Torpedo Market

Torpedo Market Size by Weight (Lightweight Torpedoes, Heavyweight Torpedoes), Launch Platform (Surface Launched, Air Launched, Underwater Launched), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14162
  • Published Date: Mar, 2024
  • Pages: 238
  • Category: Aerospace & Defence
  • Format: PDF
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The global torpedo market was valued at USD 2.46 Billion in 2023, which is anticipated to grow at a CAGR of 7.75% from 2024 to 2033. The most deadly undersea weapon frequently seen in submarines is torpedoes. The torpedo market has grown due to increased ongoing disputes between nations like China and India, Taiwan, Russia and Ukraine. Governments in both wealthy and developing nations have allocated resources to develop robust naval and submarine units. This factor is expected to increase the total demand for torpedoes in the upcoming years. Due to their low cost and rapid detection capability, AI-integrated lightweight and smart torpedoes are in high demand, as their performance has been enhanced.

Market Introduction:

Underwater weapons, known as torpedoes, are fired against enemy vessels by aircraft, surface ships, or submarines. The international system for manufacturing, acquiring, and exchanging torpedoes between nations, armed forces, and defence contractors is known as the torpedo market. Torpedoes are additionally equipped with an engine or motor that gives them the necessary thrust to move through water. While compressed air engines often powered early torpedoes, modern torpedoes are propelled either by electric batteries or by a combination of electric and thermal systems. Different torpedo manufacturers use different guidance systems. Some torpedoes are wire-guided, meaning they receive commands from the launching station via a real wire. Others use sensors to track and focus on a target while being guided by sound or on their own. Torpedoes also alter their course, depth, and speed due to control surfaces and other devices. They can navigate towards the target and dodge countermeasures because of this. Recent years have seen a significant increase in the global torpedo market, mostly due to the growing emphasis on military modernization and the growing need for improved naval defence capabilities. Advanced underwater weapons, or torpedoes, are essential to naval operations because they provide a reliable way to identify and kill hostile ships. Research and development expenditures have been substantial in the market, which has resulted in the launch of torpedoes with enhanced stealth, speed, and accuracy. In addition, states have increased their naval forces due to geopolitical unrest and local wars worldwide, which has increased demand for torpedoes. Torpedoes are equipped with cutting-edge sensors and communication systems. To improve their target detection and tracking skills, torpedoes have been equipped with advanced sensors, such as sonar and acoustic sensors, because of technological breakthroughs. With these sensors, torpedoes may obtain situational awareness and engage hostile vessels accurately and efficiently. Moreover, torpedoes and their launch platforms or command centres have better connectivity and coordination due to developments in communication technology. The global torpedo market is expanding due to the escalation of maritime border disputes between neighbouring nations and the rise in naval vessel acquisition driven by rising defence budgets. However, concerns about regulatory hurdles, the development of ballistic missiles in submarines, and the increase in cyberattacks all function as roadblocks to the market's expansion. Furthermore, during the projected period, there will be plenty of potential for market expansion due to partnerships and collaborations and increased awareness of unmanned underwater vehicles.

Torpedo Market Size

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Recent Development
  • The Indian Defence Ministry and the US government signed a contract in October 2021 to purchase MK 54 torpedoes and spare parts for the Indian Navy's P-8I anti-submarine warfare aircraft, including flares and chaff. The contract amounted to USD 56.38 million.
  • The Australian Department of Defence chose Thales Australia in October 2021 to maintain the MU90 lightweight torpedo, which has been used by the Royal Australian Navy (RAN) since 2013. The agreement is valued at USD 14.5 million.
  • The Indian Navy successfully conducted a test firing of the Varunastra, an indigenously built ship-launched heavyweight torpedo (HWT) designed to counter submarines, in June 2023. An electrically driven torpedo with anti-ship and anti-submarine capabilities is known as the Varunastra HWT. 
  • Ukraine started the "Loitering Torpedo" in April 2023. Following Deadly Sea Drones, 'Brave1,' a new defence manufacturing and technology programme started by the Ukrainian government, was mentioned on a logo next to the weapon's label. 
  • The Pacific Fleet of Russia is reportedly proceeding with plans to activate a new division of submarines specifically built to launch an intercontinental-range nuclear drone-torpedo named Poseidon, which can potentially be used to target coastal cities.
  • During the NATO repmus exercise in September 2023, BAE systems successfully tested the launch of an inert sting ray torpedo from a heavy-lift unmanned aircraft system (UAS) in cooperation with Malloy Aeronautics.
  • The new torpedo training facility of the Royal Australian Navy was formally inaugurated in October 2023 on Her Majesty's Australian ship (HMAS) Stirling in Western Australia. Naval personnel are expected to receive enhanced instruction on torpedo operation and maintenance at this cutting-edge facility.
  • An extremely light Torpedo from Northrop Grumman was air-launched on multiple US Navy aircraft in May 2020. For the United States Navy (USN), Northrop Grumman recently produced and tested the prototype of an extremely light torpedo.
  • The Swedish defence procurement agency received the first delivery of the new lightweight torpedo (Saab Lightweight Torpedo) from Saab AB in October 2022. The torpedo is designed to be integrated with helicopters; however, its primary target is Swedish submarines and Visby corvettes. FMV is conducting the system's final certification to ensure the torpedo system satisfies its standards before being commissioned with the Royal Swedish Navy.

