The torpedoes are self-propelled and self-guided weapons for anti-warships and anti-submarine warfare. The torpedoes are mainly operated underwater and are developed to detonate on contact or in the vicinity of the target. The torpedoes are generally released from submarines or warships, and sometimes from aircrafts or helicopters also. The submarine or warship released torpedoes which are heavier in weight while the same released from an aircraft or helicopters are lighter in weight.

The key factor driving the market for torpedoes is the increased production of light weight torpedoes which can be carried on an aircraft or on a warship in a large number. These lightweight torpedoes are mainly targeted at submarines and are released from the aircraft near the target. As the torpedoes are released near to the targets, it minimizes the need for precision navigation systems and thus reducing the overall costs. The increased usage of lightweight torpedoes, are likely to aid the growth of the market for torpedoes. Another prominent factor boosting the market for torpedoes is the advancement in underwater warfare technology. Owing to the fact that, presently underwater warfare has increased a lot in comparison to early days, the torpedoes plays a vital role in undersea warfare due to their self-guided and self-propelled characteristics. The advancement in torpedoes helps the naval forces and air forces to eliminate their enemies in their vicinity.

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The market for torpedoes have certain restraining factors such as the submarine manufacturers are constantly focusing on development of ballistic missiles protected submarines. This development is hampering the market for torpedoes as these ballistic protected submarines are not affected by the torpedoes. Another inhibiting factor for the torpedo market is the limitations in detecting direction and speed of the torpedoes. The torpedoes are self-guided and self-propelled weapons, so the controlling of these weapons are not possible. Thus, the speed and direction depends totally on the direction of launching.

The advent of new hybrid torpedoes are expected to boost the market for torpedoes in future. The torpedo manufacturers are constantly focusing on the development of hybrid torpedoes which will be impacting positively on the naval forces and air forces across the globe.The hybrid torpedoes are the next generation stealth torpedoes that combine the two main capabilities into one weapon, making it difficult for the enemies to react with counter measures. The primary advantage of these hybrid torpedoes is to expand the range and increase the speed of movement of the torpedo systems. Another advantage is that the hybrid torpedoes or next generation stealth torpedoes remain undetected by the enemy submarines or warships until it reaches close to the contact of detonation, thus limiting the enemy to react to the incoming torpedo and deploying weapons to resist it.

The market for torpedo is segmented based on weight, platform, and geography. On the basis of weight, the torpedo market is bifurcated into heavy weight and light weight torpedoes. The different platforms for launching of torpedoes are submarines, warships, aircrafts and helicopters.And geographically, the market for torpedoes is categorized as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The largest market for torpedoes is held by North America followed by Europe. Asia Pacific is estimated to be the fastest growing region as this is attributed to the fact that China, Japan and India is constantly developing their underwater weapons in order to protect their warships and submarines from the enemies.

The key players in the torpedo market are BAE Systems (U.K), Lockheed Martin Corporation (U.S.), Saab Ab (Sweden), Raytheon Company (U.S.), Bharat Dynamics Ltd. (India), Honeywell International Inc. (U.S.), Orbital ATK (U.S.), Atlas Electronik GmbH (Germany), Leonardo Company (Italy).

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