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Torpedo Market, By Type (Heavyweight Torpedoes, Lightweight Torpedoes), By Propulsion (Thermal Propulsion, Electric Propulsion), By Guidance System, By Launch Platform, By Applications & Forecast, 2024 – 2032

  • Report ID: GMI9942
  • Published Date: Jun 2024
  • Report Format: PDF

Torpedo Market Size

Torpedo Market was valued at USD 996.3 million in 2023 and is estimated to register a CAGR of over 5% between 2024 and 2032. Advancements in supersonic torpedo technology, such as India's recent launch of the Supersonic Missile Assisted Torpedo System (SMAT) by DRDO, play a crucial role in driving growth in the market.

Torpedo Market

SMAT represents a significant upgrade in submarine combat capabilities, extending operational ranges beyond conventional limits. This achievement not only highlights India's advancements in defense technology but also establishes new global standards in underwater warfare capabilities. As nations prioritize enhancing their defense capacities, investments in cutting-edge torpedo systems are pivotal, driving the market expansion to meet the escalating security requirements worldwide. For instance, in December 2021, India's Defense Research and Development Organization (DRDO) successfully launched the Supersonic Missile Assisted Torpedo System (SMAT) from Abdul Kalam Island. The test effectively demonstrated the system's full operational range as intended. SMAT is specifically engineered to enhance capabilities in countering submarines that operate beyond conventional reach.

Rising maritime security threats, such as increased submarine activities and asymmetric warfare tactics, drive growth in the torpedo market. Nations worldwide are bolstering naval defenses to counter the evolving threats including stealthier submarines and unmanned underwater vehicles. This demand fuels investments in advanced torpedo systems capable of effectively detecting and neutralizing these threats. As maritime tensions escalate globally, governments are prioritizing the enhancement of their naval capabilities. This is stimulating market expansion of innovative torpedo technologies designed to effectively safeguard maritime borders and assets.

Long procurement cycles and bureaucratic delays hinder the torpedo industry by prolonging the time it takes for defense contracts to materialize. Governmental regulations, approval processes, and budget allocations contribute to these delays, impacting both suppliers and buyers. These inefficiencies can lead to delayed projects, increased costs, and operational uncertainties for defense organizations worldwide. In a rapidly evolving defense landscape, such delays can also impede technological advancements and limit the market's ability to swiftly adapt to the emerging threats and operational requirements.

Torpedo Market Trends

Recent advancements in torpedo technology focus on improving guidance systems, range, and maneuverability. Developments in propulsion systems and sensor technology enable torpedoes to navigate more accurately and engage targets at greater distances. These advancements not only enhance operational effectiveness against submarines but also strengthen defense capabilities in complex maritime environments, reflecting ongoing efforts to maintain technological superiority and adaptability in naval warfare scenarios.

There is a notable shift toward autonomous torpedoes capable of executing missions independently. These systems integrate advanced AI and autonomous navigation technologies, reducing reliance on human operators and enabling more agile & responsive operations. Autonomous torpedoes offer advantages in terms of operational flexibility, rapid response capabilities, and the ability to perform complex maneuvers. This trend responds to the increasing need for unmanned systems that can enhance situational awareness and operational effectiveness in diverse underwater warfare scenarios.

Torpedo Market Analysis

Torpedo Market Size, By Application, 2022-2032 (USD Million)

Based on the application, the market is segmented into submarine warfare, anti-submarine warfare, anti-surface warfare, stealth operations, tactical scenarios and versatile engagements. The submarine warfare segment is expected to reach over USD 500 million by 2032.

  • Submarines are crucial in modern naval strategy for their stealth & offensive capabilities, which are essential for national defense and power projection. This strategic value drives the need for advanced torpedoes, ensuring that submarines remain effective in various combat scenarios, thus fueling growth in the torpedo market.
  • Innovations in torpedo technology, such as improved guidance systems, propulsion, and stealth features, enhance their effectiveness in submarine warfare. These advancements make torpedoes more capable of countering sophisticated underwater threats, driving the demand for newer & more advanced torpedo systems and contributing to market growth.


Torpedo Market Share, By Launch Platform, 2023

Based on launch platform, the market is segmented into submarines, surface ships, aircraft, Unmanned Underwater Vehicles (UUVs). The surface ships segment is expected to register a CAGR of over 12% during the forecast period.

  • Surface ships can deploy a variety of torpedo types including heavyweight torpedoes for anti-submarine warfare and lightweight torpedoes for anti-surface vessel operations. This versatility enhances the ship's capability to engage multiple threats effectively.
  • Modern surface ships are equipped with advanced sensor suites, command & control systems, and communication networks. These integrated systems enable effective coordination between the ship & launched torpedoes, thereby enhancing situational awareness and operational effectiveness.


U.S. Torpedo Market Size, 2022-2032 (USD Million)

North America dominated the global market in 2023 with over 35% of the total revenue share. The torpedo market in North America is experiencing growth due to substantial defense budgets and continuous investments in naval modernization programs. The region's focus on advanced military technology, including next-generation torpedoes with enhanced guidance and propulsion systems, drives demand. Additionally, increasing geopolitical tensions and the strategic importance of maintaining naval superiority in the key maritime regions further propel the market, as the U.S. and Canada prioritize upgrading their underwater warfare capabilities.

