The torpedo market has expanded as a result of rise in maritime border dispute among neighboring countries, rise in procurement of naval vessels owing to growing defense budget, and technological advancement.
Wilmington, Delaware, Feb. 26, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Torpedo Market by Weight (Heavyweight Torpedoes and Lightweight Torpedoes), Launch Platform (Air Launched, Surface Launched, and Underwater-launched), and Propulsion (Electric Propulsion and Conventional Propulsion): Global Opportunity Analysis and Industry Forecast, 2023–2032.
According to the report, the global torpedo industry generated $3.1122 billion in 2022 and is anticipated to generate $6.3141 billion by 2032, witnessing a CAGR of 7.6 % from 2023 to 2032.
(We are providing torpedo Industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
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135 – Tables
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44 – Charts
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250 – Pages
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Prime Determinants of Growth
Increased geopolitical tensions and security concerns in various regions drive nations to invest in naval capabilities, including torpedoes, to protect maritime interests and deter potential adversaries. Furthermore, the allocation of defense budgets by countries plays a significant role in determining the growth of the torpedo market. Increase in defense spending, including investments in naval modernization programs, impact the procurement of torpedoes. In addition, ongoing advancements in torpedo technology, such as improvements in propulsion systems, guidance systems, and stealth capabilities, drive demand for upgraded and more sophisticated torpedoes.
Report Coverage and Details:
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Report Coverage |
Details |
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Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size In 2022 |
$3.1122 Billion |
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Market Size In 2032 |
$6.3141 Billion |
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CAGR |
7.6% |
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No. Of Pages in Report |
485 |
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Segments Covered |
Weight, Launch Platform, Propulsion, And Region. |
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Drivers |
Rise In Maritime Border Dispute Among Neighboring Countries Rise In Procurement of Naval Vessels Owing to Growing Defense Budget Technological Advancement |
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Opportunity |
The Rise in Awareness in Unmanned Underwater Vehicles |
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Restraints |
Rise In Cyber-Attacks and Development of Ballistic Missiles in Submarine Regulatory Challenges |
Impact of Russia-Ukraine War Scenario
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Russia and Ukraine frequently spend more on defense to strengthen their armed forces during times of war. As a result, more defense systems, such as torpedoes, are purchased. Furthermore, changes in the geopolitical landscape result in changes to international alliances and partnerships. Other countries have started looking for new suppliers or have started working with other defense contractors, which could have an impact on the dynamics of the torpedo market.
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In addition, the development of military technology is influenced by intense conflict between Russia and Ukraine. Governments might spend money on R&D to create new, advanced technologies or to enhance torpedo systems that are already in place. In addition, participating countries are subject to export and import restrictions or sanctions over military hardware, including torpedoes.
The Lightweight Torpedoes segment to maintain its leadership status throughout the forecast period
On the basis of weight, the lightweight torpedo segment held the highest market share in 2022, accounting for more than three-fifths of the global torpedo market revenue. This is attributed to the fact that lightweight torpedoes are designed to be launched from a variety of platforms, including submarines, surface ships, helicopters, and fixed-wing aircraft. This versatility allows them to be used in a wide range of naval operations, making them attractive to military forces with diverse needs. However, the lightweight segment is projected to manifest the fastest CAGR of 8.2% from 2023 to 2032, This is attributed to the fact that lightweight torpedoes are often more maneuverable, making them suitable for engaging targets in littoral or shallow waters. Their agility and ability to navigate through complex environments can be advantageous in scenarios where heavier torpedoes may face challenges.
Recent Advancements in the Torpedo Industry:
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In September 2023, BAE Systems partnered with Malloy Aeronautics and successfully showcased the launch of an inert Sting Ray torpedo from a heavy-lift Unmanned Aerial System (UAS) during the NATO Repmus exercise.
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In October 2023, the Royal Australian Navy inaugurated its state-of-the-art torpedo training facility at Her Majesty’s Australian Ship (HMAS) Stirling in Western Australia, offering advanced training for naval personnel on…
Read More: Torpedo Market to Reach $6.3141 billion, Globally, by 2032 at 7.6% CAGR: Allied