The rising threats of terrorism around the world is a key factor driving the global torpedo market, says Fortune Business Insights in a report, titled “Global Torpedo Market Size, Share & Industry Analysis, By Weight (Heavyweight Torpedoes and Lightweight Torpedoes), By propulsion (Electric and Conventional), By Launch platform (Air-launched, Surface-launched, and Underwater-launched), and Regional Forecast, 2016-2024.” The global torpedo market was valued at USD 768.4 Million in 2018 is expected to reach USD 1,021.6 Million by 2024 at a CAGR of 5.6%.
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Key Players Present in The Global Torpedo Market Include:
- Aselsan AS
- Atlas Elektronik GmbH
- BAE System PLC.
- Bharat Dynamics Limited.
- DCN International S.A.
- Honeywell International Inc.
- Leonardo SpA.
- Lockheed Martin Corporation.
- Naval Group
- Northrop Grumman Corporation
- Raytheon Company.
- Saab AB.
- Sechan Electronics Inc.
As per the report, the global torpedo market on the basis of weight is segmented into a lightweight torpedo and heavyweight torpedo. The heavyweight segment is expected to account for maximum shares during the forecast period owing to its design to launch from submarine torpedo tubes. For instance, The Varunastra, an Indian advanced heavyweight anti-submarine torpedo, developed by the Naval Science and Technological Laboratory of the DRDO for the Indian Navy.
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The report notifies about the transitions and changes that occurred in recent times. It gives vast information and educates about the prevailing trends in the global torpedo market to assist companies in their growth and development process. The report comprises of a selection of data, involving industrial developments, market drivers, growth restraints and trends.
Rising Security Concerns Will Favor Growth
The growing threats of terrorism will create new growth opportunities for the global torpedo market. The growing conflicts between countries will further enable the growth of the global torpedo market. The surge in the deliveries of naval ships and submarines by the different naval forces around the world will contribute significantly to the global torpedo market during the forecast period.
Furthermore, the heavyweight segment will generate maximum revenue for the global torpedo market during the forecast period owing to the design of the heavyweight torpedoes to from submarine torpedo tubes. These torpedoes are majorly carried by vessels into their torpedo launching tube. In addition, the lightweight torpedo segment is expected to witness significant growth during the forecast period owing to its design to secure littoral supremacy. For instance, the Mark 54 Lightweight Torpedo was jointly by Raytheon and the US Navy under for the U.S. Navy’s Lightweight Hybrid Torpedo program.
- Heavy Torpedoes
- Lightweight Torpedoes
By Launch Platform
- Electric Propulsion
- Convectional Propulsion
Rising Defense Budget Around the Globe Will Create Lucrative Growth Opportunities
The announcement of the successful trail of SeaSpider in Baltic sea will boost the torpedo market revenue during the forecast period. For instance, ATLAS ELEKTRONIK GmbH announced the successful trail of SeaSpider, (ATT- Anti-torpedo-torpedo) in Baltic sea. The trial conducted in partnerships with German Bundeswehr Technical Center.
In the same month, ATLAS ELEKTRONIK and Canada government signed an agreement over the development of advanced ATT which will be equipped with new technology and propulsion systems. Furthermore, the surge in the defence budget of global countries will accelerate the global torpedo market growth.
Moreover, the increasing deliveries of naval vessels and submarines will further stimulate the growth of the global torpedo market. Nonetheless, increasing conflicts between countries around the world will also enable the growth of the global torpedo market.
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