Research Nester released a report titled “Torpedo Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global torpedo market in terms of market segmentation by product type, launch platforms, propulsion, operation and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Torpedo is a self-propelled weapon with an explosive warhead used in marine warfare system designed to detonate either on contact with the target or in its vicinity. Owing to the increasing military investments and growing conflicts among countries coupled with the development of advanced underwater technologies, the torpedo market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by launch platforms into aerial, naval and land, out of which, the segment for naval is anticipated to hold the leading share in the torpedo market. This can be attributed to the ability of naval platform to carry heavy weight torpedoes as well as development of innovated marine war systems.
Based on the regional analysis, the torpedo market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for torpedo in North America is predicted to hold the highest share in the market on account of the large capital investments in procurement of underwater defence equipment along with the development of ship combat systems, as well as for the presence of leading market players. CLICK TO DOWNLOAD SAMPLE REPORT
Growing Military Spending and Rising Conflicts Among Countries to Boost the Market Growth
The countries, United States, China, Saudi Arabia, India and France; together accounted for 60% of global military spending in 2018 as per the data given by World Economic Forum (WEF).
Increasing military expenditure owing to the focus of defence organizations to upgrade technology of marine warfare systems is fueling the demand for torpedo. Further, there are growing maritime and border disputes among the countries coupled with the prevailing tensions, especially in China and South Korea on account of south China sea. This is anticipated to significantly expand the torpedo market. However, development of new submarines which can act as a replacement for the existing torpedo coupled with the complex procedure of estimating direction and speed at the time of launching is expected to hamper the market growth.
This report also provides the existing competitive scenario of some of the key players of the global torpedo market which includes company profiling of Raytheon Technologies Corporation (NYSE:RTX), Saab AB, Lockheed Martin Corporation (NYSE:LMT), Rosoboronexport, Leonardo S.p.A, BAE Systems (LSE:BA.), Bharat Dynamics Ltd. (BSE:BDL) and Atlas Elektronik GmbH. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global torpedo market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Website: Torpedo Market To Grow By A Significant CAGR On The Back Of Globally Increasing Military Spending During 2020-2028