Torpedo Market Research Report - Global Forecast to 2027

Global Torpedo Market: Information by Operation (Autonomous and Guided), by Launch Platform (Aerial and Naval), by Propulsion (Thermal Powered and Electric Powered), by Type (Light Weight and Heavy Weight), and by Region — Forecast till 2027

ID: MRFR/A&D/5487-HCR | February 2021 | Region: Global | 100 pages

Market Scenario


Torpedo is an underwater missile designed to detonate when it encounters a target or when it reaches around the vicinity of the target. Torpedoes are one among the most preferred lethal underwater weapons. Less than ten countries around the world have the capability to design and build torpedo indigenously. Modern torpedoes can carry nuclear warheads. Torpedoes can be launched from a variety of platforms.


Torpedoes typically propell underwater towards a target. It can be launched from above through fixed-wing aircraft and helicopters, form the water surface through ships and below the water surface through submarines. The torpedoes launched form aerial platform falls into the light weight category while the ones launched from naval platforms falls into the heavy weight category. Furthermore, modern torpedoes can operate autonomously and can be propelled using thermal and electric power.


Focus on enhancing military capabilities and subsequent procurement of lethal weapons to gain superiority over enemy during naval and littoral combat is the key factor driving the growth of torpedo market. In addition, increased investments in torpedo upgrade programs worldwide and focus on developing torpedoes indigenously boosts the market growth. Furthermore, focus on integrating submarines to strengthen naval fleet by countries around the world creates promising growth opportunities for the market players. However, the defense budget cuts in developed economies hinders the market growth.


The global torpedo market has been segmented by operation, type, propulsion, launch platform, and region. Based on operation, the torpedo market is divided into autonomous and guided operation. In 2017, the autonomous segment accounted for the largest market share as they possess high-speed, highly-maneuverable capability which is very effective during combat. Based on type the torpedo market is divided into heavy weight torpedoes and light weight torpedoes. In 2017, the heavy weight torpedoes segment accounted for the largest market share as these weapons can carry lethal warheads and can cause more damage. Based on launch platform, the torpedo market is divided into aerial platform and naval platform. The aerial platform covers aircraft and helicopters and the naval platform covers ships and submarines. In 2017, the naval platform segment accounted for the largest market share as these platforms can carry heavy weight torpedoes.


The global torpedo market has also been segmented into four regions, namely, North America, Europe, Asia-Pacific, and Rest of the World. North America is estimated to account for the largest share during the review period owing to the focus of defense organizations to upgrade the electronics and control system of torpedoes. Furthermore, increasing focus on developing ship combat systems in the US and Canada are contributing to the high demand for torpedoes in the North America. The global torpedo market is estimated to register a CAGR of around 4% during the forecast period of 2018 to 2023.


Intended Audience



  • Torpedo Manufacturers

  • Aircraft OEMs

  • Naval Vessel OEMs

  • Torpedo Launch System Providers

  • Electronic Component Suppliers

  • Defense Contractors

  • Research Institutes

  • Regulatory Bodies


Key Players


The key players in the global torpedo market are Atlas Elektronik GmbH (Germany), BAE Systems plc (UK), Bharat Dynamics Limited (India), China Shipbuilding Industry Corporation (China), Leonardo SpA (Italy), Naval Group (France), Raytheon Company (US), Saab AB (Sweden), and Tactical Missiles Corporation JSC (Russia).


Segmentation of the Global Torpedo Market


Torpedo Market


The report on Global Torpedo Market by Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of the qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report offers a clear picture of the current market scenario, which includes the historical and forecast market size, in terms of value, and the technological, macroeconomic, and governing factors of the market. The report also provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.



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Frequently Asked Questions (FAQ) :


The Global Torpedo Market and its growth globally is due to the factors such as a focus on enhancing military capabilities and successive procurement of lethal weapons to gain superiority over enemy during naval and littoral combat.

At 4% CAGR, the Global Torpedo Market will witness its most favourable growth.

The Global Torpedo Market and its forecast period are set from 2020 to 2027.

Leonardo SpA, BAE Systems plc, and Elektronik GmbH and more are actively focusing on keeping shares high of the Global Torpedo Market.

Operation, propulsion, type, launch platform are the segments of Global Torpedo Market as studied in research.

