Torpedo Market Size & Share, by Product Type (Heavy Weight and Light Weight); Launch Platforms (Aerial, Naval, Land); Propulsion (Electric and Non-Electric) and By Operation (Straight-running, Autonomous Homers, Wire-guided) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

Increasing Military Expenditure and Growing Disputes Among Countries to Boost the Market Growth

There is a significant rise in the global military spending to enhance defense capabilities and procurement of marine vessels owing to the increase in the maritime border disputes among the countries and continuing tensions over territorial conflicts. According to data released by Stockholm International Peace Research Institute (SIPRI), world military expenditure is estimated to have been $1822 billion in 2018, 2.6 per cent higher in than in 2017. Furthermore, the increasing threat of terrorism and growing security concerns have led the countries to focus on development of naval ships and submarines combat systems. These factors are propelling the growth of the torpedo market.

Technological Advancements in Marine Warfare and Naval Vessels to Drive the Market Growth

Since the requirement of naval ships and submarines is growing globally, there has been intense focus on developing torpedo and integrating submarines to safeguard maritime interests and strengthen naval fleet. Further, it has now become possible to precisely navigate the enemy by expanding the range and increasing the mobility with the advent of new hybrid torpedo which possess self-guided and self-propelled characteristics. On the back of these factors, the global torpedo market is predicted to grow over the forecast period.

Challenges

Presence of Alternative Missiles on Submarines to Hamper the Market Growth

Despite the advanced developments in torpedo, few submarine manufacturers are putting a lot of emphasis on development of ballistic protected submarines which may negatively affect the market growth. Additionally, the control of these warfare is sometimes not possible owing to the complex process of detecting direction and speed during launching of torpedo. This is estimated to hinder the growth of torpedo market in the future.