As cited by the research report titled ‘Global Torpedo Market by Weight (Heavy-weight Torpedoes, and Light-weight Torpedoes), Launch Platform (Sea-launched, and Air-launched), Regional Forecasts 2021-2027’, available with MarketStudyReport, global torpedo market is projected to grow with a 4% CAGR to garner significant returns over 2021-2027.
 

Rising military spending, growing threat of terrorism and rising cross border conflicts are the major factors driving global torpedo market growth. 
 

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As per Statista, the U.S. led in terms of highest military spending in 2020, with around USD 778 billion dedicated to the military. That alone constituted to at least 39% of the overall military spending worldwide that year, which accounted for USD 1.98 trillion.
 

In 2019, the U.S. military expenditure accounted for 3.4% of the U.S. gross domestic product (GDP), placing it lower in the ranking of military spending as a percentage of GDP than Israel, Saudi Arabia, and Russia.
 

For the record, torpedoes are self-propelled and self-guided weapons mainly used underwater, designed to detonate on contact with or around the target. Torpedoes are usually launched from warships or submarines, while they may also be launched from helicopters or planes.
 

Speaking of negatives, increasing development of ballistic missiles submarines is likely to hinder the market progression over the projected timespan.
 

Based on weight, global torpedo industry is segmented into light-weight torpedoes and heavy-weight torpedoes. Considering launch platform, the marketplace is bifurcated into air-launched and sea-launched.
 

On the geographical front, the industry is categorized into North America, Asia Pacific, Europe, and Latin America.
 

Experts cite that Asia Pacific is likely to hold a significant market share by the year 2027, on account of increasing military expenditure, continuous geopolitical concerns and border tensions. Moreover, countries like India, China, and Japan, are expanding their current naval fleets by procuring new warships and submarines and replacing old naval vessels, thereby contributing to the regional market growth.
 

Leading players profiled in the worldwide torpedo industry are Aselsan A.S., Naval Group, Saab AB, Leonardo S.p.A., Northrop Grumman Corporation, Bharat Dynamics Limited, ThyssenKrupp AG, Lockheed Martin Corporation, BAE Systems plc, and Raytheon Technologies Corporation.