The global self-guided torpedo market was estimated at more than US$1,254.7 million in 2020 and is projected to grow at a compound annual growth rate (CAGR) of around 5.8% during the forecast period from 2021-2027.

Naval platforms including submarines, surface boats, aircraft, and helicopters require the torpedo as a suitable undersea weapon. Self-guided torpedoes are equipped with advanced devices that enable depth and direction control features through a predetermined plan.

The territorial conflicts between various countries are expected to surge the global self-guided torpedo market. Six countries have overlapping claims to the South and East China Seas, which are abundant with natural gas and hydrocarbons. Other regions like Japan, Vietnam, and the Philippines have become more vocal as China expands its naval superiority and builds military bases on islands.

Torpedoes are one of the most difficult naval technology to develop, and China is one of the few countries that can develop and manufacture them independently. Furthermore, the United States has increased its military activities and maritime presence in the seas, signaling the country's increased role in the battles. As a result, the rise in conflicts throughout the globe to dominate commercial or defense sectors is likely to propel the worldwide self-guided torpedo market forward over the forecast period.

Naval modernization programs may be seen all over the world, as maritime security is one of the most important defense units. Naval forces around the globe are promoting the use of anti-torpedo defense systems to ensure the safety of combat submarines. In early 2021, an Israeli defense technology company, Rafael Advanced Defense Systems and Bharat Dynamics Limited (BDL) declared a partnership for the launch of an anti-torpedo defense system called SHADE for the Indian Navy. The increased use of anti-torpedo or torpedo countermeasure systems in submarines is likely to protect defense vessels against torpedo strikes, limiting the worldwide self-guided torpedo market's development.

Furthermore, increased demand from airplanes for lightweight torpedoes is expected to soar the growth of the global self-guided torpedo market. The torpedoes are designed to detonate when they come into contact with the target. In all conditions, the lightweight torpedo is a cost-efficient and successful anti-submarine warfare weapon. Such advantages increase the demand for torpedoes among naval forces around the world.

COVID-19 Impact Analysis

The impact of COVID-19 on the self-guided torpedo market is unknown, although it is projected to last until late 2021. Nationwide lockdowns compelled production plants to shut down partially or completely. The COVID-19 epidemic has caused delays in actions and initiatives related to the development of self-guided torpedoes market around the world.

Regional Analysis

North America contributed the most to the global self-guided torpedo market. In recent years, the US navy has purchased several modern naval systems. During the analysis period, the market is expected to rise due to recent technological advancements and increased expenditure from the US government in the procurement of new vessels.

Key Market Segments

By Product

Acoustic Homing Torpedo
Wake Homing Torpedo
By Type

Heavyweight Torpedo
Lightweight Torpedo
By Application

Naval Vessel-launched Torpedo
Aerial Platform-launched Torpedo
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
KEY PLAYERS

ATLAS ELEKTRONIK GmbH
BAE Systems plc
Honeywell International Inc.
Leonardo S.p.A.
Lockheed Martin Corporation
Mitsubishi Heavy Industries, Ltd.
Naval Group
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab AB
Other prominent players
RELATED REPORT
Global Light Vehicle Transmissions Market Development Strategy Pre...
Global Electric Vehicles Market Development Strategy Pre and...
Global Electric Vehicle Fast Charging System Market Development...
Global Powered Two Wheelers Market Development Strategy Pre...
Global Automotive Fleet Leasing Market Development Strategy Pre...
Global Electric Vehicle Charging Outlets Market Development Strategy...
Global General Aviation Engines Market Development Strategy Pre...
Global Automotive Steer-By-Wire System Market Development Strategy Pre...
Global Refrigerated Trailer/Truck Market Development Strategy Pre and...
Global Truck Tonneau Covers Market Development Strategy Pre...
Global Electric Motorcycles Market Development Strategy Pre and...
Global Automotive Distributor Market Development Strategy Pre and...
Global Automotive Body Stampings Market Development Strategy Pre...
Global Automotive Interior Trim Market Development Strategy Pre...
Global Antilock Braking System (ABS) Market Development Strategy...