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Report
Torpedo Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Weight (Heavy-weight Torpedoes, Light-weight Torpedoes), By Launch Platform (Sea-launched, Air-launched), By Region & Competition, 2020-2030F
Market Report I 2025-02-28 I 185 Pages I TechSci Research
The global torpedo market was valued at USD 1.07 billion in 2024 and is projected to reach USD 1.48 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.56% during the forecast period. The market is positioned for substantial growth as nations continue to modernize their defense systems and invest in cutting-edge weaponry. A key driver of this expansion is the increasing demand for advanced naval defense capabilities to address emerging threats in maritime warfare. As global naval powers focus on strengthening their fleets, the need for more sophisticated torpedoes, offering enhanced accuracy, stealth, and extended ranges, continues to rise. This trend is further supported by technological advancements, such as improvements in propulsion systems, sensor technologies, and warhead designs, which significantly boost the effectiveness of torpedoes in combat. Additionally, the evolving nature of naval warfare, with a focus on multi-domain operations, is intensifying the need for advanced torpedo systems to address new strategic challenges.
Market Drivers
Military Modernization Programs
Global military modernization initiatives are driving the rapid development and deployment of advanced weapon systems, including torpedoes. Countries are increasingly focused on next-generation military technologies to maintain a competitive edge in an evolving defense environment. Naval forces are making substantial investments to upgrade existing fleets and procure new torpedoes that surpass outdated models. These modern torpedoes integrate advanced materials, such as composites, which enhance their durability, reduce weight, and increase their range and efficiency. Additionally, innovations in power systems, such as lithium-ion batteries and hybrid energy sources, are enabling torpedoes to operate longer while maintaining their charge. Military forces are also adopting new tactics that capitalize on the advanced capabilities of these torpedoes, further enhancing their effectiveness across various platforms and combat scenarios. As an example, global military spending surged to a record USD 2.4 trillion in 2023, reflecting a 3.7% year-over-year increase-the highest annual rise since 2009-driven by rising defense investments amid geopolitical tensions, particularly in Europe, due to the war in Ukraine.
Key Market Challenges
High Development Costs
One of the primary challenges facing the market is the significant cost of developing advanced torpedo systems. Modern torpedoes are highly complex, requiring substantial research, development, and investment in cutting-edge materials and technologies. The development of advanced propulsion systems, enhanced sensors, and precision guidance mechanisms requires significant financial resources. Countries with limited defense budgets may struggle to afford these sophisticated technologies, thereby hindering their ability to keep pace with advancements in the torpedo market. The high production and maintenance costs further increase the overall expense of deploying torpedo systems, making it difficult for smaller nations or emerging economies to invest in modern weaponry. Additionally, the complexity of these systems often results in extended procurement and production timelines, delaying the modernization of defense arsenals.
Key Market Trends
Miniaturization and Lightweight Systems
A notable trend in the torpedo market is the growing emphasis on miniaturization and lightweight designs. Modern torpedoes are becoming increasingly compact and versatile, enabling them to be launched from a wider range of platforms, including smaller vessels, submarines, and unmanned underwater vehicles (UUVs). Miniaturization enhances the adaptability of torpedoes across various tactical scenarios. These smaller, lighter systems can travel longer distances, consume less power, and are easier to deploy in a variety of environments. Moreover, their reduced size makes them more cost-effective to produce and maintain, further driving their adoption across the defense sector. As naval forces demand more flexible and mobile weapon systems, miniaturized torpedoes are gaining traction and are now integral to modern naval strategies.
Key Market Players:
- BAE Systems plc
- thyssenkrupp AG
- RTX Corporation
- Saab AB
- Leonardo SpA
- ASELSAN AS
- Naval Group
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- JSC Tactical Missiles Corporation
Report Scope:
This report segments the Global Torpedo Market into the following categories, with corresponding industry trends detailed below:
- By Weight:
o Heavy-weight Torpedoes
o Light-weight Torpedoes
- By Launch Platform:
o Sea-launched
o Air-launched
- By Region:
o North America:
- United States
- Canada
- Mexico
o Europe & CIS:
- France
- Germany
- Spain
- Italy
- United Kingdom
o Asia-Pacific:
- China
- Japan
- India
- Vietnam
- South Korea
- Thailand
- Australia
o Middle East & Africa:
- South Africa
- Saudi Arabia
- UAE
- Turkey
o South America:
- Brazil
- Argentina
Competitive Landscape:
Company Profiles: A detailed analysis of the leading players in the global torpedo market.