Market Dynamics:


Growing regional conflicts and geopolitical tensions- There is an increasing focus on enhancing naval defence capabilities due to increased conflicts in different locations. As a vital part of their naval forces, nations actively invest in torpedoes to improve their combat and defensive capabilities. The demand for torpedoes is driven by the need to defend key assets, secure maritime borders, and preserve maritime superiority. Geopolitical tensions play a major role in the market as nations want to keep an effective deterrent and the capacity to neutralize possible threats.


Regulatory obstacles and export limitations- Since torpedoes are complex weapons, nations have placed tight export restrictions and prohibitions on them. The objectives of these regulations are to safeguard national security interests and stop the illicit transfer of sensitive military technology. Export control laws can hinder the market's capacity for expansion by creating obstacles to international trade and torpedo transfers. Businesses that deal with torpedoes must abide by these rules, secure the required licences, and handle intricate export control systems.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global torpedo market, with a 35.28% market revenue share in 2023. This is attributed to the fact that one of the world's most sophisticated and technologically advanced defence industries is found in North America, specifically in the United States. Defence technologies, such as torpedoes, have been developed and produced in the region for a considerable time.

North America Region Torpedo Market Share in 2023 - 35.28%

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Weight Segment Analysis

The weight segment is divided into lightweight torpedoes and heavyweight torpedoes. The lightweight torpedoes segment dominated the market, with a market share of around 62.47% in 2023. This is because lightweight torpedoes can be fired from various platforms, such as fixed-wing aircraft, surface ships, helicopters, and submarines. Because of their adaptability, they may be utilized in various naval activities, which appeal to a wide spectrum of military forces.

Launch Platform Segment Analysis

The launch platform segment is divided into surface launched, air launched, and underwater launched. The underwater launched segment dominated the market, with a market share of around 38.52% in 2023. This is because underwater launched torpedoes, which can be secretly placed below the water's surface, benefit from surprise and secrecy. This makes them more effective against targets in naval warfare because it makes it harder for them to be discovered. As a result, the underwater-launched segment has become a key component of torpedo for businesses in various sectors.

Some of the Key Market Players:
  • Atlas Elektronik GmbH
  • Bharat Dynamics Limited
  • Naval Group
  • Raytheon techmologies
  • Saab
  • Leonardo S.p.A.
  • Rosoboronexport
  • BAE Systems
  • Northrop Grumman

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 2.46 Billion
Market size value in 2033 USD 5.18 Billion
CAGR (2024 to 2033) 7.75%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Weight, Launch Platform

Frequesntly Asked Questions

As per The Brainy Insights, the size of the torpedo market was valued at USD 2.46 Billion in 2023 & USD 5.18 Billion by 2033.

Global torpedo market is growing at a CAGR of 7.75% during the forecast period 2024-2033.

North America region emerged as the largest market for the torpedo.

Growing regional conflicts and geopolitical tensions is a significant driving factor for the growth of the torpedo market.

Regulatory obstacles and export limitations is a significant restraining factor for the growth of the torpedo market.

Key players are Atlas Elektronik GmbH, Bharat Dynamics Limited, Naval Group, Raytheon techmologies, Saab, ASELSAN A.S., Leonardo S.p.A., Rosoboronexport, BAE Systems, Northrop Grumman, among others.

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This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global torpedo market based on below mentioned segments:

Global Torpedo by Weight:

  • Lightweight Torpedoes
  • Heavyweight Torpedoes

Global Torpedo by Launch Platform:

  • Surface Launched
  • Air Launched
  • Underwater Launched

Global Torpedo by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa
    • UAE
    • South Africa


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