Top Trends in Torpedo Market Size 2020 - Global Industry Revenue and Upcoming De
Posted by Rushikesh Pise on March 26th, 2020
As per the report, the global torpedo market on the basis of weight is segmented into a lightweight torpedo and heavyweight torpedo. The heavyweight segment is expected to account for maximum shares during the forecast period owing to its design to launch from submarine torpedo tubes. For instance, The Varunastra, an Indian advanced heavyweight anti-submarine torpedo, developed by the Naval Science and Technological Laboratory of the DRDO for the Indian Navy.
The rising threats of terrorism around the world is a key factor driving the global Torpedo Market, says Fortune Business Insights in a report, titled “Global Torpedo Market Size, Share & Industry Analysis, By Weight (Heavyweight Torpedoes and Lightweight Torpedoes), By propulsion (Electric and Conventional), By Launch platform (Air-launched, Surface-launched, and Underwater-launched), and Regional Forecast, 2016-2024.” The global Torpedo Market was valued at USD 768.4 Million in 2018 is expected to reach USD 1,021.6 Million by 2024 at a CAGR of 5.6%.
Rising Security Concerns Will Favor Growth
The growing threats of terrorism will create new growth opportunities for the global Torpedo Market. The growing conflicts between countries will further enable the growth of the global Torpedo Market. The surge in the deliveries of naval ships and submarines by the different naval forces around the world will contribute significantly to the global Torpedo Market during the forecast period.
Furthermore, the heavyweight segment will generate maximum revenue for the global Torpedo Market during the forecast period owing to the design of the heavyweight torpedoes to from submarine torpedo tubes. These torpedoes are majorly carried by vessels into their torpedo launching tube. In addition, the lightweight torpedo segment is expected to witness significant growth during the forecast period owing to its design to secure littoral supremacy. For instance, the Mark 54 Lightweight Torpedo was jointly by Raytheon and the US Navy under for the U.S. Navy's Lightweight Hybrid Torpedo program.
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About the AuthorRushikesh Pise
Joined: November 4th, 2019
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