Market Size of Torpedo Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Torpedo Market Analysis
The torpedo market is anticipated to register a CAGR of over 4% during the forecast period.
The COVID-19 pandemic impact on the torpedo market was relatively low as the demand and procurement of torpedoes were relatively unaffected due to robust investments of armed forces into the enhancement of their naval attack capabilities.
The increasing military spending, fueled by the growing conflicts between the countries and the increasing threat of terrorism and border issues, is driving the growth procurement of new and advanced weapons systems, thereby propelling the demand for torpedoes during the forecast period.
With the growing tensions over the water borders, such as in the South China sea, the countries are investing in the procurement of naval ships, submarines, and unmanned sea systems. This is accelerating the demand for torpedoes during the forecast period.
Further, the installation of nuclear warheads on torpedoes is picking up pace and is one of the most promising areas of investment for the countries.
