Global Torpedo Market, is projected to witness a CAGR of 3.4% from 2018 to 2026. Torpedo is a cigar-shaped self-propelled underwater missile, launched from a submarine or airplane and designed for exploding on contact with the hulls of submarines and surface vessels. Torpedoes are an important weapon in antisubmarine warfare; designed to hunt missile submarines, attack submarines which are armed with torpedoes including combination missile-torpedo weapons.
An upsurge in the production of lightweight torpedoes which can be carried over an aircraft or on a warship in huge numbers in government and defense and rising demand for improved surveillance and monitoring at public places are the major factors supplementing the market growth. However, the high implementation cost of this technology and lack of accuracy are the major hindrances for the growth of the market. Rising demand in the defense sector and expansion in underwater warfare technology would generate new opportunities for the market in the future years.
Weight, platform, type, and geography are the various classifications of the global torpedo market. Heavyweight and lightweight torpedoes are the further bifurcations of the weight segment. The platform segment is sub-segmented as submarines, warships, aircraft, and helicopters. The type segment is divided into guided torpedoes and unguided torpedoes.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the geographical splits of the market. The country-wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico wherein Europe covers UK, Germany, France, Italy, Russia, and Rest of Europe. China, Japan, India, South Korea, and Rest of Asia-Pacific are covered under the Asia-Pacific. Rest of the World (RoW) includes South America, Middle East, and Africa.
Major Key players operating in the global market include BAE Systems, Lockheed Martin Corporation, Saab AB, Raytheon Company, Bharat Dynamics Ltd., Honeywell International Inc., Orbital ATK, Atlas Electronik GmbH, and Leonardo Company, among others.
Key Highlights of the Report
Scope of the Global Torpedo Market