Global Torpedo Market 2017-2021
Overview of the global torpedo market
Market research analysts at Technavio predict that the global torpedo market will grow steadily during the next four years and post a CAGR of about 3% by 2021. This market research analysis identifies the increased production of lightweight torpedoes as one of the primary growth factors for this market. Lightweight torpedoes can be carried in large numbers in aircrafts or surface ships and are mainly targeted at submarines. These torpedoes are usually dropped by aircrafts closer to the target which eliminates the need for precision navigation systems, in turn, reducing the overall cost. Such advantages will result in the increased demand for torpedoes, in turn, aiding market growth. For instance, the British Navy and Air Force have already invested around USD 2 billion in Marconi's lightweight Sting Ray and the Swedish Defense Material Administration has invested almost USD 3 billion towards the development of lightweight torpedo systems.
Due to their characteristics that allow transmissions over a longer distance and at higher bandwidth, optical fibers will be used in torpedoes to keep them tethered to the submarine. This will enable torpedoes to receive real-time instructions from submarines over a longer range without any external interference. Companies such as Tethers Unlimited and NSTL have already developed a technology to enable high-speed two-way communication between torpedoes and submarines, which will make them resistant to countermeasure systems. Such advancements will increase the reliability of torpedoes, consequently driving their demand in the coming years.
Competitive landscape and key vendors
The market has a global torpedo market has a few multinational and regional suppliers who offer heterogeneous products and services. The market has crossed its growth phase and torpedo manufacturers sustain the market by upgrading the existing technologies, quality, and reliability. To establish their market presence for a long time, key vendors have the need to identify and respond to the evolving trends of geopolitical situations and should also respond to the changing military spending and buying patterns. To acquire new business opportunities that will help them improve their market positions, vendors have the need to focus on offering torpedoes with higher operational range and with the ability to negate countermeasure systems deployed on warships.
The leading vendors in the market are -
- ATLAS ELEKTRONIK
- BAE Systems
- Lockheed Martin
The other prominent vendors in the market are Bharat Dynamics Limited (BDL), DCNS, Honeywell International, Leonardo-Finmeccanica, and Orbital ATK.
Segmentation by application and analysis of the torpedo market
- Naval vessel-launched torpedo
- Aerial platform-launched torpedo
During 2016, the naval vessel-launched torpedo segment accounted for the major shares and dominated this market. These are anti-submarine torpedoes that are usually launched from warships and submarines and are much heavier than aerial-torpedoes. The increase in deployment of warships and naval vessels across the territorial waters of major geographical regions around the globe will fuel market growth in the coming years.
Geographical segmentation and analysis of the torpedo market
This market study estimates that in terms of geographical regions, EMEA was be the major revenue contributor to the market during 2016. The focus of the Russian Navy towards upscaling their torpedo production with radioactive contamination warheads such as Status-6 torpedo will be a major factor driving the market’s growth prospects in this region. According to this market study, EMEA will continue to dominate the market throughout the predicted period.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global torpedo market?
- What are the key market trends impacting the growth of the global torpedo market?
- What are the challenges to market growth?
- Who are the key vendors in the global torpedo market?
- What are the market opportunities and threats faced by the vendors in the global torpedo market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global torpedo market?
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