The torpedo market was estimated at US$ 1.1 Billion in 2021 and is expected to grow at a CAGR of 4.7% during 2022-2028 to reach US$ 1.9 Billion in 2028.
Nearly all industrial sectors have been proven to be negatively impacted by COVID-19. COVID-19's impacts on the defense sector were minimal compared to other market industries. However, there was even a little decline in growth rate because of the temporary shutdown or halt in industrial facilities brought on by the lockdown effect. Due to significant financial losses brought on by the epidemic, the world is currently experiencing an economic crisis, which has restricted investment in the defense industry.
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