The global torpedo market size was pegged at USD 944.9 million in 2021. The market is anticipated to rise from USD 991.2 million in 2022 to USD 1,439.2 million by 2029 at a 5.47% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “Torpedo Market, 2022-2029.”
According to the analysis, the defense sector is poised to exhibit traction for sophisticated weapon solutions. So much so that leading manufacturers have upped investments in robotic torpedo vessels to spot and destroy submarines. Governments are poised to inject funds into the naval sector to streamline operations and bolster strategic infrastructure.
COVID-19 & War Impact
Russia-Ukraine War and COVID-19 Pandemic to Have Mixed Impact
The repercussions of the Russia-Ukraine war had a notable influence on the global outlook, with the demand for naval and military products soaring. Amidst shifting geopolitical scenarios, potential conflicts and war-like situations, countries are grappling with boosting the procurement of missiles. Meanwhile, the Russian invasion potentially led to the delay in the procurement of military equipment. For instance, India’s DefExpo 2022 was reportedly postponed in the wake of logistical issues with participants. Additionally, the COVID-19 pandemic also disrupted the supply chain owing to the cancelation of major carrier transport operations. With the COVID-19 rate plateauing, industry participants could augment investments in the portfolio.
Segments
In terms of weight, the market is segregated into lightweight torpedoes and heavyweight torpedoes.
Based on launch platform, the market covers underwater-launched, surface-launched and air-launched.
With respect to propulsion, the market is segmented into conventional propulsion and electric propulsion.
On the geographical ground, the market is segmented into Europe, North America, Asia Pacific, and the Rest of the World.
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/torpedo-market-101571
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porters’ Five Force Analysis SWOT analysis. Quantitative and qualitative assessments have been used to provide a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Drivers and Restraints
Surge in Maritime Border Disputes Propels Growth Potentials
Stakeholders expect escalating terrorist activities and disputes among countries to add fillip to the torpedo market growth. To illustrate, the U.S., the U.K., France, India, China, and Australia could lead front the front. Governments are poised to bolster their marine border security through the infusion of funds into submarines, navy ships and maritime helicopters. Besides, an exponential rise in the purchase of naval vessels could play an invaluable role in fostering the penetration of state-of-the-art naval solutions. Industry participants envisage a continuous rise in the defense budget to propel the industry outlook in the ensuing period.
However, rampant cyber-attacks and the use of ballistic missiles in submarines could dent the market growth.
