Torpedo Market Size, Share, Industry Analysis And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Torpedo Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Torpedo Market 2024 Key Insights:

• The torpedo market will grow to $1.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Maritime Security Threats Fueling Growth In The Torpedo Market
• Product Innovations Drive The Torpedo Market
• North America was the largest region in the torpedo market in 2023

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