Torpedo is an underwater missile designed to detonate when it encounters a target or when it reaches around the vicinity of the target. Torpedoes are one among the most preferred lethal underwater weapons. Less than ten countries around the world have the capability to design and build torpedo indigenously. Modern torpedoes can carry nuclear warheads. Torpedoes can be launched from a variety of platforms.
The torpedo market is estimated to register a CAGR of around 4% during the forecast period of 2018 to 2023.
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Torpedoes typically propell underwater towards a target. It can be launched from above through fixed-wing aircraft and helicopters, form the water surface through ships and below the water surface through submarines. The torpedoes launched form aerial platform falls into the light weight category while the ones launched from naval platforms falls into the heavy weight category. Furthermore, modern torpedoes can operate autonomously and can be propelled using thermal and electric power.
The global torpedo market has been segmented based on operation, launch platform, propulsion, type, and region.
Based on operation, the torpedo market is divided into autonomous and guided torpedo operations. The autonomous torpedo segment is estimated to account for the larger market share while the guided torpedo segment is projected to witness a higher CAGR during the forecast period. As the autonomous torpedo operations are extremely effective during combat operations, majorly due to its high-speed and highly-maneuverable capability, they accounted for the larger market share.
Based on type, the torpedo market is segmented into heavy weight and light weight torpedoes. As the heavy weight torpedoes can be equipped with lethal warheads and result in higher damage as compared to the light weight torpedoes, the heavy weight torpedo segment accounted for the larger market share, in 2017.
Based on launch platform, the torpedo market is divided into aerial and naval platforms. The aerial platform covers aircraft and helicopters and the naval platform covers ships and submarines. As the naval platforms such as ships and submarines allow for the carriage of heavy weight torpedoes, therefore, the market segment accounted for the larger share, in 2017, as compared to their aerial counterparts that include helicopters and aircraft.
The key players in the global torpedo market are BAE Systems plc (UK), Leonardo SpA (Italy), Saab AB (Sweden), Bharat Dynamics Limited (India), Naval Group (France), Raytheon Company (US), Atlas Elektronik GmbH (Germany), Tactical Missiles Corporation JSC (Russia), and China Shipbuilding Industry Corporation (China).
- Torpedo Manufacturers
- Aircraft OEMs
- Naval Vessel OEMs
- Torpedo Launch System Providers
- Electronic Component Suppliers
- Defense Contractors
- Research Institutes
- Regulatory Bodies
On the basis of region, the global torpedo market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. In 2017, North America accounted for the largest market share, and is also projected to be the fastest-growing regional market during the review period. This growth can be attributed to the increasing expenses on missiles and rocket systems, along with the development of naval combat systems by the countries such as the US, in particular. As, a result, there is large demand of torpedoes on North America.
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