Torpedo Market Report 2025 (Global Edition)

Global Torpedo Market Report 2024 Market Size Split by Weight (Lightweight Torpedoes, Heavyweight Torpedoes), by Launch platform (Air launched, Sea-launched), by Propulsion (Electric Propulsion, Conve...

Torpedo Market Report Description

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Torpedo Market Insights Video

Competitive Landscape of the Torpedo Market

The torpedo market is characterized by intense competition among several key players, each specializing in various types of torpedoes and launch platforms. Major manufacturers include Lockheed Martin, Raytheon Technologies, and BAE Systems, which are known for their advanced torpedo systems and extensive R&D capabilities. These companies focus on innovations in propulsion systems, guidance technologies, and launch mechanisms to enhance the performance of lightweight and heavyweight torpedoes. Additionally, regional players and defense contractors contribute to the market by offering specialized solutions tailored to specific naval needs. Strategic partnerships, mergers, and acquisitions are common, as firms aim to expand their technological capabilities and market presence. The competitive landscape is driven by ongoing advancements in defense technologies and increasing naval modernization programs globally.

Top Companies Market Share in Torpedo Industry: (In no particular order of Rank)

• ASELSAN AS (Turkey)
• Atlas Elektronik GmbH (Germany)
• BAE Systems PLC (U.K.)
• Bharat Dynamics Limited (India)
• Honeywell International Inc. (U.S.)
• Leonardo S.P.A. (Italy)
• Lockheed Martin Corporation (U.S.)
• Naval Group (France)
• Northrop Grumman Corporation (U.S.)
• Raytheon Technologies Corporation (U.S.)
• Rosoboronexport (Russia)
• Saab AB (Sweden)
• Sechan Electronics Inc. (U.S.)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Torpedo Market

Which Region Dominates the Torpedo Market in 2024?

According to Cognitive Market Research, North America is expected to dominate the torpedo market. This dominance is largely driven by the significant defense budgets of the United States and Canada, which fund extensive naval modernization programs and advanced torpedo development. The U.S. Navy's substantial investment in improving its underwater warfare capabilities, including the procurement of advanced torpedoes, contributes to North America's leading position. Additionally, North America's robust defense industry infrastructure and technological advancements in torpedo systems further solidify its dominance in the global market.

Which Region is Expanding at the Fastest CAGR?

The Asia-Pacific region is expanding at the fastest CAGR in the torpedo market in 2024. This growth is driven by increasing naval modernization efforts and rising defense budgets in countries such as India, China, and Japan. The region's growing emphasis on enhancing maritime security and acquiring advanced naval systems fuels the demand for sophisticated torpedoes. Strategic geopolitical tensions and territorial disputes in the Asia-Pacific also contribute to accelerated investments in naval capabilities, resulting in a rapid expansion of the torpedo market in this region.

The current report Scope analyzes Torpedo Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Torpedo Market

According to Cognitive Market Research, the global Torpedo Market size was estimated at USD 1021.5 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 408.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Torpedo Market with a market size of USD 322.39 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. High defense budgets and continuous investment in advanced naval technologies drive market growth.
• The Canada Torpedo Market had a market share of USD 49.03 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Naval modernization and increased defense spending boost demand for advanced torpedo systems.
• The Mexico Torpedo Market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 37.18 million in 2024.

Europe Torpedo Market

According to Cognitive Market Research, the global Torpedo Market size was estimated at USD 1021.5 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 306.45 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.

• The United Kingdom Torpedo Market had a market share of USD 51.48 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period Focus on upgrading naval fleets and addressing security threats fuels market expansion.
• The France Torpedo Market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 28.19 million in 2024.
• According to Cognitive Market Research, the German Torpedo Market size was valued at USD 60.68 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. Investment in advanced naval technologies and defense upgrades supports market growth.
• The Italy Torpedo Market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 26.35 million in 2024. The Russia Torpedo Market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 47.50 million in 2024. The Spain Torpedo Market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 25.13 million in 2024. The Luxembourg Torpedo Market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 9.50 million in 2024. The Portugal Torpedo Market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 6.44 million in 2024. The Greece Torpedo Market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 3.68 million in 2024. The Rest of Europe Torpedo Market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 47.50 million in 2024.