The torpedo industry in the U.S. is growing due to significant defense spending and a strong emphasis on naval modernization. The U.S. Navy's focus on enhancing submarine and surface fleet capabilities drives the demand for advanced torpedoes. Technological innovations in guidance systems, propulsion, and stealth features, along with increasing geopolitical tensions and maritime security concerns, further boost the market, ensuring that the U.S. maintains naval superiority and readiness.

The market in APAC is growing due to increasing defense budgets and naval modernization efforts by countries including China, India, and Japan. Rising geopolitical tensions and territorial disputes in the South China Sea and surrounding waters drive the need for advanced underwater weaponry. Additionally, regional investments in developing indigenous torpedo technologies and strengthening maritime security capabilities contribute to market expansion, ensuring APAC nations enhance their naval defense and maintain strategic stability.

Japan's torpedo market is growing due to heightened defense spending and naval modernization efforts amid regional security concerns. The need to counter threats from neighboring countries, particularly in the East China Sea, drives the demand for advanced torpedoes. Japan's investments in upgrading its submarine fleet and developing indigenous defense technologies, alongside its strategic focus on maintaining maritime security and deterrence capabilities, further propel market growth, ensuring robust & technologically advanced naval forces.

South Korea's market is growing due to increased defense spending and a focus on modernizing its naval forces amid regional threats, particularly from North Korea. The development and procurement of advanced torpedoes enhance South Korea's submarine & anti-submarine warfare capabilities. Additionally, investments in indigenous defense technologies and collaborations with international partners bolster the country's defense industry, ensuring state-of-the-art naval weaponry and contributing to the market expansion.

Torpedo Market Share

ABB Ltd. and Honeywell International Inc. held a share of over 10% in the torpedo industry in 2023. BAE Systems is a British multinational defense, security, and aerospace company headquartered in London, UK. It provides advanced technology solutions for air, land, and naval forces, as well as electronics, cybersecurity, and intelligence services. With a strong global presence, BAE Systems focuses on innovations and sustainability, serving governments and commercial clients worldwide. The company employs over 85,000 people and plays a crucial role in enhancing defense capabilities through cutting-edge products and services.

General Dynamics Corporation is an American aerospace and defense company headquartered in Reston, Virginia. It operates through four business segments: Aerospace, Marine Systems, Combat Systems, and Technologies. Known for products such as Gulfstream aircraft, combat vehicles, and nuclear submarines, General Dynamics serves a global clientele, including the U.S. government. With a workforce of over 100,000, the company emphasizes innovations and advanced technology solutions to meet the evolving defense and commercial needs.

Torpedo Market Companies

Major players operating in the torpedo industry are:

  • BAE Systems
  • General Dynamics Corporation
  • Honeywell International Inc.
  • Leonardo S.p.A.
  • Lockheed Martin Corporation
  • Raytheon Technologies Corporation
  • Saab AB

Torpedo Industry News

  • In May 2024, India's Defence Research and Development Organisation (DRDO), a branch of the Ministry of Defence (MoD), tested its Supersonic Missile-Assisted Release of Torpedo (SMART) system. Launched from the ground, SMART is a canisterized hybrid system that traveled at supersonic speeds, comprising a medium-range missile carrying a lightweight torpedo as its payload.
  • In November 2021, Leonardo announced that the company introduced an enhanced variant of A244/S light-weight torpedoes (LWT) called Mod 4 as a new production weapon system. The upgrade to Mod 4 is expected to increase the maximum speed to over 40 knots at max operational depth. Furthermore, the collaborations between suppliers are expected to increase the concentration in the market and strengthen the control over the market's supply chain in the coming years.

The torpedo market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) from 2021 to 2032, for the following segments:

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Market, By Type

  • Heavyweight torpedoes
  • Lightweight torpedoes

Market, By Propulsion

  • Thermal propulsion
  • Electric propulsion

Market, By Guidance System

  • Wire-guided
  • Autonomous (acoustic) homing
  • Wake-homing
  • Inertial Navigation System (INS)
  • Optical/Infrared homing
  • Magnetic homing
  • Hybrid guidance systems

Market, By Launch Platform

  • Submarines
    • Attack submarines
    • Ballistic missile submarines
  • Surface ships
  • Aircraft
    • Maritime patrol aircraft
    • Helicopters
  • Unmanned Underwater Vehicles (UUVs)
    • Autonomous UUVs
    • Remotely operated UUVs

Market, By Applications

  • Submarine warfare
  • Anti-submarine warfare
  • Anti-surface warfare
  • Stealth operations
  • Tactical scenarios
  • Versatile engagements

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA


Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

Industry size for torpedo was USD 996.3 million in 2023 and is projected to expand at over 5% CAGR from 2024 to 2032, due to the rising maritime security threats, such as increased submarine activities and asymmetric warfare tactics.

The surface ships segment in the torpedo industry is estimated to depict over 12% CAGR between 2024 and 2032, due to their ability to deploy a variety of torpedo types including heavyweight torpedoes for anti-submarine warfare and lightweight torpedoes for anti-surface vessel operations.

The submarine warfare application segment in the torpedo industry is projected to account for over USD 500 million by 2032, on account of their crucial role in modern naval strategy for their stealth & offensive capabilities.

North America industry recorded over 35% revenue share in 2023 and is estimated to expand at notable rate from 2024 to 2032, due to substantial defense budgets and continuous investments in naval modernization programs.

Torpedo Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 430
  • Countries covered: 21
  • Pages: 250
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