Torpedo Market is Expected to Evolve at a Moderate 5.47% CAGR through 2031 | SkyQuest Technology

Westford,USA, Dec. 10, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the torpedo market size will attain a value of USD 1600.74 million by 2031, with a CAGR of 5.47% over the forecast period (2024-2031). Increasing military and defense spending coupled with rising geopolitical tensions around the world are slated to bolster torpedo market growth. Emphasis on military and defense modernization and high investments in the development of novel military technologies will also create new opportunities for torpedo providers in the future. 

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Browse in-depth TOC on “Torpedo Market”

• Pages – 202
• Tables – 91
• Figures – 76

Torpedo Market Overview:

High Accuracy of Wire-guided Torpedoes Allows Them to Bring in Most Revenue

Wire-guided torpedoes are forecasted to spearhead the global torpedo demand outlook owing to their high accuracy and precision tracking capabilities. These types of torpedoes are highly reliable and used by multiple naval forces around the world for the same reason. Wire-guided torpedoes also provide a tactical advantage in environments where the line of sight is limited thereby leading the global torpedo market forecast.

Reduced Risk for Soldiers Allows Unmanned Underwater Vehicles to Emerge as the Fastest-growing Segment

Unmanned underwater vehicles (UUVs) are expected to gain massive popularity owing to their low costs of deployment and maintenance as compared to crewed vessels. Moreover, the reduced risk for soldiers and easy access to challenging and harsh environments through the use of UUVs are also expected to create new opportunities for torpedo providers in the global torpedomarket outlook.

High Spending on Military and Defense Allows North America to Lead Sales of Torpedoes Globally

North America is home to one of the most prominent military and defense spending countries in the world, which allows it tohold a prominent chunk ofthe global torpedomarket share. Increasing spending on military and defense in the United States coupled with advancements in warfare technologies are expected to help the dominance of North America going forward. Efforts for naval modernization in Canada are also estimated to present new opportunities for torpedo providers going forward.

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Torpedo Market Insights:

Drivers

• Growing military and defense spending around the world
• Increasing geopolitical tensions amongst multiple countries
• Modernization of warheads and high demand for lightweight torpedoes

Restraints

• Stringent regulations to prevent dissemination of advanced military technologies
• High costs of advanced torpedo development for countries with limited military budgets
• Complex export frameworks and regulations

Prominent Players in Torpedo Market

The following are the Top torpedo market Companies

• ATLAS ELEKTRONIK GmbH (Germany)
• ASELSAN A.S. (Turkey)
• BAE Systems plc (UK)
• Bharat Dynamics Limited (India)
• Honeywell International Inc. (US)
• Leonardo S.p.A. (Italy)
• Lockheed Martin Corporation (US)
• Naval Group (France)
• Northrop Grumman Corporation (US)
• Raytheon Technologies Corporation (US)

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Key Questions Answered in Torpedo Market Report

• Why should companies invest in the United States?
• Which opportunities can torpedo providers explore in the run?
• Why are wire-guided torpedoes preferred as per this torpedo market analysis?
• Who are the leading torpedo suppliers?

This report provides the following insights:

• Analysis of key drivers (rising military and defense expenditure, growing geopolitical tensions around the world), restraints (stringent regulations to prevent dissemination, high costs of development), and opportunities (development of stealth torpedoes with advanced low observable technologies) influencing the growth of torpedo market.
• Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.

• Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the torpedo market.
• Market Development: Detailed analysis of potential regions where the market has potential to grow.
• Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
• Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.

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