The global torpedo market can exhibit 4% CAGR from 2018 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.
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. Thus, the global torpedo market is projected to register around 4% CAGR from 2018 to 2023.
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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 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.
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).
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.
Based on type, the torpedo market is segmented into heavy weight and light weight torpedoes.
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.
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