Torpedo Market Size, Industry Analysis Report By Weight (Heavyweight Torpedoes, Lightweight Torpedoes), By Propulsion (Electric, Conventional) & Region – Forecasts
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 238
- CATEGORY
- Aerospace & Defense
A torpedo is a device that comes handy in as a weapon which launches an attack on enemies. It is considered one of the most sophisticated weapons in the arena of naval warfare. The weapon consists of three explosive units, a propeller system and a guiding system. It can be sent from aeroplanes, boats or even submarines.
Global Torpedo Market – Overview
It is estimated for the Global Torpedo Market to grow at a CAGR of 10.2% during the forecast period of 2022 to 2030. The market witnessed a healthy growth rate even during the previous forecast period of 2018 to 2021.
Growth in military activities around the world is estimated to boost the growth of the market during the forecast period. The market is also estimated to witness growth owing to the rise in the investment in the defense sector by major economies of the world including the US, India, China, France, Gulf Countries and so on.
The growth in the adoption of submarines by countries around the globe to boost their naval sector is also a factor that is estimated to drive the growth of the market during the forecast period. The inclusion of advanced submarines in the defense sector by countries around the world is fostering the growth of the market during the forecast period.
Global Torpedo Market – Key Trends
Advancement in the defense sector by the countries to foster the market
Growth in military activities around the world is estimated to boost the growth of the market during the forecast period. The market is also estimated to witness growth owing to the rise in the investment in the defense sector by major economies of the world including the US, India, China, France, Gulf Countries and so on.
Integration of advanced submarines in the defense category to drive the market
The growth in the adoption of submarines by countries around the globe to boost their naval sector is also a factor that is estimated to drive the growth of the market during the forecast period. The inclusion of advanced submarines in the defense sector by countries around the world is fostering the growth of the market during the forecast period.
Global Torpedo Market – Segmental Assessment
By Weight
• Heavyweight Torpedoes
• Lightweight Torpedoes
It is estimated for the lightweight torpedoes to boost the growth of the market.
By Propulsion
• Electric
• Conventional
It is estimated for the electric propulsion to boost the growth of the market
Global Torpedo Market – Geographical Landscape
North America, Asia Pacific, Europe, Latin America, and Middle East and Africa are the major regions that are boosting the growth of the market during the forecast period. During the forecast period it is estimated for the region of North America to drive the growth of the market. Increasing investments by the region in the sector of defense is one of the factors for the growth in the investments along with the presence of major players in the regions is another factor that is driving the region at a healthy rate.
Report Scope
Global Torpedo Market: Historical Years (2018-2021)
Global Torpedo Market : Forecast Years (2022-2030)
Global Torpedo Market CAGR – 10.2%
Key Segments Reported
• By Weight (Heavyweight Torpedoes and Lightweight Torpedoes)
• By Propulsion (Electric and Conventional)
Major regions and countries covered
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa
Aselsan, Atlas Elektronik GmbH, BAE Systems, Bharat Dynamics Limited, Leonardo SpA, Lockheed Martin Corporation, Naval Group, Northrop Grumman Corporation, Raytheon Company, Rosoboronexport, Saab AB and so on are the key players in the market.
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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