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 | November 2022 | Region: Global | 100 Pages         

Torpedo Market

Torpedo Market Size Valued at USD 1503.6 Million, market Grow at a CAGR Of 6.4% by 2020 -2030


By Operation Autonomous Guided
By Launch Platform Aerial Naval
By Propulsion Thermal Powered Electric Powered

Key Players

  • 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)
  • Tactical Missiles Corporation JSC (Russia)


  • The increasing investment in torpedoes is driving the Torpedo Market
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Torpedo Market Overview

The MRFR report suggests that the global torpedo market is estimated to register a healthy CAGR of over 4% during the review timeframe ending in 2027.

Torpedoes refer to self-propelled underwater missiles developed in a particular manner to get fired from a submarine or ship. It is even dropped into the water to discover a targeted object from an aircraft. These missiles are broadly utilized across the military sectors to perform several operations. In underwater operations, these missiles are launched from the submarines or ships to target a specific object or launched from helicopters or planes into the water bodies to attack a specific target. These missiles are the most preferred lethal underwater weapons. The global torpedo market has registered enormous growth in the last few years. The market's growth is mainly attributed to the growth in the use of torpedoes in the military sectors. Furthermore, the factors such as technological advancements, the rise in need of torpedoes in both Navy and air forces, increased rate of terror attacks and conflicts within the countries, and advanced nature of modern torpedoes are also estimated to boost the growth of the torpedo market over the coming years. On the other hand, the cost-related issue and defense budget cut are anticipated to restrict the market's growth.

COVID-19 Analysis

The COVID-19 has shown a bad impact on almost every industrial sector. The pandemic's impact on the defense-related market was low compared to other market sectors. But it was even a bit of a downfall in the growth rate due to reasons like temporary ceasing or halt in manufacturing facilities due to the lockdown effect. The pandemic has brought economic crisis across the globe due to huge financial loss, which decreased the investment in the defense sector. But the government-supported for the investment in defense equipment to safeguard military forces and the public. This factor has improved the growth of the Torpedo Market Size, and it is expected to continue its growth in a significant way to reach its estimated CAGR.

Chief Factors Existing In The Market

Key Market Drivers

The key drivers of the Torpedo Market Size are fuelling up the market to reach its estimated value without any issue. The increasing investment in torpedoes is driving the Torpedo Market. These underwater missiles are essential for military operations. Therefore the government and defense entities are investing in the Torpedo Market, propelling the market's growth. The nation's high focus on naval warfare is another driver of the Torpedo Market.

Market Challenges

The cost-related issue is the major challenging factor of the Torpedo Market. The development of modern torpedoes costs more. Therefore this factor is challenging the growth of the market.

Market Opportunities

The Torpedo Market is getting open opportunities from various countries due to its high demand in military sectors to safeguard soldiers. Especially, the naval military sector is setting huge opportunities for the Torpedo Market Share. The focus on integrating the submarines to provide strength to the naval fleet is enhancing the Torpedo Market

  • Restraints

The defense budget cut is the major restraining factor of the Torpedo Market, affecting the market's growth rate. The market to overcome the restraining factor and will reach its estimated value.

Cumulative Evaluation Of The Market

The evaluation of the Torpedo Market Analysis shows the role of marketing dynamics in the growth period of the market. The chief existing features of the market, especially the key market drivers and the market opportunities to enhance the Torpedo Market Outlook to reach its estimated value in the forecast period. The challenging and restraining factors hamper the Torpedo Market Growth, but the major investment by the government entities is lifting the market at the global level. The pandemic affects the Torpedo Market Value to reach its estimated CAGR during the review period.

Market Segmentation

The Torpedo Market is segmented into different sub-segments based on operation, launch type, propulsion, and type segment.

  • By Operation

The operation segment of the Torpedo Market is divided into autonomous and guided operations. Between these both, the autonomous segment has accounted for the largest market share of the Torpedo Market Share due to various properties such as high-speed and high capacity, which is effective during combat. Hence, the autonomous segment to reach the highest CAGR during the forecast period.

