LONDON–(BUSINESS WIRE)–The new torpedo market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the torpedo market.
Get FREE report sample within MINUTES
“One of the primary growth drivers for this market is the increasing investments in undersea capabilities,” says a senior analyst for the industrials industry at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the torpedo market size to grow by USD 219.79 million during the period 2020-2024.
Torpedo Market Segment Highlights for 2020
- The torpedo market is expected to post a year-over-year growth rate of 2.47%.
- Based on the application, The naval vessels-launched torpedoes segment has the maximum torpedo market share due to its capability of carrying heavyweight torpedoes.
- The growth of the segment will be significant during the forecast period.
- 36% of the growth will originate from the APAC region.
- The development of hybrid torpedoes by the leading manufacturers is one of the prime factors that will facilitate the torpedo market growth in APAC over the forecast period.
- China and India are the key markets for torpedoes in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Related Reports on Industrials Include:
Global Commercial Aircraft Angle of Attack Sensors Market– The commercial aircraft angle of attack sensors market is segmented by aircraft type (narrow-body aircraft, wide-body aircraft, and regional jet) and geography (North America, APAC, Europe, South America, and MEA). Click Here to Get an Exclusive Free Sample Report
Global UAV Market – The UAV market is segmented by application (defense and homeland security and commercial and civil) and geography (North America, Europe, APAC, MEA, and South America). Click Here to Get an Exclusive Free Sample Report
- The torpedo market size is expected to accelerate at a CAGR of about 4% during the forecast period.
- The torpedo market is segmented by application (Naval vessels-launched and Aerial platform-launched) and geography (North America, APAC, Europe, MEA, and South America).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including ASELSAN AS, (BA)E Systems Plc, Honeywell International Inc., Leonardo Spa, Lockheed Martin Corp., Mitsubishi Heavy Industries Ltd., Northrop Grumman Corp., Raytheon Technologies Corp., Saab AB, and thyssenkrupp AG
Register for a free trial today to access 17,000+ market research reports using Technavio’s SUBSCRIPTION platform
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.