The Self-Guided Torpedo Market research study categorizes market trends that are pertinent to the requirements, supply, and arrangement—or, at the very least, the recent occurrences. The research provides a clear picture of the market by highlighting significant drivers, constraints, and opportunities. The comprehensive information on lucrative emerging markets is provided in the Self-Guided Torpedo Market research report, which also looks at the markets' developing segment. Additionally, a thorough assessment of the market shares, strategies, goods, validation, regulatory clearances, copyright considerations, and manufacturing expertise of the major competitors is provided by the Self-Guided Torpedo Market research study.
Self-Guided Torpedo Market Overview
The global Self-Guided Torpedo market size is expected to growth from USD 1134.6 million in 2020 to USD 1365.6 million by 2027; it is expected to grow at a CAGR of 2.7% during 2021-2028.
Torpedo is the most preferred lethal underwater weapons for naval platforms such as submarines, surface vessels, aircraft, and helicopters. A modern torpedo contains intricate devices to control its depth and direction according to a pre-set plan or in response to signals received from an outside source, as well as a device that detonates the explosive-filled warhead when it strikes its target or comes close to it.
Increase in number of territorial conflicts throughout the world and rise in naval modernization programs drive the growth of the global self-guided torpedo market. However, increase in incorporation of anti-torpedo defense systems in combat vessels are some of the factors that have supported long-term expansion for Self-Guided Torpedo Market.
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The rapid spread of COVID-19 had a significant impact on the global self-guided torpedo market in 2020, owing to the decline in financial growth across the world. COVID-19 pandemic led to several challenges for the self-guided torpedo industry such as disruption in the supply chain of raw materials, logistics challenges, and others. On the other hand, the self-guided torpedo equipment manufacturers had to reduce expansion and R&D investments to withstand the decline in revenue and operating performance of the defence industry.
Self-Guided Torpedo Market Regional Analysis
Asia-Pacific accounted for the largest share in 2020, contributing to nearly one-third of the total share, and is estimated to maintain its dominance in terms of revenue. However, North America is expected to portray the fastest CAGR of 7.4% during the forecast period.
Self-Guided Torpedo Market Competitive Landscape
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
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Self-Guided Torpedo Market Recent Developments
- The Defence Acquisition Council (DAC) cleared the purchase of 13 long range guns that will allow warships to attack targets some 24 km away, including targets on sea and land. The range can be extended further by using a different type of ammunition.
- Airborne weapons experts at the Boeing Co. got the go-ahead last week to start building add-on kits for the U.S. Navy Mark 54 lightweight torpedo that will enable the Navy P-8A Poseidon maritime patrol jet to launch these weapons from altitudes as high as 30,000 feet and attack enemy submarines from long ranges.
Reasons to Acquire in the Self-Guided Torpedo Market
- Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
- Gain authentic and granular data access for Self-Guided Torpedo Market so as to understand the trends and the factors involved behind changing market situations
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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Frequently Asked Questions
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