The global torpedo market can exhibit 4% CAGR from 2019 to 2023 (forecast period), as per the estimations of MRFR. It can reach a high valuation due to procurement of high-grade weapons for naval combat. The focus of nations in enhancing their military strength amid geopolitical tensions is likely to present numerous opportunities for the market.
Competitive Landscape:
We recognize the key players in the global torpedo market as Saab AB (Sweden), Leonardo SpA (Italy), China Shipbuilding Industry Corporation (China), Atlas Elektronik GmbH (Germany), Raytheon Company (US), Naval Group (France), Tactical Missiles Corporation JSC (Russia), Bharat Dynamics Limited (India), and BAE Systems plc (UK).
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Market Prospects:
Nations are enhancing their naval strength by investing a heavy quantity of capital. Torpedoes are underwater missiles capable of disarming ships and boats. In addition, they can be launched from aircraft and submarines as well. The global torpedo market report by Market Research Future (MRFR) contains insights and profiles on companies specializing in defense and warfare.
Investments in torpedo upgradation programs combined with the increasing focus on the development of such weapons indigenously is projected to bolster market demand. Increased defense expenditure of nations and integration of submarines with such weapons to enhance military strength can bode well for the market. Development of nuclear torpedoes can be an opportune moment for the global market during the forecast period.
Segmentation:
The global torpedo market is segmented by operation type, type, propulsion, and launch platform.
By operation type, it is segmented into autonomous and guided type. The autonomous segment accounted for the largest market share in 2017. This can be credited to its high speed and easy control of the missile during combat.
By type, it is segmented into heavyweight and lightweight. The heavyweight torpedoes segment is expected to retain its position due to its massive destruction power. In addition, their capacity to carry large warheads can drive segment growth. On the other hand, lightweight torpedoes can account for significant revenue over the assessment period due to a large quantity being able to be carried on warships. In addition, its capacity to disable targets from air or sea with ease without the use of precision systems can bode well for the segment.
By propulsion, it is bifurcated into thermal powered and electric powered. The electric powered propulsion held a large share of the torpedo market in comparison to its counterpart in 2017. This can be credited to its high efficacy and power during actual combat operations.
By launch platform, it is segmented into aerial platform and naval platform. The naval platform can account for a large market share due to the capacity of ships and submarines for carrying large warheads. Development of smart torpedoes and new submarines due to investments in research and development by countries can drive the segment growth.
Regional Analysis:
North America, Europe, Asia-Pacific, and Rest of the World are the various regions that have been considered in this report. In the recent years, many countries of these regions have implemented modernization of naval defense to boost the overall strike capabilities.
The market in North America is expected to grow steadily during the forecast period. The region also accounted for the largest market share, in 2017. The US, in particular, is the leading country, across the globe, in terms of military expenses and technological advancements. Moreover, the sheer presence of the major players such as Raytheon Company, among others, result in the dominance of this region in the global market. Furthermore, the naval expenses of the region have been increasing significantly, over the years, which strengthens the dominance of the region in the market.
In Europe, the market growth is primarily driven by countries such as Russia, France, the UK, Italy, Sweden, and Germany. This region is equipped with a strong naval force with the growing North Atlantic Treaty Organization (NATO) naval exercises in the northern and southern European seas, which highlight the continuing strengths of the European naval capabilities. Moreover, the presence of companies such as Atlas Elektronik GmbH, BAE Systems plc, Leonardo SpA, Naval Group, Saab AB, and Tactical Missiles Corporation further results in the growth of the regional market.
In Asia-Pacific, the torpedo market growth is significantly driven by major countries, such as China, India, Japan, and South Korea, due to the increasing naval expenses. China, in particular, has launched a large number of naval ships and submarines, as a result of the continuing tensions in the South China Sea. This trend is expected to continue in the country throughout the forecast period. Similarly, India has been investing extensively on the maritime industry, particularly on its naval force, in the recent years These are certain factors that would directly affect the market in the region.
Likewise, the rest of the World includes the regions such as Middle East & Africa and Latin America. The market in the Middle East & Africa is projected to register a significant growth during the forecast period. Factors such as the rising conflicts in the Red Sea, Gulf of Guinea, and the Persian Gulf are prompting the defense authorities and governments of the countries in the region to boost their naval expenses and subsequently generate demand for naval ships and naval-based weapons. This, in turn, influences the market growth in this region. Meanwhile in Latin America, there has been an increase in hostile activities in the Caribbean Sea, which have resulted in increasing efforts from the Caribbean and some South American nations, to curb such incidences. This eventually drive the growth of the torpedo market in this region.
Industry News:
In 2019, the Russian government ordered four remotely controlled robots which can carry nuclear powered torpedoes. This move is expected to stall any tensions the current government faces near its coastal borders.
Table of Content:
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
Continued. . .
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