Self-Guided Torpedo Market - Trends Forecast Till 2028

Self-Guided Torpedo Market by Product (Acoustic Homing Torpedo and Wake Homing Torpedo), Type (Heavyweight Torpedo and Lightweight Torpedo), and Application (Naval Vessel-launched Torpedo and Aerial Platform-launched Torpedo) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

Published Date: November, 2021

Base Year Estimate: 2020

Report ID: D-AD-SGTM-501

Format:  

Number of Pages: 380

Domain: Aerospace & Defense

Self-Guided Torpedo Market – Trends Forecast Till 2028

The global Self-Guided Torpedo market size is expected to growth from USD 1134.6 million in 2020 to USD 1365.6 million by 2027; it is expected to grow at a CAGR of 2.7% during 2021-2028.

Torpedo is the most preferred lethal underwater weapons for naval platforms such as submarines, surface vessels, aircraft, and helicopters. A modern torpedo contains intricate devices to control its depth and direction according to a pre-set plan or in response to signals received from an outside source, as well as a device that detonates the explosive-filled warhead when it strikes its target or comes close to it.

Increase in number of territorial conflicts throughout the world and rise in naval modernization programs drive the growth of the global self-guided torpedo market. However, increase in incorporation of anti-torpedo defense systems in combat vessels are some of the factors that have supported long-term expansion for Self-Guided Torpedo Market.

The rapid spread of COVID-19 had a significant impact on the global self-guided torpedo market in 2020, owing to the decline in financial growth across the world. COVID-19 pandemic led to several challenges for the self-guided torpedo industry such as disruption in the supply chain of raw materials, logistics challenges, and others. On the other hand, the self-guided torpedo equipment manufacturers had to reduce expansion and R&D investments to withstand the decline in revenue and operating performance of the defence industry.

Self-Guided Torpedo Market Report

Asia-Pacific accounted for the largest share in 2020, contributing to nearly one-third of the total share, and is estimated to maintain its dominance in terms of revenue. However, North America is expected to portray the fastest CAGR of 7.4% during the forecast period.

Self-Guided Torpedo Market is segmented into product, type, application and region.

On the basis of Product

  • Acoustic Homing Torpedo
  • Wake Homing Torpedo

On the basis of Type

  • Heavyweight Torpedo
  • Lightweight Torpedo

On the basis of Application

  • Naval Vessel-launched Torpedo
  • Aerial Platform-launched Torpedo

On the basis of Region

  • Asia Pacific
  • North America
  • Europe
  • South America
  • Middle East & Africa

Insights are provided for each region and major countries within the regions

Self-Guided Torpedo Market Primary respondent

 

Key Players

  • ATLAS ELEKTRONIK GmbH
  • BAE Systems plc
  • Honeywell International Inc.
  • Leonardo S.p.A.
  • Lockheed Martin Corporation
  • Mitsubishi Heavy Industries, Ltd.
  • Naval Group
  • Northrop Grumman Corporation
  • Raytheon Technologies Corporation
  • Saab AB

Recent Developments

  • The Defence Acquisition Council (DAC) cleared the purchase of 13 long range guns that will allow warships to attack targets some 24 km away, including targets on sea and land.  The range can be extended further by using a different type of ammunition.
  • Airborne weapons experts at the Boeing Co. got the go-ahead last week to start building add-on kits for the U.S. Navy Mark 54 lightweight torpedo that will enable the Navy P-8A Poseidon maritime patrol jet to launch these weapons from altitudes as high as 30,000 feet and attack enemy submarines from long ranges.

Reasons to Acquire

  • Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
  • Gain authentic and granular data access for Self-Guided Torpedo Market so as to understand the trends and the factors involved behind changing market situations
  • Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
  • In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope

 

Report Feature

Descriptions

Growth Rate

CAGR of 2.7% during the forecasting period, 2021-2027

Historical Data

2018-2019

Forecast Years

2021-2027

Base Year

2020

Units Considered

Revenue in USD billion and CAGR from 2021 to 2027

Report Segmentation

material type, end use, implementation and geography

Report Attribute

Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling

Regional Level Scope

North America, Europe, Asia-Pacific, South America, and Middle East and Africa

Country Level Scope

U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe)

Companies Profiled

ATLAS ELEKTRONIK GmbH, BAE Systems plc, Honeywell International Inc., Leonardo S.p.A., Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., Naval Group, Northrop Grumman Corporation, Raytheon Technologies Corporation, and Saab AB.

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