Torpedo Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Torpedo Market Analysis
The torpedo market is anticipated to register a CAGR of over 4% during the forecast period.
The COVID-19 pandemic impact on the torpedo market was relatively low as the demand and procurement of torpedoes were relatively unaffected due to robust investments of armed forces into the enhancement of their naval attack capabilities.
The increasing military spending, fueled by the growing conflicts between the countries and the increasing threat of terrorism and border issues, is driving the growth procurement of new and advanced weapons systems, thereby propelling the demand for torpedoes during the forecast period.
With the growing tensions over the water borders, such as in the South China sea, the countries are investing in the procurement of naval ships, submarines, and unmanned sea systems. This is accelerating the demand for torpedoes during the forecast period.
Further, the installation of nuclear warheads on torpedoes is picking up pace and is one of the most promising areas of investment for the countries.
Torpedo Market Trends
This section covers the major market trends shaping the Torpedo Market according to our research experts:
The Sea-launched Segment Accounted for the Largest Share in the Market in 2021
The sea-launched segment currently dominates the market and is expected to continue its dominance during the forecast period. There has been a rapid increase in investments toward the procurement of new generation naval vessels. The development of nuclear submarines is expected to drive the growth of sea-launched torpedoes during the forecast period. For instance, the Swedish Defense Organization (FMV) placed the first order to Saab for the life extension of the heavyweight torpedo system worth SEK 485 million (USD 52.20 million). The delivery of the torpedoes was planned to begin in 2020 and run through 2024. Later in December 2021, FMV awarded a follow-on worth SEK 145 million (USD 16 million) to the company under the next phase of the Torpedo 62 life extension program. The delivery of torpedoes under a follow-on contract is anticipated to begin at the end of 2023. Furthermore, to enhance the anti-submarine warfare capabilities of the navies, countries are robustly increasing the fleet of unmanned sea systems. Currently, the Russian Navy is developing an autonomous uncrewed torpedo vessel, which is designed for conducting detection and elimination of enemy submarines autonomously through the launch of torpedoes. The unmanned vehicle is capable of carrying two 533mm electric torpedoes. Such robust demand for procurement of new light and heavy torpedoes is anticipated to propel the growth of the market during the forecast period.
Asia-Pacific is Expected to Experience the Highest Growth During the Forecast Period
The Asia-Pacific region is anticipated to witness the highest growth during the forecast period, primarily due to the rapid growth in military expenditure of the countries in the region due to ongoing geopolitical issues and border tensions. Countries like China, India, and Japan are investing in the expansion of their existing naval fleet by procurement of new warships and submarines, replacing aging naval vessels. This is propelling the demand for the development and procurement of new generation torpedoes. For instance, In December 2021, India tested a long-range Supersonic Missile Assisted Torpedo (SMART) system developed by Defense Research and Development Organization (DRDO). SMART is a next-generation missile-based standoff torpedo delivery system designed to improve anti-submarine warfare capability compared to the traditional range of the torpedo. Similarly, in November 2021, the South Korean government approved a new project for the development of a new lightweight torpedo. The torpedo is anticipated to strengthen the anti-submarine capabilities of the Republic of Korea Navy (RoKN). The project has a target period of up to 2028, and the government is expected to invest about KRW 160 billion (USD 135 million). Such investments in the procurement of naval vessels and torpedoes are anticipated to aid in the growth of the market in the Asia- Pacific region.
Torpedo Industry Overview
Some of the prominent players in the market are Saab AB, Leonardo SpA, BAE Systems PLC, Raytheon Technologies Corporation, and Naval Group. In addition to global players, with the growing demand for domestic manufacturing, companies like Bharat Dynamics Limited, LIG Nex1 Co. Ltd, and Mitsubishi Heavy Industries Ltd have been gradually increasing their presence in the market. The companies are investing in the development of new torpedoes with high lethal capabilities and range, which is expected to help them gain new customers and increase their presence in the market. In this regard, in November 2021, Leonardo announced that the company introduced an enhanced variant of A244/S light-weight torpedoes (LWT) called Mod 4 as a new production weapon system. The upgrade to Mod 4 is expected to increase the maximum speed to over 40 knots at max operational depth. Furthermore, the collaborations between suppliers are expected to increase the concentration in the market and strengthen the control over the market's supply chain in the coming years.
