What are the Historical Developments and Current Growth Metrics of the Torpedo Market?
The torpedo market has seen considerable growth due to a variety of factors.
•There has been a significant expansion in the torpedo market size in the past few years. Projections show an increase from $1.2 billion in 2024 to $1.29 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.9%.
The surge during the historic period can be credited to the enhanced crop yield, resilience to pests and diseases, tolerance to herbicides, augmented nutritional content, minimization of environmental effects and financial advantages for farmers.
What Does Future Hold for The Torpedo Market Size?
The torpedo market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, a robust growth is anticipated in the torpedo market, which is expected to reach "$1.68 billion by 2029, expanding at a compound annual growth rate (CAGR) of 6.9%.
The growth in this predicted period can be credited to the introduction of new traits, integration of precision agriculture, focus on crops resilient to climate change, demand for healthier consumer products, resistance to biotic stress, and supportive regulations and frameworks. Notable trends during this forecast period include the adoption of biotech crops, products with stacked traits, advancements in genome editing technologies, consolidation in the seed industry, and innovation in specialty crops.
What Are The Key Drivers Fueling Growth In The Torpedo Market?
The escalation of threats to maritime security is forecasted to fuel the expansion of the torpedo market. Threats to maritime security encompass issues classified in the maritime area, consisting of violence perpetrated against passengers aboard ships, along with the installation of potential destructive or damaging equipment on a ship, contributing to national and human security risks. Frequently used as a means to counteract maritime security dangers, torpedoes detect and neutralise submarines and underwater mines, serve as a deterrent to aggressors, and aid in search and rescue operations. For instance, data from the ICC International Maritime Bureau, a government agency based in the UK, revealed in January 2023 that the estimated number of maritime security threats in the Singapore Straits has been progressively increasing. Incidents surged from 35 in 2021 to 38 in 2022. Consequently, the growth of the torpedo market is being spurred by the intensifying maritime security threats.
What Are The Principal Market Segments In The Global Torpedo Industry?
The torpedo market covered in this report is segmented –
1) By Product Type: Acoustic Homing Torpedo, Wake Homing Torpedo
2) By Weight: Heavyweight, Lightweight
3) By Propulsion: Thermal Powered, Electric Powered
4) By Application: Air-launched, Surfaced-launched, Underwater-launched
Subsegments:
1) By Acoustic Homing Torpedo: Active Acoustic Homing Torpedo, Passive Acoustic Homing Torpedo
2) By Wake Homing Torpedo: Conventional Wake Homing Torpedo, Advanced Wake Homing Torpedo
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Which Emerging Market Trends Are Altering The Torpedo Sector?
One trend that's gaining momentum in the torpedo market is product innovation. To fortify their market position, major corporations within this market are zeroing in on enhancing guidance systems. In a notable example from June 2022, US Defense firm, Raytheon Integrated Defense Systems, partnered with the US Navy, a maritime service branch in the US, to debut the advanced lightweight torpedo MK 54, which is designed for both deep and shallow waters, and even in acoustic environments. This MK 54 lightweight torpedo merges features from the Mk 46, Mk 50, and Mk 48 torpedoes with commercial off-the-shelf technology to augment its capacity to tackle shallow-water countermeasures. MK 54 torpedoes are equipped with processing algorithms that assist in identifying false targets or countermeasures and then pursuing the recognized threats. Measuring 2.71m in length and 32.3cm in diameter and weighing 275.7kg, the torpedo's warhead, which is highly explosive, weighs 43.9kg.
Who Are the Key Players in the Torpedo Market?
Major companies operating in the torpedo market include:
• Atlas Electronic GmbH
• BAE Systems plc
• Bharat Dynamics Limited
• Leonardo S.p.A.
• Lockheed Martin Corporation
• Naval Group
• Northrop Grumman Corporation
• Raytheon Technologies Corporation
• Saab AB
• Aselsan A.S
• Mitsubishi Heavy Industries Ltd.
• Rubin Central Design Bureau
• Orbital ATK Inc.
• JSC Tactical Missiles Corporation
• Sechan Electronics Inc.
• China Shipbuilding Industry Corporation
• thyssenkrupp AG
• Norinco Group
• DCNS
• Honeywell International Inc.
• General Dynamics Corporation
• Safran Electronics & Defense
• Ultra Electronics
• Kongsberg Gruppen ASA
• Rafael Advanced Defense Systems Ltd.
• LIG Nex1 Co. Ltd.
• Rave Gears
• ECA Group
• Singapore Technologies Engineering Ltd.
What are the Regional Insights into the Torpedo Market?
North America was the largest region in the torpedo market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global torpedo market during the forecast period. The regions covered in the torpedo market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
