Torpedo Market Trends, Industry Share, Growth Drivers, Business Opportunities and Forecast to 2027
The global torpedo market size is projected to reach
USD 1165.9 million by the end of 2027. 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
& Industry Analysis, By Weight (Heavyweight Torpedoes, and Lightweight
Torpedoes), By Launch Platform (Air-launched, Surface-Launched, and Underwater-Launched),
By Propulsion (Electric Propulsion, and Convectional Propulsion) and Regional
Forecast, 2020-2027, the market was worth USD 838.0 million and will exhibit a
CAGR of 5.9% 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 travelling 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 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.
List of companies profiled in the report:
- 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
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industry-reports/torpedo-market-101571
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 258.1 million and this value is projected to rise at a considerable pace in
the coming years.
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
Comments
Post a Comment