Asia Pacific Torpedo Market

According to Cognitive Market Research, the global Torpedo Market size was estimated at USD 1021.5 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 234.95 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Torpedo Market size was valued at USD 105.73 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Rapid naval expansion and modernization programs significantly increase demand for torpedo systems.
• The Japan Decorative Laminates Market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 32.42 million in 2024.
• The India Torpedo Market had a market share of USD 28.19 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. Growing defense budgets and emphasis on naval modernization drive the demand for advanced torpedoes.
• The South Korea Torpedo Market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 23.49 million in 2024.
• The Australia Torpedo Market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 12.22 million in 2024.
• The South East Asia Torpedo Market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 16.21 million in 2024.
• The Rest of APAC Torpedo Market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 16.68 million in 2024.

South America Torpedo Market

According to Cognitive Market Research, the global Torpedo Market size was estimated at USD 1021.5 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 51.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Torpedo Market size was valued at USD 21.86 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Rising naval defense investments and modernization efforts contribute to market growth.
• Argentina's Torpedo Market had a market share of USD 8.58 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. Enhanced naval capabilities and increased defense spending drive demand for torpedo systems.
• The Colombia Torpedo Market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 4.55 million in 2024.
• The Peru Torpedo Market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 4.19 million in 2024.
• The Chile Torpedo Market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 3.68 million in 2024.
• The Rest of LATAM Torpedo Market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 8.22 million in 2024.

Middle East and Africa Torpedo Market

According to Cognitive Market Research, the global Torpedo Market size was estimated at USD 1021.5 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 20.43 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.

• The GCC Countries Torpedo Market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 8.74 million in 2024. Regional defense investments and modernization of naval forces boost the torpedo market.
• The Egypt Decorative Laminates Market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 2.15 million in 2024.
• The South Africa Torpedo Market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 3.23 million in 2024. Increased focus on naval modernization and security concerns drive market expansion.
• The Turkey Torpedo Market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 1.76 million in 2024.
• The Nigeria Torpedo Market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 2.15 million in 2024.
• The Rest of MEA Torpedo Market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 2.41 million in 2024.

Torpedo Market Analysis

Torpedo Market Weight Segment Analysis

According to Cognitive Market Research, Heavyweight torpedoes dominate the market due to their superior range, destructive power, and effectiveness in deep-water engagements. They are primarily used by submarines and large naval vessels to target high-value assets such as enemy submarines and ships. The advanced technology and significant investment in these systems contribute to their large market share. Their role in strategic naval operations and defense makes them a critical component in modern naval warfare.

Lightweight torpedoes are experiencing rapid growth, driven by increasing demand for cost-effective anti-submarine warfare solutions and the need for more versatile weaponry. They are increasingly deployed from smaller platforms like helicopters and maritime patrol aircraft, making them valuable for shallow water and coastal operations. Their lower cost, ease of deployment, and effectiveness in various scenarios contribute to their fast-paced market expansion.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Torpedo Industry. Request a Free Sample PDF!

Torpedo Market Launch platform Segment Analysis

According to Cognitive Market Research, Sea-launched torpedoes are the largest segment due to their established role in naval warfare and their integration into both submarines and surface vessels. This segment includes a wide array of systems designed for deep-water engagements and complex naval operations. The versatility and strategic importance of sea-launched torpedoes ensure their continued dominance in the market.

Air-launched torpedoes are the fastest-growing segment, fueled by advancements in aviation technology and an increasing focus on rapid response capabilities. These torpedoes are deployed from aircraft, offering greater operational flexibility and coverage. As maritime security threats evolve, the demand for air-launched torpedoes is rising, leading to their accelerated growth in the market.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Torpedo Propulsion Segment Analysis

Torpedo Market Propulsion Segment Analysis

According to Cognitive Market Research, Conventional propulsion torpedoes hold the largest market share due to their established technology and effectiveness in high-speed engagements. Powered by internal combustion engines or steam turbines, these torpedoes offer superior speed and range, making them suitable for a wide range of naval applications. Their long history and proven performance contribute to their dominance in the market.

Electric propulsion torpedoes are the fastest-growing segment, driven by their stealth capabilities and extended endurance. These torpedoes, powered by electric batteries, operate quietly, making them ideal for covert operations and advanced anti-submarine warfare. The growing emphasis on stealth and operational efficiency is accelerating the adoption of electric propulsion torpedoes.

• Electric Propulsion
• Conventional Propulsion

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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