Torpedo Market By Type (Lightweight Torpedoes, Heavyweight Torpedoes), By Launch Platform (Submarine, Surface Ship, Aircraft, Ground-Based Systems), By End-Use Industry (Military, Defense Contractors, Naval Forces), and By Region; Global Insights & Forecast (2024 – 2030).

As per Intent Market Research, the Torpedo Market was valued at USD 5.7 Billion in 2024-e and will surpass USD 9.4 Billion by 2030; growing at a CAGR of 8.7% during 2025 - 2030.

The Torpedo market plays a crucial role in modern naval warfare, providing a versatile and effective weapon for underwater and surface engagements. Torpedoes are used by military forces across the world for a range of applications, from targeting enemy ships and submarines to safeguarding naval assets and securing national defense interests. The market for torpedoes is driven by technological advancements in weaponry, increased naval defense spending, and the growing importance of maintaining naval superiority in regional and global conflicts. Additionally, the ongoing modernization of naval fleets and the rising demand for defense systems that can counteract emerging threats are key factors driving growth in the torpedo market.

As nations increasingly focus on enhancing their naval capabilities, the demand for advanced, high-performance torpedoes is on the rise. With modernized torpedo systems offering improved accuracy, stealth, and enhanced lethality, both traditional and emerging naval powers are investing heavily in developing and acquiring these underwater weapons. In parallel, advancements in torpedo-launching platforms, such as submarines, surface ships, and aircraft, are further contributing to the market's expansion. The integration of new technologies, including automation, guidance systems, and countermeasure capabilities, is ensuring that torpedoes remain a critical asset in naval defense strategies.

Lightweight Torpedoes Are Largest Owing to Their Versatility and Use Across Various Platforms

Lightweight torpedoes dominate the torpedo market due to their versatility, ease of deployment, and adaptability to various platforms, including submarines, surface ships, and aircraft. These torpedoes are smaller, lighter, and easier to launch compared to their heavyweight counterparts, making them highly suitable for a variety of applications, including anti-submarine warfare and anti-surface warfare. Lightweight torpedoes are typically employed in defense operations where quick mobility and operational efficiency are essential, offering an ideal solution for naval forces to engage and neutralize threats with precision.

Lightweight torpedoes are also favored for their relatively lower costs, making them accessible to a wider range of military forces, including smaller nations with limited defense budgets. Their ability to be deployed from multiple launch platforms, including helicopters, ships, and submarines, further increases their operational flexibility. As a result, lightweight torpedoes are widely used across various naval forces, contributing to their dominant position in the torpedo market. With continuous advancements in guidance systems, propulsion technologies, and stealth capabilities, lightweight torpedoes will remain a central component of modern naval arsenals.

Heavyweight Torpedoes Are Fastest Growing Owing to Advanced Lethality and Strategic Defense Requirements

Heavyweight torpedoes represent the fastest-growing segment in the torpedo market, driven by their advanced lethality, longer range, and enhanced capabilities in strategic defense operations. These torpedoes are larger and heavier than lightweight torpedoes, providing significantly higher payloads and greater striking power, making them ideal for engaging larger and more heavily armored targets, such as aircraft carriers, large submarines, and other high-value naval assets. The increasing demand for heavyweight torpedoes is fueled by their ability to penetrate advanced defenses, including countermeasures and evasive tactics.

The growing focus on maritime security, naval superiority, and the defense of strategic waters is propelling the demand for heavyweight torpedoes, especially among naval powers investing in more advanced, long-range weapons. These torpedoes are capable of being launched from submarines, surface ships, and even aircraft, adding to their operational flexibility. As defense contractors continue to innovate in torpedo design, the incorporation of enhanced guidance systems, speed, and power efficiency will further contribute to the rapid growth of heavyweight torpedoes in the market. Heavyweight torpedoes are expected to see increasing adoption by naval forces worldwide as they strive to enhance their offensive capabilities in a more complex and volatile geopolitical environment.

Submarine Launch Platform Is Largest Owing to Stealth and Strategic Advantage

The submarine launch platform is the largest segment in the torpedo market due to the strategic advantages provided by submarines, including stealth and the ability to engage targets from concealed positions. Submarines are among the most formidable platforms for launching torpedoes because they can operate undetected beneath the surface, making them highly effective in surprise attacks and in avoiding countermeasures. The ability to launch torpedoes from submarines allows naval forces to maintain a strong defense posture while remaining elusive, particularly in high-stakes military conflicts.

