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Torpedo Market Share

Report ID: GMI9942
Published Date: Jun 2024
Report Format: PDF

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Torpedo Market Share

ABB Ltd. and Honeywell International Inc. held a share of over 10% in the torpedo industry in 2023. BAE Systems is a British multinational defense, security, and aerospace company headquartered in London, UK. It provides advanced technology solutions for air, land, and naval forces, as well as electronics, cybersecurity, and intelligence services. With a strong global presence, BAE Systems focuses on innovations and sustainability, serving governments and commercial clients worldwide. The company employs over 85,000 people and plays a crucial role in enhancing defense capabilities through cutting-edge products and services.

General Dynamics Corporation is an American aerospace and defense company headquartered in Reston, Virginia. It operates through four business segments: Aerospace, Marine Systems, Combat Systems, and Technologies. Known for products such as Gulfstream aircraft, combat vehicles, and nuclear submarines, General Dynamics serves a global clientele, including the U.S. government. With a workforce of over 100,000, the company emphasizes innovations and advanced technology solutions to meet the evolving defense and commercial needs.

Torpedo Market Companies

Major players operating in the torpedo industry are:

BAE Systems
General Dynamics Corporation
Honeywell International Inc.
Leonardo S.p.A.
Lockheed Martin Corporation
Raytheon Technologies Corporation
Saab AB

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

Industry size for torpedo was USD 996.3 million in 2023 and is projected to expand at over 5% CAGR from 2024 to 2032, due to the rising maritime security threats, such as increased submarine activities and asymmetric warfare tactics.

The surface ships segment in the torpedo industry is estimated to depict over 12% CAGR between 2024 and 2032, due to their ability to deploy a variety of torpedo types including heavyweight torpedoes for anti-submarine warfare and lightweight torpedoes for anti-surface vessel operations.

The submarine warfare application segment in the torpedo industry is projected to account for over USD 500 million by 2032, on account of their crucial role in modern naval strategy for their stealth & offensive capabilities.

North America industry recorded over 35% revenue share in 2023 and is estimated to expand at notable rate from 2024 to 2032, due to substantial defense budgets and continuous investments in naval modernization programs.