  • By Launch 

The Torpedo Market is divided into aerial and naval platforms based on the launch segment. The helicopters and aircraft segments fall under the aerial segment, while ships and submarines come under the naval platforms, and the ships and submarines can carry heavily weighted torpedoes. Hence the naval segment is noticing the largest share in recent years.

  • By Propulsion

The propulsion segment of the Torpedo Market is classified into thermal powered and electric powered. Among these, electric-powered has dominated the market since the previous years because electric-powered torpedoes are more lethal and are very effective in naval combat operations. 

  • By Type

The Torpedo Market is sub-segmented into heavyweight and lightweight torpedoes in the type segment. The heavily weighted torpedoes can get equipped with lethal warheads, which results in higher damage. Hence, the segment had accounted for the largest market share of the Torpedo Market Share in recent years.

Regional Analysis

Based on the geographical distribution, the Torpedo Market Analysis shows the market's growth in various regions globally, such as Europe, North America, Asia Pacific, and the Rest of the World. Among the above geographical regions, the North American region holds the largest market share. It is registered to be the fastest-growing regional market during the forecast period. Due to the increase in investment in missiles and rocket systems to develop the naval combat system, regions such as the US are accelerating the growth of the Torpedo Market in the North American region. The rest of the regions, such as Europe and the Asia Pacific, continue with consistent growth due to the demand for military equipment for various military operations in naval and air force missions, driving the global Torpedo Market.

Competitive Intensity within the Industry

The Torpedo Market players are responsible for propelling the growth rate at the global level. The prominent players are looking after the upgradation of the torpedoes to provide the best underwater missiles for the defense sectors, especially for naval warfare. Below listed are the key players of the Torpedo Market.

  • 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)

  • Tactical Missiles Corporation JSC (Russia).

Recent Developments

  • January 2022- Ultra Electronics, an aerospace and defense engineering company, announced an integrated anti-submarine warfare defense suite (IADS) contract with the Indian Navy. Awarded in partnership with Mahindra Defence Systems, the deal will witness the delivery of the IADS for the Navy's selected frontline ships. As per the company statement, the deal will be closed at over £60m.

  • October 2021- Hondahas disclosed the details of a comprehensive electrification strategy that comprises two production vehicles and three concepts donning a new "e: N Series" electric branding. The Japanese company announced the plans to launch 10 Honda-brand EV models over the next five years, but only across China.

Report Overview

The report's overview shows that the Torpedo Market Trends will show a sound growth rate in the coming years due to market dynamics. The key market drivers are responsible for accelerating the Torpedo Market worldwide. The challenging and restraining factors are trying to hamper the market's growth. Still, the strategies of the key players are uplifting the Torpedo Market to achieve its expected CAGR. The market segments are even reported to serve their best services to drive the global Torpedo Market Trends. The regional analysis shows the market's geographical distribution in various developing regions. Hence, the Torpedo Market Value to reach its estimated USD value in the coming years. 

Key Industrial Segments

By Operation

  • Autonomous

  • Guided 

By Launch Platform 

  • Aerial 

  • Naval

By Propulsion 

  • Thermal Powered 

  • Electric Powered 

By Type 

  • Light Weight 

  • Heavy Weight

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Frequently Asked Questions (FAQ) :

The estimated CAGR of the Torpedo Market Forecast is 4% during the forecast period.

The major segments of the Torpedo Market Outlook are operation, launch platform, type, and propulsion.

The North American market holds the highest market share of the Torpedo Market Forecast.

The intended audience of the Torpedo Market is Torpedo Manufacturers, Aircraft OEMsNaval Vessel, OEMsTorpedo Launch System Providers, Electronic Component Suppliers, Defense ContractorsResearch Institutes, and regulatory bodies.