Torpedo market  Size, 2020 Industry Share and Global Demand |
2027 Forecast by Fortune Business Insights™

The global torpedo market size is projected to reach
USD 1,065.4 million by the end of 2027. The technological intervention has
played a massive role in the growth of the market in recent years. According to
a report published by Fortune Business Insights, titled “Torpedo
Market Size, Share & COVID-19 Impact Analysis, By Weight (Heavyweight
Torpedoes, and Lightweight Torpedoes), By Launch Platform (Air-launched,
Surface-Launched, and Underwater-Launched), By Propulsion (Electric Propulsion,
and Conventional Propulsion) and Regional Forecast, 2020-2027, the
market was worth USD 889.9 million and will exhibit a CAGR of 6.71% during the
forecast period, 2020-2027.

A torpedo is a military weapon system
that is mostly used in naval warfare. It is used as a mode of explosive and
defense in cases of war attacks. The entire torpedo unit consists of a guided
system, propulsion system, and explosives. The shape of the torpedo is such
that it caters to traveling long distances at a rapid pace.  Recent
advances in this product have allowed flexible applications, including control
of depth and direction through preset plans.

The massive investments in the research
and development of torpedo are consequential to the increasing Military
conflicts across the world. The growing military budget allocation will emerge
in favor of the companies operating in the market in the coming years. 
The increasing number of company collaborations will provide an impetus to the
growth of the market.

Covid-19 Pandemic has Brought
Manufacturing Units to a Halt and Subsequently Delayed Product Deliveries

The recent coronavirus outbreak has had
a drastic impact on several Industries across the world. To curb the rapid
spread of the disease, governments across all countries have advised people to
avoid public gatherings and adopt social distancing practices. The aerospace
and defense sector is among the worst-hit sectors across the world due to the
ongoing coronavirus pandemic. As a result, manufacturing units and similar
businesses have been compared to shut down either temporary or permanently. The
shutdowns in manufacturing units have directly affected deliveries across the torpedo
sector. As a result the covid-19 pandemic will affect the growth of the torpedo
market in the immediate future.

Company Collaborations are an
Increasing Trend Among Major Businesses

The report encompasses several factors
that have contributed to the growth of the overall market in recent years.
According to the increasing demand for defense organizations are looking to
enter into long-term contracts with manufacturers in the torpedo market. Among
all factors, the increasing number of company collaborations has made the
highest impact on the growth of the market in recent years. In June 2019,
Bharat Dynamics Limited announced that it has signed a new contract with Indian
Navy. The contract is said to be worth a whopping USD 169.8 million. 
Through this contact, the company will work towards developing a new
heavyweight torpedo. The ‘Varunastra’ will be used by the Indian Navy for
advanced naval operations. Increasing number of search company collaborations
will have a massive impact on the growth of the global torpedoes market in the
coming years.

North America to Emerge Dominant;
Increasing Defense Budget Allocations to Bode well for Market Growth

The report analyzes the ongoing market
Trends across five major regions.  Among all regions, the market in North
America is expected to hold the largest market share in the coming years. The
increasing number of torpedoes procured by the US Navy in the past few years
has had a huge impact on the growth of the market. The rising investments in
defense tools as well as explosives will bode well for the growth of the
regional market. Additionally, the presence of several large scale companies in
this region will also emerge in favor of market growth. As of 2019, the market
in North America was worth USD 331.9 million and this value is projected to
rise at a considerable pace in the coming years.

List of the Leading Companies Profiled
in the Global Torpedo Market are:

• ASELSAN AS (Ankara, Turkey)


• Atlas Elektronik GmbH (Bremen, Germany)


• BAE Systems PLC (Farnborough, the U.K.)


• Bharat Dynamics Limited (India)


• Honeywell International Inc.(Charlotte, the U.S.)


• Leonardo S.P.A. (Italy)


• Lockheed Martin Corporation (Bethesda, the U.S.)


• Naval Group (Paris, France)


• Northrop Grumman Corporation (Falls Church, the U.S.)


• Raytheon Technologies Corporation (Farmington, the U.S.)


• Rosoboronexport (Moscow, Russia)


• Saab AB (Sweden)


• Sechan Electronics Inc. (Pennsylvania, the U.S.)


• Other Players

Torpedo market report Focus on:

• Extensive product offerings


• Customer research services


• Robust research methodology


• Comprehensive reports


• Latest technological developments


• Value chain analysis


• Potential Market opportunities


• Growth dynamics


• Quality assurance


• Post-sales support


• Regular report updates

 Reasons to Purchase this
Report:

• Comprehensive analysis of the market growth drivers, obstacles,
  opportunities, and other related challenges.


• Tracks the developments, such as new product launches, agreements,
  mergers and acquisitions, geographical expansions, and joint ventures.


• Identifies market restraints and boosters.


• Identifies all the possible segments present in the market to aid
  organizations in strategic business planning.    

Key Questions Answered:

• Why Choose Fortune Business Insights?


• What are the key demands and trends shaping the market?


• What are the key opportunities in the market?


• What are the key companies operating in the market?


• Which company accounted for the highest market share?


• What is the market size and growth rate of the global and regional
  market by various segments?


• What is the market size and growth rate of the market for selective
  countries?


• Which region or sub-segment is expected to drive the market in the
  forecast period?


• What Factors are estimated to drive and restrain the market growth

Industry Developments:

July 2020 –Raytheon Technologies Corporation announced that it
has aged a contract from the US Navy. The contract is said to be worth USD 88
million and is aimed at modifying MK54 lightweight torpedoes with new spare
components to make it more efficient to track and attack underwater targets

Browse Detailed Summary of Research
Report with TOC: https://www.fortunebusinessinsights.com/industry-reports/torpedo-market-101571

Detailed Table of Content:

• Introduction




• Research Scope


• Market Segmentation


• Research Methodology


• Definitions and Assumptions




• Executive Summary


• Market Dynamics




• Market Drivers


• Market Restraints


• Market Opportunities




• Key Insights




• Key Industry Developments –Mergers, Acquisitions and Partnerships


• Latest technological Advancements


• Porters Five Forces Analysis


• Supply Chain Analysis




• Qualitative Insights




• Impact of COVID-19 on the Torpedo Market


• Supply Chain Challenges


• Steps Taken by the Industry/Government/Companies to Overcome the
  Impact


• Key Developments in the Industry in Response to COVID-19


• Potential Opportunities due to COVID-19 Outbreak




• Global Torpedo Market Analysis, Insights and Forecast, 2016-2027




• Key Findings / Summary


• Market Analysis, Insights and Forecast – By Weight




• Heavyweight Torpedoes


• Lightweight Torpedoes




• Market Analysis, Insights and Forecast – By Launch Platform




• Air-launched


• Surface-Launched


• Underwater-Launched




• Market Analysis, Insights and Forecast – By Propulsion




• Electric Propulsion


•  Convectional Propulsion




• Market Analysis, Insights and Forecast – By Region




• North America


• Europe


• Asia Pacific


• Rest of the world

TOC Continued…!

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https://www.fortunebusinessinsights.com/press-release/torpedo-market-9311