Reports > Aerospace And Defense > Torpedo
Torpedo Market Size, Share, Industry Trends and Forecast to 2033
This report provides an in-depth analysis of the torpedo market, detailing market size, segmentation, regional insights, technological advancements, and trends from 2023 to 2033.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $5.60 Billion |
| CAGR (2023-2033) | 6.8% |
| 2033 Market Size | $11.01 Billion |
| Top Companies | Lockheed Martin Corporation, Raytheon Technologies, Northrop Grumman, Saab Group, BAE Systems |
| Last Modified Date | 15 Nov 2024 |
Torpedo (2023 - 2033)
Torpedo Market Overview
What is the Market Size & CAGR of Torpedo market in 2023?
Torpedo Industry Analysis
Torpedo Market Segmentation and Scope
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Torpedo Market Analysis Report by Region
Europe Torpedo:
Europe's market is currently valued at $1.77 billion, expected to grow to $3.48 billion by 2033. The ongoing conflicts and security concerns in Eastern Europe are prompting countries to bolster their maritime defense systems significantly.Asia Pacific Torpedo:
In 2023, the Asia Pacific torpedo market is valued at $1.00 billion, projected to grow to $1.97 billion by 2033. The increase is driven by rising military expenditures among nations such as China and India, coupled with maritime territorial disputes prompting an enhancement in naval capabilities.North America Torpedo:
North America's torpedo market size stands at $2.08 billion in 2023, anticipated to increase to $4.08 billion by 2033. The demand is fueled by the U.S. and Canada’s commitment to upgrading their naval fleets and modernizing underwater warfare capabilities.South America Torpedo:
The South American market for torpedoes is valued at $0.39 billion in 2023 and is expected to reach $0.77 billion by 2033. The regional growth is modest, attributed to limited naval spending and the varying pace of military modernization across countries.Middle East & Africa Torpedo:
In the Middle East and Africa, the market is valued at $0.36 billion in 2023, set to increase to $0.70 billion by 2033. The region's growing focus on military modernization and counter-terrorism strategies is influencing the demand for advanced naval weaponry.Request a custom research report for industry.
Torpedo Market Analysis By Type
Global Torpedo Market, By Type Market Analysis (2023 - 2033)
The torpedo market is divided into heavy, light, and special torpedoes. Heavy torpedoes are the largest segment, valued at $3.60 billion in 2023 and projected to reach $7.07 billion by 2033, dominating the market share with approximately 64.21%. Light torpedoes account for a market size of $1.49 billion, expected to grow to $2.93 billion by 2033, holding a share of 26.61%. Special torpedoes follow, valued at $0.51 billion in 2023, aiming for $1.01 billion in 2033, with a 9.18% market share.
Torpedo Market Analysis By Application
Global Torpedo Market, By Application Market Analysis (2023 - 2033)
The application segmentation includes naval warfare, defense training, and research and development. Naval warfare remains the paramount application segment, with a market size of $3.60 billion in 2023 and doubling by 2033. Defense training accounts for $1.49 billion with expansion expected to $2.93 billion. R&D segment stayed steady at $0.51 billion, with predictions of growth following military modernization trends.
Torpedo Market Analysis By Launch Platform
Global Torpedo Market, By Launch Platform Market Analysis (2023 - 2033)
This segment is categorized into submarines, surface vessels, and aircraft. Submarines dominate with a market size of $3.60 billion in 2023, and it’s expected to peak at $7.07 billion by 2033, signifying their strategic advantage. Surface vessels capture a share of $1.49 billion, growing to $2.93 billion, while aircraft, though smaller, represent $0.51 billion and will reach $1.01 billion by 2033.
Torpedo Market Analysis By Technology
Global Torpedo Market, By Technology Market Analysis (2023 - 2033)
Key technological segments include guidance systems, propulsion systems, and warhead types. Guidance systems account for $3.60 billion, projected to grow parallel with heavy torpedo advancements. Propulsion systems, currently at $1.49 billion, show steady growth alongside the increase in torpedo efficiency. Warhead types hold a smaller segment value of $0.51 billion, which will mature with emerging military requirements.
Torpedo Market Analysis By Market Entry
Global Torpedo Market, By Market Entry Market Analysis (2023 - 2033)
The market entry segment highlights new entrants versus established players. New entrants have a significant market share, currently valued at $4.90 billion, predicted to reach $9.64 billion by 2033 with an 87.54% share, reflecting the growing competitiveness facilitated by technological advancements. Established players' size is at $0.70 billion, anticipated to reach $1.37 billion, establishing a strategic differentiation in the market.
Torpedo Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Torpedo Industry
Lockheed Martin Corporation:
A leading aerospace and defense company, Lockheed Martin is known for its advanced underwater weapon systems, especially the MK 48 torpedo, utilized by multiple navies worldwide.Raytheon Technologies:
Raytheon provides innovative torpedo solutions including the MK 54 lightweight torpedo, widely trusted for anti-submarine warfare, contributing significantly to naval military operations.Northrop Grumman:
Specializing in defense technology, Northrop Grumman manufactures advanced torpedoes and underwater systems, known for innovation in sensor and guidance technology.Saab Group:
A key player in the European torpedo market, Saab focuses on lightweight torpedoes and naval systems, emphasizing research and development to provide cutting-edge solutions.BAE Systems:
A global defense, security, and aerospace company, BAE Systems designs and manufactures various torpedo types aimed at enhancing maritime security capabilities.We're grateful to work with incredible clients.
