Torpedo Market is Expected to Grow With a CAGR of 3.97% During the Forecast Period 2018-2025, Says Esticast Research and Consulting
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As per the report ” Torpedo Market By Type ( Electrical Power Torpedo, Thermal Power Torpedo ), By Application ( Naval Vessel-Launched Torpedo, Aerial Platform-Launched Torpedo ), Industry Trends, Estimation & Forecast, 2017 – 2025″
In 2017, the electrical power torpedo segment generated the highest revenue share in the global torpedo market. Among major regions, North America was the highest revenue generating market, holding nearly 30% of the market share, in 2017.
“Market players are under the constant radar of political risks pertaining to export restrictions, economic crisis, regulatory changes, and political turmoil caused due to shifts in power of authority. However, market players are coping up with such risks by maintaining a constant check over the laws & regulations, investing into trade insurances, and adopting various export guarantees. The launch of “Make in India” program by the Indian government, has paved the way for several opportunities for the domestic industry to link-up with the global players in order to share their products and technologies.”
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The surging geopolitical tensions among the nations of the world has propelled the market players to increase their R&D investments and launch upgraded versions of the existing torpedoes. Torpedoes have been continuously evolving, in order to render advantageous features such as light weight, fast speed, wide target range, high impact upon contact with the target, and untraceability among few others. Moreover, the integration of Information and Communication Technology (ICT) within the torpedoes has enhanced the security features of the system. Torpedoes have evolved into the next generation stealth torpedoes known as the hybrid torpedoes, which combine the two main capabilities into a single weapon, making it difficult for the enemies to react with counter measures.
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Contractual agreements emerge as the prime marketing strategy being followed by the market players
Torpedo manufacturers enter into contractual agreements with their customers for a specific duration of time and meet their customers demand. Market players are signing business agreements based on fixed-price contracts or cost-reimbursable contracts for both, long duration and short duration of time. For instance, Bharat Dynamics Limited (BDL) has adopted a strategy to conclude long term contracts in order to ensure timely delivery of product at predetermined prices. Post the amendments made in the export policy of the Department of Defence Production, Ministry of Defence, BDL earned a contract worth $21.5 million for exporting Light Weight Torpedoes (LWT).
A sense of competition among the nations regarding their defence status has propelled them to spend more on procuring latest and highly advanced weapons
China is continuously expanding its military capabilities with imported and domestically-produced weapons, as a result of which, the neighboring countries such as India, Japan and Vietnam are also significantly strengthening their naval armed forces. As per Stockholm International Peace Research Institute (SIPRI), the international trade volume of major armed weapons has rapidly grown in the past decade, holding a growth rate of nearly 14% during the span of 2011-2015. Moreover, according to the U.S. Navy, the budget for torpedoes and related components valued for $ 272,787, 000 in 2017, rendering a higher power authority status to the region.
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KEY FINDINGS OF GLOBAL TORPEDO MARKET, 2017-2025
* Thermal Power Torpedo segment is expected to exhibit the highest growth rate of 4.12% during the forecast period 2018-2025.
* Aerial Platform-Launched torpedo segment is anticipated to grow with an impressive CAGR of 4.39% during the forecast period.
* China is expected to grow with the highest CAGR of 5.57% during the forecast period 2018-2025.
Some key market players are Atlas Elektronik, BAE Systems, Lockheed Martin, Raytheon, Saab, Bharat Dynamics Limited (BDL), DCNS, Honeywell International, Leonardo-Finmeccanica, and Orbital ATK.