across Marriott Bonvoy’s portfolio of extraordinary hotel brands.
In Dec 2022, Honeywell and Johnson Matthey Partner To Advance Lower Carbon Hydrogen Solutions The companies will offer JM's innovative LCH™ technology, coupled with Honeywell's leading carbon capture technology to produce lower carbon intensity hydrogen (blue hydrogen) at scale.
Weights Covered:
• Lightweight Torpedoes
• Heavyweight Torpedoes
Propulsions Covered:
• Conventional Propulsion
• Electric Propulsion
Launch Platforms Covered:
• Sea launched
• Air Launched
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Torpedo Market, By Weight
5.1 Introduction
5.2 Lightweight Torpedoes
5.3 Heavyweight Torpedoes
6 Global Torpedo Market, By Propulsion
6.1 Introduction
6.2 Conventional Propulsion
6.3 Electric Propulsion
7 Global Torpedo Market, By Launch Platform
7.1 Introduction
7.2 Sea Launched
7.2.1 Surface Launched
7.2.2 Underwater Launched
7.3 Air Launched
8 Global Torpedo Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Atlas Elektronik GmbH
10.2 Honeywell International Inc
10.3 Leonardo S.P.A
10.4 Saab AB
10.5 Sechan Electronics Inc
10.6 Rosoboronexport
10.7 Bharat Dynamics Limited
10.8 BAE Systems PLC
10.9 Northrop Grumman Corporation
10.10 Naval Group
10.11 ASELSAN AS
10.12 Lockheed Martin Corporation
10.13 Raytheon Technologies Corporation
10.14 thyssenkrupp AG
10.15 Mitsubishi Heavy Industries Ltd
10.16 JSC Tactical Missiles Corporation
10.17 China Shipbuilding Industry Corporation
List of Tables
1 Global Torpedo Market Outlook, By Region (2020-2028) ($MN)
2 Global Torpedo Market Outlook, By Weight (2020-2028) ($MN)
3 Global Torpedo Market Outlook, By Lightweight Torpedoes (2020-2028) ($MN)
4 Global Torpedo Market Outlook, By Heavyweight Torpedoes (2020-2028) ($MN)
5 Global Torpedo Market Outlook, By Propulsion (2020-2028) ($MN)
6 Global Torpedo Market Outlook, By Conventional Propulsion (2020-2028) ($MN)
7 Global Torpedo Market Outlook, By Electric Propulsion (2020-2028) ($MN)
8 Global Torpedo Market Outlook, By Launch Platform (2020-2028) ($MN)
9 Global Torpedo Market Outlook, By Sea Launched (2020-2028) ($MN)
10 Global Torpedo Market Outlook, By Surface Launched (2020-2028) ($MN)
11 Global Torpedo Market Outlook, By Underwater Launched (2020-2028) ($MN)
12 Global Torpedo Market Outlook, By Air Launched (2020-2028) ($MN)
13 North America Torpedo Market Outlook, By Country (2020-2028) ($MN)
14 North America Torpedo Market Outlook, By Weight (2020-2028) ($MN)
15 North America Torpedo Market Outlook, By Lightweight Torpedoes (2020-2028) ($MN)
16 North America Torpedo Market Outlook, By Heavyweight Torpedoes (2020-2028) ($MN)
17 North America Torpedo Market Outlook, By Propulsion (2020-2028) ($MN)
18 North America Torpedo Market Outlook, By Conventional Propulsion (2020-2028) ($MN)
19 North America Torpedo Market Outlook, By Electric Propulsion (2020-2028) ($MN)
20 North America Torpedo Market Outlook, By Launch Platform (2020-2028) ($MN)
21 North America Torpedo Market Outlook, By Sea Launched (2020-2028) ($MN)
22 North America Torpedo Market Outlook, By Surface Launched (2020-2028) ($MN)
23 North America Torpedo Market Outlook, By Underwater Launched (2020-2028) ($MN)
24 North America Torpedo Market Outlook, By Air Launched (2020-2028) ($MN)
25 Europe Torpedo Market Outlook, By Country (2020-2028) ($MN)
26 Europe Torpedo Market Outlook, By Weight (2020-2028) ($MN)
27 Europe Torpedo Market Outlook, By Lightweight Torpedoes (2020-2028) ($MN)
28 Europe Torpedo Market Outlook, By Heavyweight Torpedoes (2020-2028) ($MN)