Submarine-launched torpedoes are used extensively by naval forces around the world, providing a significant advantage in both offensive and defensive operations. The ability to launch from a submerged position allows for greater tactical flexibility, as submarines can operate in international waters or near enemy shores without detection. Additionally, the increasing development of advanced submarines with improved sonar systems and stealth technologies is further boosting the demand for torpedoes launched from submarines. As nations invest in their naval capabilities, submarine-launched torpedoes will continue to be a critical asset in maintaining naval superiority.

Military End-Use Industry Is Largest Owing to Strategic Security and Defense Initiatives

The military end-use industry is the largest segment in the torpedo market, as torpedoes play a vital role in national security and defense strategies. Military forces rely heavily on torpedoes for both offensive and defensive operations, including neutralizing enemy vessels, protecting naval assets, and maintaining strategic control of maritime routes. The increased investment in modernizing naval fleets, enhancing defensive capabilities, and ensuring operational readiness in response to growing maritime security threats is driving the demand for advanced torpedo systems.

Military spending on defense systems is rising globally, especially in regions with high geopolitical tensions and significant naval capabilities. This growing demand for cutting-edge weapons systems, such as torpedoes, is expected to fuel the expansion of the torpedo market in the military sector. Additionally, the continuous development of advanced torpedo technologies, including improved guidance systems, propulsion mechanisms, and longer-range capabilities, will further strengthen the military’s reliance on these weapons. As naval forces continue to upgrade their arsenals to meet evolving security challenges, the military sector will remain the dominant end-user of torpedo systems.

North America Region Leads the Market Owing to High Defense Spending and Naval Strength

North America is the leading region in the torpedo market, driven by the United States' robust defense budget, advanced naval capabilities, and strategic defense initiatives. The U.S. Navy is one of the largest consumers of torpedoes, with extensive investments in modernizing its fleet of submarines, surface ships, and aircraft. Additionally, the U.S. government's focus on strengthening national security and maintaining a dominant presence in international waters contributes to the region's leadership in the torpedo market.

The demand for torpedoes in North America is further supported by advancements in torpedo technology, including increased range, improved accuracy, and the development of new propulsion and guidance systems. As the U.S. and its allies continue to enhance their naval fleets, the market for torpedoes in the region is expected to grow. North America's strong defense infrastructure and the presence of leading defense contractors make it a key market for torpedo manufacturers and a hub for innovation in underwater weaponry.

Competitive Landscape and Key Players

The torpedo market is highly competitive, with numerous key players providing a wide range of torpedo solutions to meet the needs of military forces worldwide. Leading companies in the market include Raytheon Technologies, Lockheed Martin, Saab AB, Leonardo S.p.A., and Naval Group. These companies are at the forefront of developing advanced torpedo technologies, including lightweight and heavyweight models, as well as torpedoes designed for specific platforms such as submarines, surface ships, and aircraft.

The competitive landscape is characterized by continuous innovation in torpedo design, guided by advancements in sonar, propulsion systems, and countermeasure technologies. Additionally, defense contractors are increasingly focusing on offering customizable solutions that meet the specific requirements of naval forces and defense agencies. As the market grows, these key players will continue to drive advancements in torpedo technology, ensuring their position as leaders in the highly strategic and evolving torpedo market.

Recent Developments:

• Lockheed Martin successfully completed a test of its advanced heavyweight torpedo designed for naval defense operations.
• Raytheon Technologies announced the development of a new lightweight torpedo optimized for anti-submarine warfare.
• Leonardo S.p.A. unveiled plans to enhance the capabilities of its torpedo systems with next-generation propulsion and guidance technology.
• BAE Systems secured a contract to supply torpedo systems to an undisclosed international naval force.
• Saab AB introduced a new series of smart torpedoes with advanced homing technology for improved underwater targeting.

List of Leading Companies:

• Lockheed Martin
• Raytheon Technologies
• Leonardo S.p.A.
• BAE Systems
• Saab AB
• Naval Group
• Thales Group
• Kongsberg Gruppen
• ATK (Northrop Grumman Innovation Systems)
• General Dynamics Electric Boat
• DCNS (Naval Group)
• Mitsubishi Heavy Industries
• Fincantieri
• Rheinmetall AG
• Hensoldt

Report Scope: