The Torpedo Market Size is steadily advancing as nations across the globe prioritize underwater warfare capabilities and naval security. According to (MRFR), the global torpedo market was valued at USD 1.245 billion in 2024 and is projected to grow to USD 2.464 billion by 2035, representing a compound annual growth rate (CAGR) of 6.4% between 2025 and 2035.
Torpedoes play a critical role in modern naval warfare, serving as self-propelled underwater weapons used to neutralize enemy submarines, surface ships, and other seaborne threats. As maritime security concerns rise with geopolitical tensions and strategic military expansions, demand for advanced torpedo systems has accelerated. Nations are increasingly investing in sophisticated underwater weaponry to enhance deterrence and ensure defense readiness in contested maritime zones.
Several key drivers underpin the robust growth trajectory of the torpedo market. Notably, increasing defense budgets among major economies have fueled procurement and upgrade programs for naval forces worldwide. As countries modernize their fleet and undersea warfare systems, torpedoes—which are central to anti-submarine warfare (ASW)—are becoming indispensable assets in defense planning.
Technological innovation is another vital growth driver in the market. Recent enhancements in torpedo design, guidance systems, and propulsion technologies are significantly improving mission capabilities. Advanced guidance systems, including both guided and autonomous operation mechanisms, enhance target accuracy and reduce risks to launching platforms. Additionally, improvements in propulsion—via both thermal and electric methods—have extended range, speed, and stealth, making modern torpedoes more effective in diverse ocean environments.
The torpedo market’s segmented landscape also reflects its diverse application spectrum. The guided torpedo segment currently dominates, owing to its high precision and better adaptability for combat operations. However, autonomous torpedoes are rapidly gaining traction as navies seek systems capable of independent navigation and decision-making in complex engagement scenarios.
From a regional perspective, North America remains the largest market, primarily driven by substantial defense spending and continuous modernization of naval forces. Advanced economies in the region consistently allocate significant portions of their military budgets to undersea warfare systems, including torpedoes. Meanwhile, the Asia-Pacific region is emerging as the fastest-growing market, driven by rising maritime threats, territorial disputes, and expanded naval force structures. Regional naval build-ups and counter-strategies are prompting governments to invest heavily in cutting-edge underwater weaponry.
Key players shaping the competitive landscape include Lockheed Martin (US), Raytheon Technologies (US), Northrop Grumman (US), Thales Group (France), BAE Systems (UK), Leonardo S.p.A. (Italy), Kongsberg Gruppen (Norway), and Saab AB (Sweden), among others. These firms are focusing on strategic partnerships and technological innovations to develop next-generation torpedo systems that can meet evolving defense requirements.
In summary, the torpedo market is poised for sustained growth through 2035, fueled by rising defense expenditures, technological advancements, and strategic maritime security priorities across global regions. As naval powers continue to strengthen their underwater combat capabilities, demand for sophisticated torpedo systems will remain robust.
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