Torpedo Industry - Regional Synopsis
On the basis of regional analysis, the torpedo market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America industry is estimated to dominate majority revenue share by 2037,, as development of innovative technologies as well as huge investments in naval procurements combined with the growing emphasis on developing ship combat systems are met in the region. which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of significant rise in the military expenditures in recent years. Additionally, China has developed a large number of submarines and naval ships on account of prevailing tensions in the south China sea. Moreover, owing to the protection and security from the enemies, many countries, especially China, India and South Korea has been investing massively in empowerment of its naval forces which further raise the demand for torpedo.
