Torpedo Market

Torpedo Market Size and Forecast 2022 - 2027:

Torpedo Market was worth $ 889.9 million in 2021 and is expected to reach $ 1 billion by 2026, with a compound annual growth rate of 6.71 %.

A torpedo is an underwater missile that is meant to detonate when it comes into contact with or approaches a target. Torpedoes are a popular choice for devastating underwater weapons. Only about 10 countries in the world have the technology to design and manufacture torpedoes on their own. Nuclear warheads can be carried by modern torpedoes. Torpedoes can be launched from several different locations.

Torpedoes are submarine weapons that push themselves towards a target. It can be launched from above using fixed-wing aircraft and helicopters, from the surface of the water via ships, and from below via submarines. Torpedoes launched from aerial platforms are classified as lightweight, whereas those launched from naval platforms are classified as heavyweight. Furthermore, contemporary torpedoes are self-propelled and can use both thermal and electric power to propel themselves.

Recent Developments:

An undisclosed government has awarded Turkish company Aselsan a $75 million contract to deliver radars, border security, and communication systems. The systems will be delivered between 2022 and 2024. A wide-area surveillance balloon system, multirotor unmanned air vehicle, manned border surveillance tower, borderline surveillance system, and other detection systems and sensors are among the company's integrated border and base security systems.

Lockheed Martin Australia (LMA) has hired Atlas Elektronik to design a new acoustic bow array for the Attack class submarines. For the design phase, Atlas will work as a subcontractor alongside its Sydney-based Australian subsidiary Sonartech Atlas.

Bharat Dynamics Limited (BDL) announced on December 2 that it has signed a contract with the Indian Army for the repair of IGLA-1M missiles worth Rs 471.41 crore. The deal is for a period of ten years.

The Giraffe 4A active electronically scanned array radar from Saab, a Swedish defence company, now has a high-mast solution. To address physical constraints such as forests and urban environments with towering buildings that obstruct the radar's line of sight, the business designed the configuration with Finnish partner Conlog Oyin.

Market Drivers:

The increased use of torpedoes will be aided by escalating tensions between governments in developing countries and terrorist activity around the world. With the rise of terrorist operations, concerns over border security have grown dramatically in countries across Europe and the Asia Pacific. As a result, governments in developing nations are focusing on the development of naval ships, submarines, and maritime helicopters armed with torpedoes to increase marine border security and mission capabilities.

The deployment of sophisticated torpedoes with enhanced guided systems and propulsion technology has increased as defence spending in leading economies such as the United States, India, and China have increased. The defence budget has set aside a large amount of money for the upgrading and development of naval solutions. As a result, the procurement of additional naval warships like frigates, destroyers, and submarines to protect maritime borders has increased even more.

Market Restraints:

The increasing threat of cyber-attacks will be exacerbated by the changing nature of warfare and the use of IoT and AI technology in maritime businesses. During the projected period, these factors are anticipated to stifle market expansion. Torpedoes are self-guided weapons that can be launched at a target once their location has been determined. The path to the target can be modified by gaining access to the torpedo's guided system. Furthermore, the rising emphasis on the development of missile-protected submarines is likely to stifle market growth because these submarines are not vulnerable to torpedo attacks.

REPORT COVERAGE:

Market Segmentation

Torpedo Market -Weight:

The market is segmentation into Heavyweight and Lightweight.

In 2020, the heavyweight segment had the biggest market share. The use of heavyweight torpedoes has increased as a means of improving the naval force's combat mission capabilities. Market growth would be aided by increased procurement of heavyweight torpedoes in many nations across the Asia Pacific. Heavyweight torpedoes are designed to fire from submarine torpedo tubes.

Torpedo Market Launching -Platform:

The market is segmented into Air-Launched, Surface-Launched, and Underwater-Launched.

Submarine-launched torpedoes fall into the category of 'underwater launched platform.' Surface-launched platform torpedoes are classified as surface-launched platform torpedoes. Undersea launched platforms include both underwater launched platforms and surface vessel launched platforms.

Because of the increasing acquisition of surface naval vessels around the world, the surface-launched platform segment leads the market. The torpedo tubes on the surface naval ship vessels are used to launch the torpedo into the water. The Mark 32 ocean-propelled Triple Torpedo Tube (TTT) launcher enables destroyers and cruisers to engage in anti-submarine warfare right away, staring submarines down with acoustic homing torpedoes. The Mark 32 uses a pneumatic discharge device to fire torpedoes into the sea far away from the sub-chasing vessel.

Torpedo Market - Propulsion:

The market is segmented into Electric and Conventional.

During the forecast period, the electric propulsion segment is expected to increase at the fastest rate. The increased demand for electric ships is to blame for this increase. The torpedo's electric propulsion system consists of an electric motor and a battery that provide energy to the torpedo, allowing it to travel forward at a high rate. High thrust, fewer vibrations, and increased speed are all advantages of electric propulsion. In the coming years, these advantages linked with the electric propulsion system will lead to increased product demand.

Regional Analysis:

The Torpedo Market is regionally divided into

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

In the base year, North America had the most market share. Recent technological advancements, as well as increased US government expenditure in the procurement of new vessels, will boost the market's expansion in North America.

The market in the Asia Pacific is expected to develop at the quickest rate throughout the forecast period, owing to India and China's increased focus on building their naval forces. To boost maritime security and operations, governments are focusing on the procurement of torpedoes equipped with advanced ships and submarines as a result of escalating disputes among neighbouring countries.

In the following years, the Rest of the World is expected to increase at a rapid rate. Maritime border conflicts and anti-piracy activities have increased along important marine routes such as the Persian Gulf. Brazil has also seen the creation of new submarines.

Key Players:

• Aselsan (Turkey)
• Atlas Elektronik (Germany)
• BAE Systems (UK)
• Bharat Dynamics (India)
• Honeywell (US)
• Northrop Grumman (US)
• Leonardo (Italy)
• Naval Group (France)
• Rosoboronexport (Russia)
• Saab (Sweden)

Market Leader:

Lockheed Martin is the leading company in the global torpedo market with a revenue of $65 billion.

Impact of COVID-19 on Torpedo Market:

The ongoing coronavirus outbreak has wreaked havoc on the defence industry all across the world. The delay in the supply chain management of main torpedo manufacturers has had the greatest impact on the European market of all regions. Due to financial difficulties, several participants have decided to postpone operational activity to limit the spread of coronavirus. The delivery of the torpedoes has been severely delayed as a result of this. Furthermore, major carrier shipping operations on the US-Asia and Europe-Asia Pacific lines have been cancelled because of the COVID-19 epidemic. These issues have impacted the shipbuilding industry's global raw material supply.