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Torpedo Market by Application and Geography - Forecast and Analysis 2020-2024

Torpedo Market by Application and Geography - Forecast and Analysis 2020-2024

Published: Dec 2020 120 Pages SKU: IRTNTR46428

Market Overview at a Glance

$219.79 Mn
Market Opportunity
4.06%
CAGR
YoY growth 2018-2019(%)

The torpedo market size has the potential to grow by USD 219.79 million during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of 4.06%. 

This report provides a detailed analysis of the market by application (naval vessels-launched torpedoes and aerial platform-launched torpedoes), geography (North America, APAC, Europe, MEA, and South America), and key vendors. 

Market Overview

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • ASELSAN AS
  • BAE Systems Plc
  • Honeywell International Inc.
  • Leonardo Spa
  • Lockheed Martin Corp.
  • Mitsubishi Heavy Industries Ltd.
  • Northrop Grumman Corp.
  • Raytheon Technologies Corp.
  • Saab AB
  • thyssenkrupp AG

 

The torpedo market is concentrated and the vendors are deploying growth strategies such as focus on improving geopolitical situations to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as increasing investments in undersea capabilities to achieve growth opportunities. However, factors such as incremental expenditure in torpedo defense system will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the torpedo market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies, 

This torpedo market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Torpedo Market: Key Drivers and Trends

  • Technavio’s analysts have identified the increasing investments in undersea capabilities as one of the major factors driving the torpedo market size.
  • With the emergence of advanced technologies in undersea warfare, replacement of the old submarines with more powerful and lethal ones has become mandatory.
  • Increase in computer processing power will bring drastic changes in the undersea warfare and is considered as the most predominant factor. 
  • The new changes in the submarines might include capabilities such as endurance, stealth, underwater weapon systems, sensors, and communication systems, in addition to, the ability to search submarines.
  • Growing development of lightweight torpedoes is one of major torpedo market trends.
  • The versatile nature of the lightweight torpedo allows it to be launched from a variety of platforms, such as surface vessels, submarines, helicopters, and fixed-wing aircraft.
  • Another advantage of a lightweight torpedo is that aircraft and surface vessels can carry a greater number of such torpedoes. As lightweight torpedoes are usually targeted toward submarines and dropped close to the target, they do not require a precision navigation system, thereby reducing overall associated costs.

 

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Torpedo Market: Segmentation by Geography

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36% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for torpedo in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The development of hybrid torpedoes by the leading manufacturers is one of the prime factors that will facilitate the torpedo market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Torpedo Market: Segmentation by Application

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The naval vessels-launched torpedoes segment has the maximum torpedo market share due to its capability of carrying heavyweight torpedoes. Since the deployment of warships and naval vessels across the territorial waters of North America, Europe, and APAC is expected to grow considerably over the forecast period, the growth of the market segment is expected to be significant throughout the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the torpedo market size. Fetch actionable market insights on post COVID-19 impact on each segment.   

 

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Torpedo Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive torpedo market growth during the next five years
  • Precise estimation of the torpedo market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the torpedo industry across North America, APAC, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of torpedo market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2019
    • Market outlook: Forecast for 2019-2024

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • Naval vessels-launched torpedoes - Market size and forecast 2019-2024
    • Aerial platform-launched torpedoes - Market size and forecast 2019-2024
    • Market opportunity by Application

    Customer Landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2019-2024
      • APAC - Market size and forecast 2019-2024
      • Europe - Market size and forecast 2019-2024
      • MEA - Market size and forecast 2019-2024
      • South America - Market size and forecast 2019-2024
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • ASELSAN AS
      • BAE Systems Plc
      • Honeywell International Inc.
      • Leonardo Spa
      • Lockheed Martin Corp.
      • Mitsubishi Heavy Industries Ltd.
      • Northrop Grumman Corp.
      • Raytheon Technologies Corp.
      • Saab AB
      • thyssenkrupp AG

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Methodology

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      INFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases

      DATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts

      REPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape

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      Frequently Asked Questions

      Torpedo market growth will increase by 219.79 million during 2019-2024 .

      The Torpedo market is expected to grow at a CAGR of 4.06% during 2019-2024 .

      Torpedo market is segmented by Application( Naval vessels-launched torpedoes, Aerial platform-launched torpedoes) Geographic( North America, APAC, Europe, MEA, South America)

      ASELSAN AS, BAE Systems Plc, Honeywell International Inc., Leonardo Spa, Lockheed Martin Corp., Mitsubishi Heavy Industries Ltd., Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, thyssenkrupp AG are a few of the key vendors in the Torpedo market.

      APAC will register the highest growth rate of 35.68% among the other regions. Therefore, the Torpedo market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

      US, China, Russian Federation, UK, India

      • Increasing investments in undersea capabilities is the driving factor this market.

      The Torpedo market vendors should focus on grabbing business opportunities from the Naval vessels-launched torpedoes segment as it accounted for the largest market share in the base year.