The global torpedo market growth 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.
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.
Regional Insights
North America to Observe Investments Abound with Focus on Technological Advancements
Well-established players and startups are slated to infuse funds to purchase new vessels following the demand for underwater-launched and water surface-launched platforms. With the rising footprint of undersea launched platforms, the U.S. Navy could prioritize technological advancements over the next few years. It is worth noting that the procurement of heavyweight torpedoes will witness a notable gain across the U.S. and Canada.
Europe market outlook is well poised to be robust during the assessment period against the backdrop of a growing uptick of advanced naval vessels. Moreover, the presence of prominent players has enthused confidence among stakeholders. To reiterate, the Russia-Ukraine conflict has led to the demand for sophisticated weapon systems, expediting the product demand.
Major Players Profiled in the Report:
- ASELSAN AS (Turkey)
- Atlas Elektronik GmbH (Germany)
- BAE Systems PLC (U.K.)
- Bharat Dynamics Limited (India)
- Honeywell International Inc. (U.S.)
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/torpedo-market-101571
