Torpedo Market by Companies, Region, Type and End-use Industry 2025 to 2033

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.

2. Market Dynamics

✅ Drivers

• Rising geopolitical tensions and increasing naval defense budgets globally.
• Growing modernization programs of navies focusing on underwater warfare capabilities.
• Technological advancements such as AI-powered guidance, enhanced propulsion, and stealth features.
• Increased demand for advanced anti-submarine warfare (ASW) systems.
• Expansion of naval forces in emerging economies with growing maritime interests.

❌ Restraints

• High development and procurement costs associated with advanced torpedo systems.
• Stringent regulations and export controls on defense technologies.
• Maintenance and operational challenges in harsh underwater environments.
• Limited number of manufacturers and suppliers, leading to supply constraints.

💡 Opportunities

• Integration of AI and machine learning for improved target detection and tracking.
• Development of lightweight torpedoes for deployment from various platforms including drones and UAVs.
• Collaboration between nations on joint development and procurement programs.
• Growth in underwater unmanned vehicle applications, increasing demand for compatible torpedo systems.
• Increasing investments in maritime security and anti-piracy operations.

3. Segment Analysis

By Type:

• Heavyweight Torpedoes (used by submarines and large vessels)
• Lightweight Torpedoes (used by aircraft, smaller vessels, and UUVs)

By Propulsion:

• Electric Propulsion
• Thermal Propulsion (Gas turbine, Otto fuel II)
• Other advanced propulsion systems

By Guidance System:

• Wire-guided
• Acoustic Homing
• Wake Homing
• Active/Passive Sonar Guided

By Platform:

• Submarines
• Surface Ships
• Aircraft
• Unmanned Underwater Vehicles (UUVs)

By Region:

• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America

4. Some of the Key Market Players

• Raytheon Technologies Corporation
• Lockheed Martin Corporation
• Thales Group
• BAE Systems Plc
• Kongsberg Gruppen ASA
• General Dynamics Corporation
• Naval Group
• Torpedo Factory (Russia)
• WASS (Whitehead Alenia Sistemi Subacquei S.p.A.)
• Atlas Elektronik GmbH

5. Key Target Audience

• Defense ministries and naval forces worldwide
• Defense contractors and aerospace & defense companies
• Research and development institutions focusing on naval technology
• Maritime security organizations
• Defense procurement agencies and policymakers
• Investors and analysts in defense technology markets
• Unmanned underwater vehicle manufacturers

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6. Report Description

This Torpedo Market Report delivers an in-depth analysis, covering:

• Market size, forecasts, and growth trends (2023–2030)
• Technological innovations and next-generation torpedo systems
• Strategic insights into procurement and development by major navies
• Competitive landscape, including product portfolios, market shares, and partnerships
• Regulatory frameworks and impact of export controls
• Regional market dynamics and defense spending patterns
• SWOT and Porter’s Five Forces analysis
• Strategic recommendations for manufacturers, governments, and investors