The globaltorpedo market demandwas pegged at USD 944.9 million in 2021. The market is anticipated to rise from USD 991.2 million in 2022 to USD 1,439.2 million by 2029 at a 5.47% CAGR during the forecast period.Fortune Business Insightshas elucidated these insights in its latest research report, titled, Torpedo Market,2022-2029.
According to the analysis, the defense sector is poised to exhibit traction for sophisticated weapon solutions. So much so that leading manufacturers have upped investments in robotic torpedo vessels to spot and destroy submarines. Governments are poised to inject funds into the naval sector to streamline operations and bolster strategic infrastructure.
Drivers and Restraints
Surge in Maritime Border Disputes Propels Growth Potentials
Stakeholders expect escalating terrorist activities and disputes among countries to add fillip to the torpedo market growth. To illustrate, the U.S., the U.K., France, India, China, and Australia could lead front the front. Governments are poised to bolster their marine border security through the infusion of funds into submarines, navy ships and maritime helicopters. Besides, an exponential rise in the purchase of naval vessels could play an invaluable role in fostering the penetration of state-of-the-art naval solutions. Industry participants envisage a continuous rise in the defense budget to propel the industry outlook in the ensuing period.
However, rampant cyber-attacks and the use of ballistic missiles in submarines could dent the market growth.
Major Players Profiled in the Report:
- ASELSAN AS (Turkey)
- Atlas Elektronik GmbH (Germany)
- BAE Systems PLC (U.K.)
- Bharat Dynamics Limited (India)
- Honeywell International Inc. (U.S.)
- Leonardo S.P.A. (Italy)
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/torpedo-market-101571