Available Customizations:
TechSci Research offers customizations of the Global Torpedo Market report to meet the specific needs of clients. Available customizations include:
- Company Information: In-depth analysis and profiling of additional market players (up to five).
1. Introduction
1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Global Torpedo Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Weight Market Share Analysis (Heavy-weight Torpedoes, Light-weight Torpedoes)
4.2.2. By Launch Platform Market Share Analysis (Sea-launched, Air-launched)
4.2.3. By Regional Market Share Analysis
4.2.3.1. North America Market Share Analysis
4.2.3.2. Europe & CIS Market Share Analysis
4.2.3.3. Asia-Pacific Market Share Analysis
4.2.3.4. Middle East & Africa Market Share Analysis
4.2.3.5. South America Market Share Analysis
4.2.4. By Top 5 Companies Market Share Analysis, Others (2024)
4.3. Global Torpedo Market Mapping & Opportunity Assessment
4.3.1. By Weight Market Mapping & Opportunity Assessment
4.3.2. By Launch Platform Market Mapping & Opportunity Assessment
4.3.3. By Regional Market Mapping & Opportunity Assessment
5. North America Torpedo Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Weight Market Share Analysis
5.2.2. By Launch Platform Market Share Analysis
5.2.3. By Country Market Share Analysis
5.2.3.1. United States Torpedo Market Outlook
5.2.3.1.1. Market Size & Forecast
5.2.3.1.1.1. By Value
5.2.3.1.2. Market Share & Forecast
5.2.3.1.2.1. By Weight Market Share Analysis
5.2.3.1.2.2. By Launch Platform Market Share Analysis
5.2.3.2. Canada Torpedo Market Outlook
5.2.3.2.1. Market Size & Forecast
5.2.3.2.1.1. By Value
5.2.3.2.2. Market Share & Forecast
5.2.3.2.2.1. By Weight Market Share Analysis
5.2.3.2.2.2. By Launch Platform Market Share Analysis
5.2.3.3. Mexico Torpedo Market Outlook
5.2.3.3.1. Market Size & Forecast
5.2.3.3.1.1. By Value
5.2.3.3.2. Market Share & Forecast
5.2.3.3.2.1. By Weight Market Share Analysis
5.2.3.3.2.2. By Launch Platform Market Share Analysis
6. Europe & CIS Torpedo Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Weight Market Share Analysis
6.2.2. By Launch Platform Market Share Analysis
6.2.3. By Country Market Share Analysis
6.2.3.1. France Torpedo Market Outlook
6.2.3.1.1. Market Size & Forecast
6.2.3.1.1.1. By Value
6.2.3.1.2. Market Share & Forecast
6.2.3.1.2.1. By Weight Market Share Analysis
6.2.3.1.2.2. By Launch Platform Market Share Analysis
6.2.3.2. Germany Torpedo Market Outlook
6.2.3.2.1. Market Size & Forecast
6.2.3.2.1.1. By Value
6.2.3.2.2. Market Share & Forecast
6.2.3.2.2.1. By Weight Market Share Analysis
6.2.3.2.2.2. By Launch Platform Market Share Analysis
6.2.3.3. Spain Torpedo Market Outlook
6.2.3.3.1. Market Size & Forecast
6.2.3.3.1.1. By Value
6.2.3.3.2. Market Share & Forecast
6.2.3.3.2.1. By Weight Market Share Analysis
6.2.3.3.2.2. By Launch Platform Market Share Analysis
6.2.3.4. Italy Torpedo Market Outlook
6.2.3.4.1. Market Size & Forecast
6.2.3.4.1.1. By Value
6.2.3.4.2. Market Share & Forecast
6.2.3.4.2.1. By Weight Market Share Analysis
6.2.3.4.2.2. By Launch Platform Market Share Analysis
6.2.3.5. United Kingdom Torpedo Market Outlook
6.2.3.5.1. Market Size & Forecast