Table of Contents

1. Executive Summary

2. Scope of the Report

2.1. Market Definition

2.2. Scope of the Study

2.2.1. Definition

2.2.2. Research Objective

2.2.3. List of Assumptions

2.2.4. Limitations

3. Research Methodology

3.1. Research Process

3.2. Primary Research

3.3. Secondary Research

3.4. Market Size Estimation

3.5. Forecast Model

4. Market Landscape

4.1. Porter’s Five Forces Analysis

4.1.1. Threat of New Entrants

4.1.2. Bargaining Power of Buyers

4.1.3. Threat of Substitutes

4.1.4. Segment Rivalry

4.1.5. Bargaining Power of Supplies

4.2. Value Chain/Supply Chain Analysis

5. Market Dynamics

5.1. Introduction

5.2. Market Drivers

5.3. Market Restraints

5.4. Market Opportunities

5.5. Market Trends

5.6. Patent Trends

5.7. Regulatory Landscape

6. Global Torpedo Market, by Operation

6.1. Introduction

6.2. Autonomous

6.2.1. Market Estimates & Forecast, 2020–2023

6.2.2. Market Estimates & Forecast, by Region, 2020–2023

6.3. Guided

6.3.1. Market Estimates & Forecast, 2020–2023

6.3.2. Market Estimates & Forecast, by Region, 2020–2023

7. Global Torpedo Market, by Launch Platform

7.1. Introduction

7.2. Aerial

7.2.1. Market Estimates & Forecast, 2020–2023

7.2.2. Market Estimates & Forecast, by Region, 2020–2023

7.3. Naval

7.3.1. Market Estimates & Forecast, 2020–2023

7.3.2. Market Estimates & Forecast, by Region, 2020–2023

8. Global Torpedo Market, by Propulsion

8.1. Introduction

8.2. Thermal Powered

8.2.1. Market Estimates & Forecast, 2020–2023

8.2.2. Market Estimates & Forecast, by Region, 2020–2023

8.3. Electric Powered

8.3.1. Market Estimates & Forecast, 2020–2023

8.3.2. Market Estimates & Forecast, by Region, 2020–2023

9. Global Torpedo Market, by Type

9.1. Introduction

9.2. Light Weight

9.2.1. Market Estimates & Forecast, 2020–2023

9.2.2. Market Estimates & Forecast, by Region, 2020–2023

9.3. Heavy Weight

9.3.1. Market Estimates & Forecast, 2020–2023

9.3.2. Market Estimates & Forecast, by Region, 2020–2023

10. Global Torpedo Market, by Region

10.1. Introduction

10.2. North America

10.2.1. Market Estimates & Forecast, by Country, 2020–2023

10.2.2. Market Estimates & Forecast, by Operation, 2020–2023

10.2.3. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.2.4. Market Estimates & Forecast, by Propulsion, 2020–2023

10.2.5. Market Estimates & Forecast, by Type, 2020–2023

10.2.6. US

10.2.6.1. Market Estimates & Forecast, by Operation, 2020–2023

10.2.6.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.2.6.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.2.6.4. Market Estimates & Forecast, by Type, 2020–2023

10.2.7. Canada

10.2.7.1. Market Estimates & Forecast, by Operation, 2020–2023

10.2.7.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.2.7.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.2.7.4. Market Estimates & Forecast, by Type, 2020–2023

10.3. Europe

10.3.1. Market Estimates & Forecast, by Country, 2020–2023

10.3.2. Market Estimates & Forecast, by Operation, 2020–2023

10.3.3. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.3.4. Market Estimates & Forecast, by Propulsion, 2020–2023

10.3.5. Market Estimates & Forecast, by Type, 2020–2023

10.3.6. UK

10.3.6.1. Market Estimates & Forecast, by Operation, 2020–2023

10.3.6.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.3.6.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.3.6.4. Market Estimates & Forecast, by Type, 2020–2023

10.3.7. Germany

10.3.7.1. Market Estimates & Forecast, by Operation, 2020–2023

10.3.7.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.3.7.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.3.7.4. Market Estimates & Forecast, by Type, 2020–2023

10.3.8. France

10.3.8.1. Market Estimates & Forecast, by Operation, 2020–2023

10.3.8.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.3.8.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.3.8.4. Market Estimates & Forecast, by Type, 2020–2023

10.3.9. Russia

10.3.9.1. Market Estimates & Forecast, by Operation, 2020–2023

10.3.9.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.3.9.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.3.9.4. Market Estimates & Forecast, by Type, 2020–2023

10.3.10. Rest of Europe

10.3.10.1. Market Estimates & Forecast, by Operation, 2020–2023

10.3.10.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.3.10.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.3.10.4. Market Estimates & Forecast, by Type, 2020–2023

10.4. Asia-Pacific

10.4.1. Market Estimates & Forecast, by Country, 2020–2023

10.4.2. Market Estimates & Forecast, by Operation, 2020–2023

10.4.3. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.4.4. Market Estimates & Forecast, by Propulsion, 2020–2023

