Westford,USA, Dec. 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the torpedo market size will attain a value of USD 1600.74 million by 2031, with a CAGR of 5.47% over the forecast period (2024-2031). Increasing military and defense spending coupled with rising geopolitical tensions around the world are slated to bolster torpedo market growth. Emphasis on military and defense modernization and high investments in the development of novel military technologies will also create new opportunities for torpedo providers in the future.
Download a detailed overview:
https://www.skyquestt.com/sample-request/torpedo-market
Browse in-depth TOC on "Torpedo Market"
- Pages - 202
- Tables - 91
- Figures – 76
Torpedo Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 1045.42 Million |
| Estimated Value by 2031 | $ 1600.74 Million |
| Growth Rate | Poised to grow at a CAGR of 5.47% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, Weight, Launch Platform, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing geopolitical tensions around the world |
| Key Market Opportunities | Integration of stealth and low observable technologies |
| Key Market Drivers | Growing investments in military and defense technology advancements |
High Accuracy of Wire-guided Torpedoes Allows Them to Bring in Most Revenue
Wire-guided torpedoes are forecasted to spearhead the global torpedo demand outlook owing to their high accuracy and precision tracking capabilities. These types of torpedoes are highly reliable and used by multiple naval forces around the world for the same reason. Wire-guided torpedoes also provide a tactical advantage in environments where the line of sight is limited thereby leading the global torpedo market forecast.
Reduced Risk for Soldiers Allows Unmanned Underwater Vehicles to Emerge as the Fastest-growing Segment
Unmanned underwater vehicles (UUVs) are expected to gain massive popularity owing to their low costs of deployment and maintenance as compared to crewed vessels. Moreover, the reduced risk for soldiers and easy access to challenging and harsh environments through the use of UUVs are also expected to create new opportunities for torpedo providers in the global torpedomarket outlook.
High Spending on Military and Defense Allows North America to Lead Sales of Torpedoes Globally
North America is home to one of the most prominent military and defense spending countries in the world, which allows it tohold a prominent chunk ofthe global torpedomarket share. Increasing spending on military and defense in the United States coupled with advancements in warfare technologies are expected to help the dominance of North America going forward. Efforts for naval modernization in Canada are also estimated to present new opportunities for torpedo providers going forward.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/torpedo-market
Torpedo Market Insights:
Drivers
- Growing military and defense spending around the world
- Increasing geopolitical tensions amongst multiple countries
- Modernization of warheads and high demand for lightweight torpedoes
Restraints
- Stringent regulations to prevent dissemination of advanced military technologies
- High costs of advanced torpedo development for countries with limited military budgets
- Complex export frameworks and regulations
Prominent Players in Torpedo Market
The following are the Top torpedo market Companies
- ATLAS ELEKTRONIK GmbH (Germany)
- ASELSAN A.S. (Turkey)
- BAE Systems plc (UK)
- Bharat Dynamics Limited (India)
- Honeywell International Inc. (US)
- Leonardo S.p.A. (Italy)
- Lockheed Martin Corporation (US)
- Naval Group (France)
- Northrop Grumman Corporation (US)
- Raytheon Technologies Corporation (US)
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/torpedo-market
Key Questions Answered in Torpedo Market Report
- Why should companies invest in the United States?
- Which opportunities can torpedo providers explore in the run?
- Why are wire-guided torpedoes preferred as per this torpedo market analysis?
- Who are the leading torpedo suppliers?
This report provides the following insights:
- Analysis of key drivers (rising military and defense expenditure, growing geopolitical tensions around the world), restraints (stringent regulations to prevent dissemination, high costs of development), and opportunities (development of stealth torpedoes with advanced low observable technologies) influencing the growth of torpedo market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the torpedo market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Direct Drive Wind Turbine Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-471600.74
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
