Torpedo Global Market Report 2023
Major players in the torpedo market are Atlas Electronic GmbH, BAE Systems Plc., Bharat Dynamics Limited, Leonardo S.p.A., Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Technologies Corporation, Saab AB, Aselsan A.
New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Torpedo Global Market Report 2023" - https://www.reportlinker.com/p06479860/?utm_source=GNW
S, Mitsubishi Heavy Industries Ltd., Rubin Design Bureau, Orbital ATK, Tactical Missiles Corporation, and Sechan Electronics Inc.
The global torpedo market is expected to grow from $1.06 billion in 2022 to $1.14 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The torpedo market is expected to reach $1.49 billion in 2027 at a CAGR of 6.9%.
The torpedo market consists of sales of wire-guided torpedoes, straight-running torpedoes, forget torpedoes, and passive-acoustic torpedoes.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Torpedoes are underwater self-propelled weapons that can be launched from a submarine, ship, or aircraft that are employed to sever the hulls of surface ships and submarines used in naval combat. It is outfitted with advanced technology that allows it to change depth and direction in reaction to external signals, as well as detonate its explosive warhead when it reaches or approaches its target.
North America was the largest region in the torpedo market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the torpedo market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of torpedoes are acoustic-homing torpedoes and wake-homing torpedoes.An acoustic homing torpedo is a type of torpedo that homes in on the acoustic signature of a target and is equipped with a sonar system that is sensitive to the target’s acoustic signature.
It is used primarily in anti-submarine warfare, where they are employed to locate and destroy enemy submarines.Major bifurcation based on weight are heavyweight and lightweight that use different propulsion such as thermal powered and electric powered.
They are used in various applications such as air-launched, surfaced-launched, and underwater-launched.
Increasing maritime security threats are expected to propel the growth of the torpedo market going forward.Maritime security threats refer to the classified issues in the maritime domain that includes violence against passengers on board ships, as well as the placement of equipment on board a ship that has the potential to destroy or damage it which leads to national and human security.
Torpedoes are commonly used to avert maritime security risks by detecting and neutralizing submarines and underwater mines, acting as a deterrence against attackers, and assisting with search and rescue efforts.For instance, in August 2021, according to the report published by the United Nations, a US-based intergovernmental organization for international peace and security, piracy and armed robbery of ships increased by approximately 20% in the last year as compared to previous years.
Furthermore, in 2021, according to the Department of Transportation, a US-based federal agency for transportation, the maritime security program is budgeted at $314 million in FY 2021, a $14 million increase over the authorized amount in FY 2020. Therefore, increasing maritime security threats are driving the growth of the torpedo market.
The development of advanced guidance systems is a key trend gaining popularity in the torpedo market.Major companies operating in the torpedo market are focusing on the advancement of guidance systems to strengthen their position in the market.
For instance, in June 2022, Raytheon Integrated Defense Systems, a US-based defense company collaborated with the US Navy, a US-based maritime service branch, and introduced the advanced lightweight torpedo MK 54 for deep and shallow waters, as well as in acoustic environments.The MK 54 lightweight torpedo combines hardware and software characteristics from the Mk 46, Mk 50, and Mk 48 torpedoes with commercial off-the-shelf technology to improve its ability to counter shallow-water countermeasures.
MK 54 torpedoes include processing algorithms that assist them in recognizing bogus targets or countermeasures and then hunting the recognized threats. The torpedo is 2.71m in length, 32.3cm in diameter, and weighs 275.7kg. The weapon’s warhead is extremely explosive and weighs 43.9kg.
In October 2022, Raytheon Technologies Corporation, a US-based defense company that designs and manufactures advanced systems partnered with Aerojet Rocketdyne.Through this partnership, both companies aim to develop the US Navy’s latest torpedo system with next-generation compact rapid attack weapon (CRAW)’s after body, stored chemical energy propulsion system (SCEPS), and tail, which can be adjusted into offensive and defensive versions to meet target size, speed, and crew capacity.
Aerojet Rocketdyne is a US-based aerospace company.
The countries covered in the torpedo market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The torpedo market research report is one of a series of new reports that provides torpedo market statistics, including torpedo industry global market size, regional shares, competitors with a torpedo market share, detailed torpedo market segments, market trends and opportunities, and any further data you may need to thrive in the torpedo industry. This torpedo market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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