Press release
Torpedo Market Set for Growth: 5.2% CAGR to Drive Valuation to US$ 1,641.68 Million by 2032
Torpedo Market
Report Scope:
This comprehensive study provides an accurate overview of the worldwide torpedo industry. Comprehensive analyses of sales volume, price, revenue, market share, and important companies are included. The market is further divided into segments by product type, weight type, application, and region in the study, which offers a comprehensive picture of the state of the market.
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Market Definition:
A torpedo is a cigar-shaped, self-pushed underwater missile instigated from a submarine, surface vessel, or airplane and outlined for bursting upon association with the hulls of surface vessels and submarines. A contemporary torpedo entails a complex gadget to regulate its depth and administration as per the fixed plan or as per the signals acquired from an exterior source.
Drivers and Trends:
Continuing war because of border discourse which subsequently escalates the demand for torpedos. Additionally, China, India, and Taiwan have escalated their armament budget.
Presently, the progression in torpedo technology, the acquisition of AI, and the instigation of robotics torpedo have improved the holistic presentation of the market. For instance, in January 2022, the Russian Navy instigated a contemporary robotic torpedo vessel for ASW and accepted submarine hunters.
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Top Companies:
Many large businesses are devoting much of their effort to new product releases, partnerships, and market expansion in order to compete effectively. Here are the top companies in the torpedo market:
• Aselsan
• Atlas Elektronik GmbH
• BAE Systems
• Bharat Dynamics Limited
• Honeywell International Inc
• Leonardo SpA
• Lockheed Martin Corporation
• Naval Group
• Northrop Grumman Corporation
• Raytheon Company
• Rosoboronexport
• Saab AB
• and Sechan Electronics Inc.
Country-Wise Insights:
According to regional research, North America dominated the market. The region's growth is aided by the robust prevalence of the defense and navy systems. The US Navy has enhanced well-defined naval systems. Also, Asia Pacific is anticipated to emerge as the fastest-growing region in the torpedo market.
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Segmental Outlook:
Torpedo Market, Product Type Outlook (Revenue - USD Million, 2019-2032)
• Acoustic Homing Torpedo
• Wake Homing Torpedo
Torpedo Market, Application Outlook (Revenue - USD Million, 2019-2032)
• Naval Vessel launched torpedo
• Arial platform-Launched Torpedo
Torpedo Market, Weight Type Outlook (Revenue - USD Million, 2019-2032)
• Heavyweight
• Lightweight
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