LONDON--(BUSINESS WIRE)--The global torpedo market is expected to grow at a CAGR of around 3% during the period 2017-2021, according to Technavio’s latest market research.
In this research report, Technavio covers the market outlook and growth prospects of the global torpedo market for 2017-2021. The market is further categorized into two segments based on application, which include aerial platform-launched torpedoes and naval vessel-launched torpedoes, of which aerial platform-launched torpedoes accounted for over 65% of the market share in 2016.
“The increasing cold wars among countries are boosting the need to patrol oceans that surround countries. This has led to increased expenditure on the procurement of anti-submarine weapons, which augurs well for the growth of the torpedoes market,” says Moutushi Saha, a lead defense research expert from Technavio.
Technavio’s aerospace and defense research analysts segment the global torpedo market into the following regions:
- EMEA
- Americas
- APAC
In 2016, with a market share of over 36%, EMEA emerged as the market leader in the global torpedo market, followed by the Americas with close to 33% and APAC with around 31%.
EMEA: increasing tension between countries to fuel market growth
Technavio expects that the torpedo market in EMEA will post a CAGR of more than 3% during the forecast period. The increasing tension between Russia and the US has led to Russia being one of the prominent markets in Europe. The Russian Navy has been upscaling their torpedo production with radioactive contamination warheads (Status-6 torpedo) that contaminate economic targets on enemy coasts, which includes fishing grounds.
The Middle East also stands as a lucrative market, with Iran domestically developing the new Valfajr torpedo with anti-deception technology. This torpedo features short preparation time, which is expected to increase the tactical capability and a quick response from surface and subsurface combat units.
“There is an increase in the number of lightweight torpedoes as they are versatile and can be launched from a variety of platforms including stationary craft, surface vessels, submarines, helicopters, and fixed-wing aircraft for anti-submarine operations,” says Moutushi.
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Americas: R&D projects and collaborative partnerships to boost growth
The US has been spending considerably on the advancement and development of various weapon systems, including torpedoes. The government actively encourages its domestic companies to undertake various R&D projects as well as form collaborative partnerships with companies of other nations. Additionally, Latin American countries also contribute substantially to the market growth as most of the nations are strengthening their naval combat capabilities.
For instance, Raytheon received a USD 37 million contract from the US Navy to provide Mod 7 CBASS replacement kits and services for the heavyweight torpedo MK 48, which are in service with the US Navy and allied naval force of Canada and the Netherlands. The project is expected to be completed by July 2017. Similarly, the Royal Canadian Navy also invested in its military modernization programs and tested an integrated submarine combat system.
APAC: indigenous weapon building systems in India and China to drive market
The long-standing military conflicts and territorial disputes among various nations have led to the strengthening of naval force across the territorial waters of the Arabian Sea, the Indian Ocean, and the South China Sea. The threat of attacks from adversaries has prompted most countries to increase their military platforms and weapon procurement plans. Additionally, India's "Make in India" program of building weapon systems within the country and Russian manufacturers setting up plants in India are expected to drive the market.
The Indian Navy is due to induct five more Scorpène type submarines in intervals by 2022. These torpedoes will be built indigenously by the country's own Visakhapatnam-based Naval Science and Technological Laboratory (NSTL) of Defence Research and Development Organisation. Similarly, China is improving its R&D and has started making new torpedoes, which show a considerable shift in technology from the older versions. For instance, China's high-precision high-speed torpedoes that have the capacity to sink a 1,000 ton plus target ship by negating the ship’s decoy system which is meant to divert homing torpedoes from hitting ships.
The top vendors in the global torpedo market as highlighted in this market research analysis are:
- ATLAS ELEKTRONIK
- BAE Systems
- Lockheed Martin
- Raytheon
- Saab
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