6.2.3.5.1.1. By Value
6.2.3.5.2. Market Share & Forecast
6.2.3.5.2.1. By Weight Market Share Analysis
6.2.3.5.2.2. By Launch Platform Market Share Analysis
7. Asia-Pacific Torpedo Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Weight Market Share Analysis
7.2.2. By Launch Platform Market Share Analysis
7.2.3. By Country Market Share Analysis
7.2.3.1. China Torpedo Market Outlook
7.2.3.1.1. Market Size & Forecast
7.2.3.1.1.1. By Value
7.2.3.1.2. Market Share & Forecast
7.2.3.1.2.1. By Weight Market Share Analysis
7.2.3.1.2.2. By Launch Platform Market Share Analysis
7.2.3.2. Japan Torpedo Market Outlook
7.2.3.2.1. Market Size & Forecast
7.2.3.2.1.1. By Value
7.2.3.2.2. Market Share & Forecast
7.2.3.2.2.1. By Weight Market Share Analysis
7.2.3.2.2.2. By Launch Platform Market Share Analysis
7.2.3.3. India Torpedo Market Outlook
7.2.3.3.1. Market Size & Forecast
7.2.3.3.1.1. By Value
7.2.3.3.2. Market Share & Forecast
7.2.3.3.2.1. By Weight Market Share Analysis
7.2.3.3.2.2. By Launch Platform Market Share Analysis
7.2.3.4. Vietnam Torpedo Market Outlook
7.2.3.4.1. Market Size & Forecast
7.2.3.4.1.1. By Value
7.2.3.4.2. Market Share & Forecast
7.2.3.4.2.1. By Weight Market Share Analysis
7.2.3.4.2.2. By Launch Platform Market Share Analysis
7.2.3.5. South Korea Torpedo Market Outlook
7.2.3.5.1. Market Size & Forecast
7.2.3.5.1.1. By Value
7.2.3.5.2. Market Share & Forecast
7.2.3.5.2.1. By Weight Market Share Analysis
7.2.3.5.2.2. By Launch Platform Market Share Analysis
7.2.3.6. Australia Torpedo Market Outlook
7.2.3.6.1. Market Size & Forecast
7.2.3.6.1.1. By Value
7.2.3.6.2. Market Share & Forecast
7.2.3.6.2.1. By Weight Market Share Analysis
7.2.3.6.2.2. By Launch Platform Market Share Analysis
7.2.3.7. Thailand Torpedo Market Outlook
7.2.3.7.1. Market Size & Forecast
7.2.3.7.1.1. By Value
7.2.3.7.2. Market Share & Forecast
7.2.3.7.2.1. By Weight Market Share Analysis
7.2.3.7.2.2. By Launch Platform Market Share Analysis
8. Middle East & Africa Torpedo Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Weight Market Share Analysis
8.2.2. By Launch Platform Market Share Analysis
8.2.3. By Country Market Share Analysis
8.2.3.1. South Africa Torpedo Market Outlook
8.2.3.1.1. Market Size & Forecast
8.2.3.1.1.1. By Value
8.2.3.1.2. Market Share & Forecast
8.2.3.1.2.1. By Weight Market Share Analysis
8.2.3.1.2.2. By Launch Platform Market Share Analysis
8.2.3.2. Saudi Arabia Torpedo Market Outlook
8.2.3.2.1. Market Size & Forecast
8.2.3.2.1.1. By Value
8.2.3.2.2. Market Share & Forecast
8.2.3.2.2.1. By Weight Market Share Analysis
8.2.3.2.2.2. By Launch Platform Market Share Analysis
8.2.3.3. UAE Torpedo Market Outlook
8.2.3.3.1. Market Size & Forecast
8.2.3.3.1.1. By Value
8.2.3.3.2. Market Share & Forecast
8.2.3.3.2.1. By Weight Market Share Analysis
8.2.3.3.2.2. By Launch Platform Market Share Analysis
8.2.3.4. Turkey Torpedo Market Outlook
8.2.3.4.1. Market Size & Forecast
8.2.3.4.1.1. By Value
8.2.3.4.2. Market Share & Forecast
8.2.3.4.2.1. By Weight Market Share Analysis
8.2.3.4.2.2. By Launch Platform Market Share Analysis
9. South America Torpedo Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Weight Market Share Analysis
