Press release
Strategic Analysis of Torpedo Global Market 2025: Booming at 6.9% CAGR with Increased Security Threats and Innovative Market Trends
Torpedo Market Size
What Is The Projected Market Size Of The Global Torpedo Market And Its Growth Rate?
•Current Market Size (2024): $1.2 billion
•Projected Market Size (2025): $1.29 billion (at a compound annual growth rate (CAGR) of 6.9%)
•Expected Market Size (2029): $1.68 billion (at a compound annual growth rate (CAGR) of 6.9%)
The growth can be attributed to an increased crop yield, disease resistance, herbicide tolerance, improved nutritional content, economic benefits for farmers, emergence of new traits, precision agriculture integration, focus on climate-resilient crops, consumer demand for healthier products, biotic stress resistance, regulatory support, and market trends such as biotech crop adoption, stacked trait products, genome editing technologies, seed industry consolidation, and innovation in specialty crops.
What Is Driving The Growth In The Torpedo Market?
Escalating maritime security threats are propelling the growth of the torpedo market. Maritime threats include violence against passengers and crew, as well as potential sabotage equipment aboard ships. Torpedoes aid in detecting and neutralizing submarines and underwater mines, deterring attackers, and conducting search and rescue efforts. For example, according to the ICC International Maritime Bureau, reports of maritime security threats are on the rise in the Singapore Straits, increasing from 35 in 2021 to 38 in 2022. These threats are driving the demand for torpedoes.
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Who Are the Key Players Driving Torpedo Market Growth?
•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 Key Trends In The Torpedo Market?
•Biotech crop adoption
•Stacked trait products
•Genome editing technologies
•Seed industry consolidation
•Innovation in specialty crops
What Are The Segments Of The Global Torpedo Market?
•By Product Type: Acoustic Homing Torpedo, Wake Homing Torpedo
•By Weight: Heavyweight, Lightweight
•By Propulsion: Thermal Powered, Electric Powered
•By Application: Air-launched, Surfaced-launched, Underwater-launched
Which Region Leads The Torpedo Market?
North America is leading the global torpedo market as of 2024. However, during the forecast period, Asia-Pacific is expected to be the fastest-growing region in the global torpedo market. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa
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What Is Covered In The Torpedo Global Market Report?
- Market Size Analysis: Analyze the Torpedo Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Torpedo Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Torpedo Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Torpedo Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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