Torpedo Global Market Report 2024 - By Growth, Size, Share, Trends, Forecast To 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Torpedo Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The torpedo market size has grown strongly in recent years. It will grow from $1.14 billion in 2023 to $1.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increased crop yield, pest and disease resistance, herbicide tolerance, improved nutritional content, reduced environmental impact, economic benefits for farmers..

The torpedo market size is expected to see strong growth in the next few years. It will grow to $1.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to emergence of new traits, precision agriculture integration, focus on climate-resilient crops, consumer demand for healthier products, biotic stress resistance, regulatory support and frameworks.. Major trends in the forecast period include biotech crop adoption, stacked trait products, genome editing technologies, seed industry consolidation, innovation in specialty crops..

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Market Segmentation:
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

Major Driver - Rising Maritime Security Threats Fueling Growth In The Torpedo Market
Increasing maritime security threats are expected to propel the growth of the torpedo market going forward. Maritime security threats refer to the classified issues in the maritime domain that includes violence against passengers on board ships, as well as the placement of equipment on board a ship that has the potential to destroy or damage it which leads to national and human security. Torpedoes are commonly used to avert maritime security risks by detecting and neutralizing submarines and underwater mines, acting as a deterrence against attackers, and assisting with search and rescue efforts. For instance, in August 2021, according to the report published by the United Nations, a US-based intergovernmental organization for international peace and security, piracy and armed robbery of ships increased by approximately 20% in the last year as compared to previous years. Furthermore, in 2021, according to the Department of Transportation, a US-based federal agency for transportation, the maritime security program is budgeted at $314 million in FY 2021, a $14 million increase over the authorized amount in FY 2020. Therefore, increasing maritime security threats are driving the growth of the torpedo market.

Competitive Landscape:
Major companies operating in the torpedo market report are 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, Verdict Media Limited, Rafael Advanced Defense Systems Ltd., LIG Nex1 Co. Ltd., Rave Gears, ECA Group, Singapore Technologies Engineering Ltd.

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Top Trend - Product Innovations Drive The Torpedo Market
Product innovations is a key trend gaining popularity in the torpedo market. Major companies operating in the torpedo market are focusing on the advancement of guidance systems to strengthen their position in the market. For instance, in June 2022, Raytheon Integrated Defense Systems, a US-based defense company collaborated with the US Navy, a US-based maritime service branch, and introduced the advanced lightweight torpedo MK 54 for deep and shallow waters, as well as in acoustic environments. The MK 54 lightweight torpedo combines hardware and software characteristics from the Mk 46, Mk 50, and Mk 48 torpedoes with commercial off-the-shelf technology to improve its ability to counter shallow-water countermeasures. MK 54 torpedoes include processing algorithms that assist them in recognizing bogus targets or countermeasures and then hunting the recognized threats. The torpedo is 2.71m in length, 32.3cm in diameter, and weighs 275.7kg. The weapon's warhead is extremely explosive and weighs 43.9kg.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Torpedo Market Characteristics
3. Torpedo Market Trends And Strategies
4. Torpedo Market - Macro Economic Scenario
5. Torpedo Market Size And Growth
…..
27. Torpedo Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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