Torpedo Market To Reach USD 1.6 Billion By 2032 | DataHorizzon Research
The torpedo market size was valued at USD 0.9 Billion in 2022 and is anticipated to reach USD 1.6 Billion by 2032 at a CAGR of 5.2%.
Fort Collins, Colorado, April 30, 2024 (GLOBE NEWSWIRE) -- *
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*Technological advances in marine torpedoes have augmented the market demand.*
A torpedo, designed as a formidable weapon system, is pivotal in naval and sea warfare, enabling targeted attacks against enemy vessels. These independent and autonomous anti-submarine weapons can be deployed from various platforms, including aircraft, ships, missiles, and submarines. Typically comprised of three primary components – propulsion, explosives, and guidance system – torpedoes are engineered for precise and effective strikes.
The propulsion system drives the torpedo forward, while the guidance system ensures accurate targeting, guiding the weapon toward its intended objective. Upon reaching its target, the torpedo detonates upon impact, delivering a powerful explosion.
The growth in maritime border conflicts and the expansion of marine trade have fueled the proliferation of submarines and advanced naval vessels, thus amplifying the *demand for torpedoes.* This surge in demand is projected to persist and drive market growth during the forecast period, as torpedoes remain integral to naval strategies and operations in modern maritime warfare scenarios.
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*Segmentation Overview:*
*The Torpedo market has been segmented into weight, launch platform, propulsion, and region.*
*Lightweight torpedoes accounted for a significant market share in 2023*
· The weight segment includes heavyweight torpedoes and lightweight torpedoes. Lightweight torpedoes registered significant growth in the past few years and will continue to retain a leading position in the forecast period.
*Underwater launch is a rapidly growing segment.*
· Based on the launch platform, the market comprises air-launched, surface-launched, and underwater-launched. Underwater-launched torpedoes have witnessed substantial growth in the past few years attributed to their widespread use and adoption.
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*Torpedo Market Report Highlights:*
· The torpedo market growth is anticipated at a *CAGR of 5.2% by 2032.*
· The need for advanced defense systems and huge spending on national maritime security drives the industry growth.
· Asia-Pacific is a fast-growing market and is projected to retain a leading position in the forecast period.
· Some prominent players in the Torpedo market report include ASELSAN AS, Atlas Elektronik GmbH, BAE Systems PLC, Bharat Dynamics Limited, Honeywell International Inc., Leonardo S.P.A., Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rosoboronexport, Saab AB, and Sechan Electronics Inc.
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