Torpedo Market Size, Share & Trends Analysis Report By Product (Acoustic Homing Torpedo, Wake Homing Torpedo), By Type (Electric, Thermal), By Weight, By Launch Platform, By Region, And Segment Forecasts, 2023 To 2030

A significant number of countries are increasing their expenditures to fortify their defense systems. Military torpedoes, a vital component of undersea military operations, are expected to drive the market growth. International marine trade has increased significantly, which propels torpedo market growth over the forecast period. As international trade has grown in recent years, securing trading relationships from various risks has become increasingly important, including terrorist threats, unlawful seagoing of vessel immigrants, and transnational crimes, thereby increasing the demand for torpedoes.

Technological advancements have fueled market growth. Increased demand for more precise and efficient torpedoes has resulted from the advancement of computerized systems and propulsion technologies. Torpedoes are more flexible due to these enhancements and can carry out several operations, such as anti-submarine warfare, minefield safeguards, and distant strikes.

The torpedo industry is growing due to increasing demand for Unmanned Underwater Vehicles (UUVs). UUVs are increasingly used in military and business applications such as reconnaissance and environmental surveillance. Torpedoes are also deployed on UUVs, resulting in formidable weapon systems. Furthermore, Non-lethal torpedoes have gained popularity for application in marine enforcement operations. These torpedoes are designed to neutralize ships without inflicting any danger or harm to the personnel. International maritime agencies use these torpedoes to arrest criminals for maritime crimes such as drug dealing, smuggling weapons and artillery, and human trafficking in international waters.

In addition, initiatives by public and private organizations associated with Torpedoes are also anticipated to accelerate market expansion. For instance, in March 2021, SEA was awarded to provide its Torpedo Launcher System (TLS) to a multi-ship South American project. The contract followed its adoption by the Royal Navy of the UK and other critical foreign navies in North America and Southeast Asia. The SEA torpedo launcher is weapon-independent, which appeals to navies worldwide. Its one-of-a-kind design additionally guarantees that it is easily upgradable during its lifespan, lowering the risk of capability obsolescence due to ammunition supply. This contract award is a significant step forward in SEA's objective of sharing the best industrial innovations with navies worldwide. This development further emphasizes its presence in South America, which serves as a hub for future maritime needs in the region.

Torpedo Market Segmentation

• By Product

  • Acoustic Homing Torpedo

  • Wake Homing Torpedo

• By Type

  • Electric

  • Thermal

• By Weight

  • Heavyweight Torpedo

  • Lightweight Torpedo

• By Launch Platform

  • Surface-launched

  • Underwater-launched

  • Air-launched

Key players

• ATLAS ELEKTRONIK GmbH

• ASELSAN A.S.

• BAE Systems

• Honeywell International Inc.

• Leonardo S.p.A.

• thyssenkrupp AG

• MITSUBISHI HEAVY INDUSTRIES, LTD.

• Naval Group

• Northrop Grumman

• Raytheon Technologies Corporation

• Saab AB

• Bharat Dynamics Limited