29 Europe Torpedo Market Outlook, By Propulsion (2020-2028) ($MN)
30 Europe Torpedo Market Outlook, By Conventional Propulsion (2020-2028) ($MN)
31 Europe Torpedo Market Outlook, By Electric Propulsion (2020-2028) ($MN)
32 Europe Torpedo Market Outlook, By Launch Platform (2020-2028) ($MN)
33 Europe Torpedo Market Outlook, By Sea Launched (2020-2028) ($MN)
34 Europe Torpedo Market Outlook, By Surface Launched (2020-2028) ($MN)
35 Europe Torpedo Market Outlook, By Underwater Launched (2020-2028) ($MN)
36 Europe Torpedo Market Outlook, By Air Launched (2020-2028) ($MN)
37 Asia Pacific Torpedo Market Outlook, By Country (2020-2028) ($MN)
38 Asia Pacific Torpedo Market Outlook, By Weight (2020-2028) ($MN)
39 Asia Pacific Torpedo Market Outlook, By Lightweight Torpedoes (2020-2028) ($MN)
40 Asia Pacific Torpedo Market Outlook, By Heavyweight Torpedoes (2020-2028) ($MN)
41 Asia Pacific Torpedo Market Outlook, By Propulsion (2020-2028) ($MN)
42 Asia Pacific Torpedo Market Outlook, By Conventional Propulsion (2020-2028) ($MN)
43 Asia Pacific Torpedo Market Outlook, By Electric Propulsion (2020-2028) ($MN)
44 Asia Pacific Torpedo Market Outlook, By Launch Platform (2020-2028) ($MN)
45 Asia Pacific Torpedo Market Outlook, By Sea Launched (2020-2028) ($MN)
46 Asia Pacific Torpedo Market Outlook, By Surface Launched (2020-2028) ($MN)
47 Asia Pacific Torpedo Market Outlook, By Underwater Launched (2020-2028) ($MN)
48 Asia Pacific Torpedo Market Outlook, By Air Launched (2020-2028) ($MN)
49 South America Torpedo Market Outlook, By Country (2020-2028) ($MN)
50 South America Torpedo Market Outlook, By Weight (2020-2028) ($MN)
51 South America Torpedo Market Outlook, By Lightweight Torpedoes (2020-2028) ($MN)
52 South America Torpedo Market Outlook, By Heavyweight Torpedoes (2020-2028) ($MN)
53 South America Torpedo Market Outlook, By Propulsion (2020-2028) ($MN)
54 South America Torpedo Market Outlook, By Conventional Propulsion (2020-2028) ($MN)
55 South America Torpedo Market Outlook, By Electric Propulsion (2020-2028) ($MN)
56 South America Torpedo Market Outlook, By Launch Platform (2020-2028) ($MN)
57 South America Torpedo Market Outlook, By Sea Launched (2020-2028) ($MN)
58 South America Torpedo Market Outlook, By Surface Launched (2020-2028) ($MN)
59 South America Torpedo Market Outlook, By Underwater Launched (2020-2028) ($MN)
60 South America Torpedo Market Outlook, By Air Launched (2020-2028) ($MN)
61 Middle East & Africa Torpedo Market Outlook, By Country (2020-2028) ($MN)
62 Middle East & Africa Torpedo Market Outlook, By Weight (2020-2028) ($MN)
63 Middle East & Africa Torpedo Market Outlook, By Lightweight Torpedoes (2020-2028) ($MN)
64 Middle East & Africa Torpedo Market Outlook, By Heavyweight Torpedoes (2020-2028) ($MN)
65 Middle East & Africa Torpedo Market Outlook, By Propulsion (2020-2028) ($MN)
66 Middle East & Africa Torpedo Market Outlook, By Conventional Propulsion (2020-2028) ($MN)
67 Middle East & Africa Torpedo Market Outlook, By Electric Propulsion (2020-2028) ($MN)
68 Middle East & Africa Torpedo Market Outlook, By Launch Platform (2020-2028) ($MN)
69 Middle East & Africa Torpedo Market Outlook, By Sea Launched (2020-2028) ($MN)
70 Middle East & Africa Torpedo Market Outlook, By Surface Launched (2020-2028) ($MN)
71 Middle East & Africa Torpedo Market Outlook, By Underwater Launched (2020-2028) ($MN)
72 Middle East & Africa Torpedo Market Outlook, By Air Launched (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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