9.2.2. By Launch Platform Market Share Analysis
9.2.3. By Country Market Share Analysis
9.2.3.1. Brazil Torpedo Market Outlook
9.2.3.1.1. Market Size & Forecast
9.2.3.1.1.1. By Value
9.2.3.1.2. Market Share & Forecast
9.2.3.1.2.1. By Weight Market Share Analysis
9.2.3.1.2.2. By Launch Platform Market Share Analysis
9.2.3.2. Argentina Torpedo Market Outlook
9.2.3.2.1. Market Size & Forecast
9.2.3.2.1.1. By Value
9.2.3.2.2. Market Share & Forecast
9.2.3.2.2.1. By Weight Market Share Analysis
9.2.3.2.2.2. By Launch Platform Market Share Analysis
10. Market Dynamics
10.1. Drivers
10.2. Challenges
11. Impact of COVID-19 on the Global Torpedo Market
12. Market Trends & Developments
13. Competitive Landscape
13.1. Company Profiles
13.1.1. BAE Systems plc
13.1.1.1. Company Details
13.1.1.2. Products
13.1.1.3. Financials (As Per Availability)
13.1.1.4. Key Market Focus & Geographical Presence
13.1.1.5. Recent Developments
13.1.1.6. Key Management Personnel
13.1.2. thyssenkrupp AG
13.1.2.1. Company Details
13.1.2.2. Products
13.1.2.3. Financials (As Per Availability)
13.1.2.4. Key Market Focus & Geographical Presence
13.1.2.5. Recent Developments
13.1.2.6. Key Management Personnel
13.1.3. RTX Corporation
13.1.3.1. Company Details
13.1.3.2. Products
13.1.3.3. Financials (As Per Availability)
13.1.3.4. Key Market Focus & Geographical Presence
13.1.3.5. Recent Developments
13.1.3.6. Key Management Personnel
13.1.4. Saab AB
13.1.4.1. Company Details
13.1.4.2. Products
13.1.4.3. Financials (As Per Availability)
13.1.4.4. Key Market Focus & Geographical Presence
13.1.4.5. Recent Developments
13.1.4.6. Key Management Personnel
13.1.5. Leonardo SpA
13.1.5.1. Company Details
13.1.5.2. Products
13.1.5.3. Financials (As Per Availability)
13.1.5.4. Key Market Focus & Geographical Presence
13.1.5.5. Recent Developments
13.1.5.6. Key Management Personnel
13.1.6. ASELSAN AS
13.1.6.1. Company Details
13.1.6.2. Products
13.1.6.3. Financials (As Per Availability)
13.1.6.4. Key Market Focus & Geographical Presence
13.1.6.5. Recent Developments
13.1.6.6. Key Management Personnel
13.1.7. Naval Group
13.1.7.1. Company Details
13.1.7.2. Products
13.1.7.3. Financials (As Per Availability)
13.1.7.4. Key Market Focus & Geographical Presence
13.1.7.5. Recent Developments
13.1.7.6. Key Management Personnel
13.1.8. Lockheed Martin Corporation
13.1.8.1. Company Details
13.1.8.2. Products
13.1.8.3. Financials (As Per Availability)
13.1.8.4. Key Market Focus & Geographical Presence
13.1.8.5. Recent Developments
13.1.8.6. Key Management Personnel
13.1.9. Northrop Grumman Corporation
13.1.9.1. Company Details
13.1.9.2. Products
13.1.9.3. Financials (As Per Availability)
13.1.9.4. Key Market Focus & Geographical Presence
13.1.9.5. Recent Developments
13.1.9.6. Key Management Personnel
13.1.10. JSC Tactical Missiles Corporation
13.1.10.1. Company Details
13.1.10.2. Products
13.1.10.3. Financials (As Per Availability)
13.1.10.4. Key Market Focus & Geographical Presence
13.1.10.5. Recent Developments
13.1.10.6. Key Management Personnel
14. Strategic Recommendations/Action Plan
14.1. Key Focus Areas
14.1.1. Target By Weight
14.1.2. Target By Launch Platform
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