The torpedoes launched form aerial platform falls into the light weight category while the ones launched from naval platforms falls into the heavy weight category. Furthermore, modern torpedoes can operate autonomously and can be propelled using thermal and electric power.

Torpedoes typically propel underwater towards a target. It can be launched from above through fixed-wing aircraft and helicopters, form the water surface through ships and below the water surface through submarines.

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Focus on enhancing military capabilities and subsequent procurement of lethal weapons to gain superiority over enemy during naval and littoral combat is the key factor driving the growth of torpedo market. In addition, increased investments in torpedo upgrade programs worldwide and focus on developing torpedoes indigenously boosts the market growth. Furthermore, focus on integrating submarines to strengthen naval fleet by countries around the world creates promising growth opportunities for the market players. However, the defense budget cuts in developed economies hinders the market growth.

Torpedo is an underwater missile designed to detonate when it encounters a target or when it reaches around the vicinity of the target. Torpedoes are one among the most preferred lethal underwater weapons. Less than ten countries around the world have the capability to design and build torpedo indigenously. Modern torpedoes can carry nuclear warheads. Torpedoes can be launched from a variety of platforms.

Segmentation:

The global torpedo market has been segmented by operation, type, propulsion, launch platform, and region. Based on operation, the torpedo market is divided into autonomous and guided operation. In 2017, the autonomous segment accounted for the largest market share as they possess high-speed, highly-maneuverable capability which is very effective during combat. Based on type the torpedo market is divided into heavy weight torpedoes and light weight torpedoes. In 2017, the heavy weight torpedoes segment accounted for the largest market share as these weapons can carry lethal warheads and can cause more damage. Based on launch platform, the torpedo market is divided into aerial platform and naval platform. The aerial platform covers aircraft and helicopters and the naval platform covers ships and submarines. In 2017, the naval platform segment accounted for the largest market share as these platforms can carry heavy weight torpedoes.

Regional Analysis:

The global torpedo market has also been segmented into four regions, namely, North America, Europe, Asia-Pacific, and Rest of the World. North America is estimated to account for the largest share during the review period owing to the focus of defense organizations to upgrade the electronics and control system of torpedoes. Furthermore, increasing focus on developing ship combat systems in the US and Canada are contributing to the high demand for torpedoes in the North America. The global torpedo market is estimated to register a CAGR of around 4% during the forecast period of 2018 to 2023.

Key Players:

The key players in the global torpedo market are Atlas Elektronik GmbH (Germany), BAE Systems plc (UK), Bharat Dynamics Limited (India), China Shipbuilding Industry Corporation (China), Leonardo SpA (Italy), Naval Group (France), Raytheon Company (US), Saab AB (Sweden), and Tactical Missiles Corporation JSC (Russia).

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