Torpedo Market Valued at $3.1 Billion in 2022, Expected to Double to $6.3 Billion by 2032 | Growing at a CAGR of 7.6%

PORTLAND, OREGAON, UNITED STATES, February 27, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Torpedo Market,” 𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐭𝐨𝐫𝐩𝐞𝐝𝐨 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐢𝐳𝐞 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟑.𝟏 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐, 𝐚𝐧𝐝 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟔.𝟑 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟐, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟕.𝟔% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟐.

The development of advanced and cutting-edge torpedoes has become a trend in the torpedo business. For enhanced precision and efficiency, this involves integrating cutting-edge sensors, enhancing propulsion technologies, and enhancing guidance systems. Moreover, in the defense sector, creating and implementing autonomous systems has become more common. This includes autonomous torpedoes, which function either alone or in tandem with other systems and have sophisticated targeting algorithms. Furthermore, capabilities for countering submerged submarine warfare have come under more scrutiny as maritime security has gained prominence. ASW tactics heavily rely on torpedoes, and a significant progress has been made in this field.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A314853

Many countries are actively engaged in the export of torpedoes, leading to increased global market competition. Traditional suppliers and new entrants compete for contracts in different regions. For instance, in December 2021, in India, the Defense Research and Development Organization’s (DRDO) developed supersonic missile-assisted torpedo system was successfully launched from Wheeler Island in Odisha. The system is a next-generation missile-based standoff torpedo delivery system. During the mission, the full-range capability of the missile was successfully demonstrated. The system has been designed to enhance anti-submarine warfare capability far beyond the conventional range of the torpedo industry.

In addition, surface-launched torpedoes can be fired from a variety of platforms, such as surface ships, submarines, and occasionally even aircraft. Their adaptability to various operational conditions and mission needs stems from their versatility. Furthermore, the majority of naval forces depend heavily on surface ships, particularly naval vessels. Torpedoes that are launched from surface ships to improve their anti-submarine warfare (ASW) capabilities are therefore in constant demand.

Protecting naval assets and defending marine domains are crucial tasks for surface-launched torpedoes. The capacity to fire torpedoes from surface vessels strengthens a nation’s naval power projection capabilities and adds to its overall strategic stance. Furthermore, surface-launched torpedoes are usually designed primarily with anti-submarine warfare in mind. The need for ASW capabilities in modern naval operations means that surface-launchable torpedoes are always needed.

Heavyweight torpedoes segment attained the highest market share in 2022 in the torpedo market. This is attributed to the fact that anti-submarine warfare (ASW) and anti-surface ship warfare are the two main uses for heavyweight torpedoes. Moreover, there is a constant need for strong torpedoes that can take out large surface ships and submarines because of the continued threat from these targets. Furthermore, to improve their naval capabilities, many navies make investments in modernization projects. Modern naval fleets cannot function without heavyweight torpedoes, and acquiring cutting-edge heavyweight torpedo systems is frequently part of naval modernization initiatives.

Submarines and big surface ships are among the many targets that heavyweight torpedoes can engage. They are appealing to naval forces looking for a complete anti-ship and anti-submarine solution due to their versatility in dealing with various threats. Moreover, when compared to lightweight torpedoes, heavyweight torpedoes usually have larger ranges and higher endurance. Naval troops engage targets at a distance, due to their expanded reach, giving them a tactical advantage.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/torpedo-market/purchase-options

Conventional propulsion segment attained the fastest market share in 2022 in the torpedo market due to the fact that conventional propulsion methods have a long history of dependability and demonstrated performance, such as engines driven by combustion or electric motors. Sailors often prioritize reliability when choosing torpedo systems, which is why classical propulsion technology is still widely used. Furthermore, a torpedo’s operational range can be sufficiently extended by conventional propulsion systems, such as electric and combustion engines. This increases the flexibility and efficacy of naval operations by enabling torpedoes to engage targets at a greater distance.

Many different types of torpedoes, including both lightweight and heavyweight models, are powered by conventional propulsion systems. Owing to their adaptability, defensive forces utilize these propulsion systems with any number of torpedoes. Moreover, conventional propulsion systems are well suited for the infrastructure and training programs that many navies and military services have created. When implementing new torpedo systems, familiarity with the technology might minimize the need for significant retraining and infrastructure modifications.

𝐓𝐡𝐞 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐮𝐬𝐬𝐢𝐚-𝐔𝐤𝐫𝐚𝐢𝐧𝐞 𝐖𝐚𝐫 𝐨𝐧 𝐓𝐨𝐫𝐩𝐞𝐝𝐨 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲

Countries decide to boost their defense spending to strengthen their armed forces during periods of geopolitical political instability or conflict. Spending more in the defense sector is beneficial, particularly for companies that manufacture torpedoes. Depending on the nature of the battle, the emphasis on particular defense capabilities shift. For instance, the need for naval weaponry, such as torpedoes, rise in the event of a naval conflict between Ukraine-Russia. Furthermore, supply chains across the globe are disrupted by geopolitical crises. Businesses engaged in the manufacturing of torpedoes have trouble locating required parts or might need to reevaluate their supply chain plans.

Nations engaged in conflict attempt to purchase state-of-the-art weaponry, such as torpedoes, from other countries. This has led to an increase in foreign arms sales and collaboration among defense contractors. In times of crisis, defense R&D activities are intensified to keep abreast of technology breakthroughs. This results in advancements in torpedo technology.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

On the basis of weight, the heavyweight torpedoes segment is anticipated to exhibit significant growth in the near future.

On the basis of launch platform, the surface-launched segment is anticipated to exhibit significant growth in future.

On the basis of propulsion, the electric propulsion segment is anticipated to exhibit significant growth in future.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A314853

Key players operating in the global torpedo market include 𝐀𝐒𝐄𝐋𝐒𝐀𝐍 𝐀.Ş., 𝐀𝐭𝐥𝐚𝐬 𝐄𝐥𝐞𝐤𝐭𝐫𝐨𝐧𝐢𝐤 𝐆𝐦𝐛𝐇, 𝐁𝐀𝐄 𝐒𝐲𝐬𝐭𝐞𝐦𝐬, 𝐁𝐡𝐚𝐫𝐚𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐋𝐢𝐦𝐢𝐭𝐞𝐝, 𝐋𝐞𝐨𝐧𝐚𝐫𝐝𝐨 𝐒.𝐩.𝐀., 𝐍𝐚𝐯𝐚𝐥 𝐆𝐫𝐨𝐮𝐩, 𝐍𝐨𝐫𝐭𝐡𝐫𝐨𝐩 𝐆𝐫𝐮𝐦𝐦𝐚𝐧, 𝐑𝐚𝐲𝐭𝐡𝐞𝐨𝐧 𝐭𝐞𝐜𝐡𝐦𝐨𝐥𝐨𝐠𝐢𝐞𝐬, 𝐑𝐨𝐬𝐨𝐛𝐨𝐫𝐨𝐧𝐞𝐱𝐩𝐨𝐫𝐭, 𝐚𝐧𝐝 𝐒𝐚𝐚𝐛. They have adopted strategies such as contracts, agreements, acquisition, product launch, and others to improve their market positioning.

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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