10.4.5. Market Estimates & Forecast, by Type, 2020–2023

10.4.6. China

10.4.6.1. Market Estimates & Forecast, by Operation, 2020–2023

10.4.6.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.4.6.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.4.6.4. Market Estimates & Forecast, by Type, 2020–2023

10.4.7. Japan

10.4.7.1. Market Estimates & Forecast, by Operation, 2020–2023

10.4.7.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.4.7.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.4.7.4. Market Estimates & Forecast, by Type, 2020–2023

10.4.8. India

10.4.8.1. Market Estimates & Forecast, by Operation, 2020–2023

10.4.8.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.4.8.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.4.8.4. Market Estimates & Forecast, by Type, 2020–2023

10.4.9. Rest of Asia-Pacific

10.4.9.1. Market Estimates & Forecast, by Operation, 2020–2023

10.4.9.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.4.9.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.4.9.4. Market Estimates & Forecast, by Type, 2020–2023

10.5. Rest of the World

10.5.1. Market Estimates & Forecast, by Region, 2020–2023

10.5.2. Market Estimates & Forecast, by Operation, 2020–2023

10.5.3. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.5.4. Market Estimates & Forecast, by Propulsion, 2020–2023

10.5.5. Market Estimates & Forecast, by Type, 2020–2023

10.5.6. Middle East & Africa

10.5.6.1. Market Estimates & Forecast, by Operation, 2020–2023

10.5.6.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.5.6.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.5.6.4. Market Estimates & Forecast, by Type, 2020–2023

10.5.7. Latin America

10.5.7.1. Market Estimates & Forecast, by Operation, 2020–2023

10.5.7.2. Market Estimates & Forecast, by Launch Platform, 2020–2023

10.5.7.3. Market Estimates & Forecast, by Propulsion, 2020–2023

10.5.7.4. Market Estimates & Forecast, by Type, 2020–2023

11. Competitive Landscape

11.1. Competitive Scenario

11.2. Competitive Overview

11.3. Competitive Benchmarking

11.4. Market Share Analysis

12. Company Profiles

12.1. Atlas Elektronik GmbH

12.1.1. Company Overview

12.1.2. Product Offering

12.1.3. Financial Overview

12.1.4. Key Developments

12.1.5. Swot Analysis

12.1.6. Strategy

12.2. BAE Systems plc

12.2.1. Company Overview

12.2.2. Product Offering

12.2.3. Financial Overview

12.2.4. Key Developments

12.2.5. Swot Analysis

12.2.6. Strategy

12.3. Bharat Dynamics Limited

12.3.1. Company Overview

12.3.2. Product Offering

12.3.3. Financial Overview

12.3.4. Key Developments

12.3.5. Swot Analysis

12.3.6. Strategy

12.4. China Shipbuilding Industry Corporation

12.4.1. Company Overview

12.4.2. Product Offering

12.4.3. Financial Overview

12.4.4. Key Developments

12.4.5. Swot Analysis

12.4.6. Strategy

12.5. Leonardo SpA

12.5.1. Company Overview

12.5.2. Product Offering

12.5.3. Financial Overview

12.5.4. Key Developments

12.5.5. Swot Analysis

12.5.6. Strategy

12.6. Naval Group

12.6.1. Company Overview

12.6.2. Product Offering

12.6.3. Financial Overview

12.6.4. Key Developments

12.6.5. Swot Analysis

12.6.6. Strategy

12.7. Raytheon Company

12.7.1. Company Overview

12.7.2. Product Offering

12.7.3. Financial Overview

12.7.4. Key Developments

12.7.5. Swot Analysis

12.7.6. Strategy

12.8. Saab AB

12.8.1. Company Overview

12.8.2. Product Offering

12.8.3. Financial Overview

12.8.4. Key Developments

12.8.5. Swot Analysis

12.8.6. Strategy

12.9. Tactical Missiles Corporation JSC

12.9.1. Company Overview

12.9.2. Product Offering

12.9.3. Financial Overview

12.9.4. Key Developments

12.9.5. Swot Analysis

12.9.6. Strategy 

List of Tables

Table 1 Global Torpedo Market, by Region, 2020–2023

Table 2 North America: Torpedo Market, by Country, 2020–2023

Table 3 Europe: Torpedo Market, by Country, 2020–2023

Table 4 Asia-Pacific: Torpedo Market, by Country, 2020–2023

Table 5 Rest of the World: Torpedo Market, by Country, 2020–2023

Table 6 Global Torpedo Operation Market, by Region, 2020–2023

Table 7 North America: Torpedo Operation Market, by Country, 2020–2023

Table 8 Europe: Torpedo Operation Market, by Country, 2020–2023

Table 9 Asia-Pacific: Torpedo Operation Market, by Country, 2020–2023

Table 10 Rest of the World: Torpedo Operation Market, by Country, 2020–2023

Table 11 Global Torpedo Launch Platform Market, by Region, 2020–2023

Table 12 North America: Torpedo Launch Platform Market, by Country, 2020–2023

Table 13 Europe: Torpedo Launch Platform Market, by Country, 2020–2023

Table 14 Asia-Pacific: Torpedo Launch Platform Market, by Country, 2020–2023

Table 15 Rest of the World: Torpedo Launch Platform Market, by Country, 2020–2023