Torpedo Market Leaders
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Saab AB
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Leonardo S.p.A.
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BAE Systems plc
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Raytheon Technologies Corporation
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Naval Group
*Disclaimer: Major Players sorted in no particular order
Torpedo Market News
- In October 2021, the Indian Defence Ministry signed a contract with the US government for the procurement of MK 54 torpedo as well as expendables such as chaff and flares for P-8I anti-submarine warfare aircraft of the Indian Navy. The contract was worth INR 423 crore (USD 56.38 million).
- In October 2021, Thales Australia was selected by the Australian Department of Defence for maintenance of the Royal Australian Navy's (RAN) MU90 lightweight torpedo (in service since 2013). The contract value is worth USD 14.5 million (AUD 20 million).
Torpedo Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
- 1.3 Currency Conversion Rates for USD
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
- 3.1 Market Size and Forecast, Global, 2018 - 2031
- 3.2 Market Share by Weight, 2021
- 3.3 Market Share by Launch Platform, 2021
- 3.4 Market Share by Geography, 2021
- 3.5 Structure of the Market and Key Participants
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size and Forecast by Value - USD million, 2018 - 2031)
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5.1 Weight
- 5.1.1 Heavyweight Torpedoes
- 5.1.2 Lightweight Torpedoes
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5.2 Launch Platform
- 5.2.1 Sea-launched
- 5.2.1.1 Surface-launched
- 5.2.1.2 Underwater-launched
- 5.2.2 Air-launched
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5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 BAE Systems PLC
- 6.2.2 thyssenkrupp AG
- 6.2.3 Raytheon Technologies Corporation
- 6.2.4 Saab AB
- 6.2.5 Leonardo SpA
- 6.2.6 Bharat Dynamics Limited
- 6.2.7 ASELSAN AS
- 6.2.8 Naval Group
- 6.2.9 Lockheed Martin Corporation
- 6.2.10 Northrop Grumman Corporation
- 6.2.11 JSC Tactical Missiles Corporation
- 6.2.12 Mitsubishi Heavy Industries Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityTorpedo Industry Segmentation
A torpedo is a self-propelled weapon with an explosive warhead, which is designed to detonate either in contact with the target or in its vicinity. The market of torpedoes is segmented based on weight into heavyweight torpedoes and lightweight torpedoes. Torpedoes weighing less than 500 kg are included in the lightweight torpedoes segment, whereas the torpedoes weighing more than 500 kg are included in heavyweight torpedoes. The market is also segmented by launch platform in sea-launched and air-launched. The sea-launched segment is further sub-segmented into surface-launched and underwater-launched. The report also covers the market sizes and forecasts for the market by region. The market sizing and forecasts have been provided in value (USD million).
| Weight | Heavyweight Torpedoes | |
| Lightweight Torpedoes | ||
| Launch Platform | Sea-launched | Surface-launched |
| Underwater-launched | ||
| Launch Platform | Air-launched | |
| Geography | North America | |
| Europe | ||
| Asia-Pacific | ||
| Rest of the World |
Torpedo Market Research FAQs
What is the current Torpedo Market size?
The Torpedo Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Torpedo Market?
Saab AB, Leonardo S.p.A., BAE Systems plc, Raytheon Technologies Corporation and Naval Group are the major companies operating in the Torpedo Market.
Which is the fastest growing region in Torpedo Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Torpedo Market?
In 2024, the North America accounts for the largest market share in Torpedo Market.
What years does this Torpedo Market cover?
The report covers the Torpedo Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Torpedo Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Naval Torpedo Industry Report
Statistics for the 2024 Naval Torpedo market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Naval Torpedo analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
