The global market for Torpedo was valued at US$1.2 Billion in 2024 and is projected to reach US$1.4 Billion by 2030, growing at a CAGR of 2.4% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The expansion of the torpedo market is driven by several key factors, including increased military spending due to geopolitical tensions and the rising threat of terrorism. Countries are investing heavily in advanced weapons systems to enhance their naval capabilities, leading to a surge in demand for torpedoes. Territorial disputes over maritime borders, such as those in the South China Sea, have further prompted the acquisition of naval ships, submarines, and unmanned sea systems, thereby accelerating torpedo demand. Additionally, the growing trend of equipping torpedoes with nuclear warheads represents a significant investment focus for many nations, highlighting the importance of torpedoes in contemporary naval defense strategies.
Several important trends are influencing the torpedo market, driven by technological advancements and evolving defense priorities. Enhanced sensors and communication systems are being integrated into torpedoes, improving their target detection and tracking capabilities. Innovations have resulted in torpedoes with greater speed, precision, and stealth, making them more effective in diverse combat scenarios. The market is also witnessing significant investments in research and development, leading to the creation of lightweight and smart torpedoes that can be deployed from various platforms, including submarines, surface vessels, and aircraft. Moreover, geopolitical tensions and regional conflicts have led countries to strengthen their naval forces, boosting demand for modern torpedoes. Regions such as North America, Europe, and Asia Pacific are experiencing significant growth in the torpedo market due to their substantial defense spending and ongoing modernization efforts. Overall, the torpedo market is expected to continue growing, driven by technological innovations, increased defense budgets, and the strategic necessity for advanced naval defense capabilities.
Torpedo - Key Trends and Drivers
A modern torpedo is an advanced underwater weapon designed for launch from above or below the water's surface. It propels itself towards a target, carrying an explosive warhead that detonates upon impact or when in close proximity to the target, causing substantial damage or destruction. Historically known as automotive or fish torpedoes, the term has been used since around 1900 to specifically refer to self-propelled underwater explosive devices. These torpedoes have significantly influenced naval warfare by enabling smaller vessels, submarines, and aircraft to effectively engage and destroy large ships without relying solely on large-caliber guns, thus revolutionizing maritime combat tactics.The expansion of the torpedo market is driven by several key factors, including increased military spending due to geopolitical tensions and the rising threat of terrorism. Countries are investing heavily in advanced weapons systems to enhance their naval capabilities, leading to a surge in demand for torpedoes. Territorial disputes over maritime borders, such as those in the South China Sea, have further prompted the acquisition of naval ships, submarines, and unmanned sea systems, thereby accelerating torpedo demand. Additionally, the growing trend of equipping torpedoes with nuclear warheads represents a significant investment focus for many nations, highlighting the importance of torpedoes in contemporary naval defense strategies.
Several important trends are influencing the torpedo market, driven by technological advancements and evolving defense priorities. Enhanced sensors and communication systems are being integrated into torpedoes, improving their target detection and tracking capabilities. Innovations have resulted in torpedoes with greater speed, precision, and stealth, making them more effective in diverse combat scenarios. The market is also witnessing significant investments in research and development, leading to the creation of lightweight and smart torpedoes that can be deployed from various platforms, including submarines, surface vessels, and aircraft. Moreover, geopolitical tensions and regional conflicts have led countries to strengthen their naval forces, boosting demand for modern torpedoes. Regions such as North America, Europe, and Asia Pacific are experiencing significant growth in the torpedo market due to their substantial defense spending and ongoing modernization efforts. Overall, the torpedo market is expected to continue growing, driven by technological innovations, increased defense budgets, and the strategic necessity for advanced naval defense capabilities.
Report Scope
The report analyzes the Torpedo market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.Segments
Launch Platform (Surface-Based Platform, Underwater Platform, Air-Borne Platform); Weight Class (Lightweight Torpedoes, Heavyweight Torpedoes).Geographic Regions/Countries
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.Key Insights:
- Market Growth: Understand the significant growth trajectory of the Surface-Based Launch Platform segment, which is expected to reach US$983.7 Million by 2030 with a CAGR of a 2.7%. The Underwater Launch Platform segment is also set to grow at 2.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, valued at $337.3 Million in 2024, and China, forecasted to grow at an impressive 5% CAGR to reach $287.9 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Aselsan A.S., Atlas Elektronik GmbH, BAE Systems PLC, Bharat Dynamics Limited, FINCANTIERI SpA and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Torpedo Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Torpedo Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Torpedo Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Some of the 61 major companies featured in this Torpedo market report include:
- Aselsan A.S.
- Atlas Elektronik GmbH
- BAE Systems PLC
- Bharat Dynamics Limited
- FINCANTIERI SpA
- General Dynamics Corporation
- Lockheed Martin Corporation
- Mitsubishi Heavy Industries Ltd.
- Naval Group
- Northrop Grumman Corporation
- Rafael Advanced Defense Systems Ltd.
- Raytheon Technologies Corporation
- SAAB AB
- Thales Group
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISSOUTH KOREAREST OF ASIA-PACIFICARGENTINABRAZILMEXICOREST OF LATIN AMERICAIRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EASTIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
SPAIN
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
AUSTRALIA
INDIA
LATIN AMERICA
MIDDLE EAST
AFRICA
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Aselsan A.S.
- Atlas Elektronik GmbH
- BAE Systems PLC
- Bharat Dynamics Limited
- FINCANTIERI SpA
- General Dynamics Corporation
- Lockheed Martin Corporation
- Mitsubishi Heavy Industries Ltd.
- Naval Group
- Northrop Grumman Corporation
- Rafael Advanced Defense Systems Ltd.
- Raytheon Technologies Corporation
- SAAB AB
- Thales Group
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 295 |
| Published | March 2025 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 1.2 Billion |
| Forecasted Market Value ( USD | $ 1.4 Billion |
| Compound Annual Growth Rate | 2.4% |
| Regions Covered | Global |