Table 16 Global Torpedo Propulsion Market, by Region, 2020–2023

Table 17 North America: Torpedo Propulsion Market, by Country, 2020–2023

Table 18 Europe: Torpedo Propulsion Market, by Country, 2020–2023

Table 19 Asia-Pacific: Torpedo Propulsion Market, by Country, 2020–2023

Table 20 Rest of the World: Torpedo Propulsion Market, by Country, 2020–2023

Table 21 Global Torpedo Market, by Region, 2020–2023

Table 22 Global Torpedo Market, by Operation, 2020–2023

Table 23 Global Torpedo Market, by Launch Platform, 2020–2023

Table 24 Global Torpedo Market, by Propulsion, 2020–2023

Table 25 Global Torpedo Market, by Type, 2020–2023

Table 26 North America: Torpedo Market, by Country, 2020–2023

Table 27 North America: Torpedo Market, by Operation, 2020–2023

Table 28 North America: Torpedo Market, by Launch Platform, 2020–2023

Table 29 North America: Torpedo Market, by Propulsion, 2020–2023

Table 30 North America: Torpedo Market, by Type, 2020–2023

Table 31 Europe: Torpedo Market, by Country, 2020–2023

Table 32 Europe: Torpedo Market, by Operation, 2020–2023

Table 33 Europe: Torpedo Market, by Launch Platform, 2020–2023

Table 34 Europe: Torpedo Market, by Propulsion, 2020–2023

Table 35 Europe: Torpedo Market, by Type, 2020–2023

Table 36 Asia-Pacific: Torpedo Market, by Country, 2020–2023

Table 37 Asia-Pacific: Torpedo Market, by Operation, 2020–2023

Table 38 Asia-Pacific: Torpedo Market, by Launch Platform, 2020–2023

Table 39 Asia-Pacific: Torpedo Market, by Propulsion, 2020–2023

Table 40 Asia-Pacific: Torpedo Market, by Type, 2020–2023

Table 41 Rest of the World: Torpedo Market, by Region, 2020–2023

Table 42 Rest of the World: Torpedo Market, by Operation, 2020–2023

Table 43 Rest of the World: Torpedo Market, by Launch Platform, 2020–2023

Table 44 Rest of the World: Torpedo Market, by Propulsion, 2020–2023

Table 45 Rest of the World: Torpedo Market, by Type, 2020–2023


List Of Figures

FIGURE 1 Research Process of MRFR

FIGURE 2 Top-Down & Bottom-Up Approaches

FIGURE 3 Market Dynamics

FIGURE 4 Impact Analysis: Market Drivers

FIGURE 5 Impact Analysis: Market Restraints

FIGURE 6 Porter's Five Forces Analysis

FIGURE 7 Value Chain Analysis

FIGURE 8 Global Torpedo Market Share, by Operation, 2020 (%)

FIGURE 9 Global Torpedo Market, by Operation, 2020–2023 (USD Million)

FIGURE 10 Global Torpedo Market Share, by Launch Platform, 2020 (%)

FIGURE 11 Global Torpedo Market, by Launch Platform, 2020–2023 (USD Million)

FIGURE 12 Global Torpedo Market Share, by Propulsion, 2020 (%)

FIGURE 13 Global Torpedo Market, by Propulsion, 2020–2023 (USD Million)

FIGURE 14 Global Torpedo Market Share (%), By Region, 2020

FIGURE 15 Global Torpedo Market, by Region, 2020–2023 (USD Million)

FIGURE 16 North America: Torpedo Market Share (%), 2020

FIGURE 17 North America: Torpedo Market by Country, 2020–2023 (USD Million)

FIGURE 18 Europe: Torpedo Market Share (%), 2020

FIGURE 19 Europe: Torpedo Market by Country, 2020–2023 (USD Million)

FIGURE 20 Asia-Pacific: Torpedo Market Share (%), 2020

FIGURE 21 Asia-Pacific: Torpedo Market by Country, 2020–2023 (USD Million)

FIGURE 22 Rest of the World Torpedo Market Share (%), 2020

FIGURE 23 Rest of the World Torpedo Market by Country, 2020–2023 (USD Million)