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Torpedo Market Trends

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

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Torpedo Market Trends

Recent advancements in torpedo technology focus on improving guidance systems, range, and maneuverability. Developments in propulsion systems and sensor technology enable torpedoes to navigate more accurately and engage targets at greater distances. These advancements not only enhance operational effectiveness against submarines but also strengthen defense capabilities in complex maritime environments, reflecting ongoing efforts to maintain technological superiority and adaptability in naval warfare scenarios.

There is a notable shift toward autonomous torpedoes capable of executing missions independently. These systems integrate advanced AI and autonomous navigation technologies, reducing reliance on human operators and enabling more agile & responsive operations. Autonomous torpedoes offer advantages in terms of operational flexibility, rapid response capabilities, and the ability to perform complex maneuvers. This trend responds to the increasing need for unmanned systems that can enhance situational awareness and operational effectiveness in diverse underwater warfare scenarios.

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.