2025-2034 Torpedo Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights

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What Will the Torpedo Industry Market Size Be by 2025?
The market size for torpedoes has seen significant growth in recent years. The anticipated growth is from $1.2 billion in 2024 to $1.29 billion in 2025 with a compound annual growth rate (CAGR) of 6.9%. Factors contributing to this growth in the historic period include higher crop yield, resistance to pests and diseases, toleration of herbicides, enhanced nutrient content, positive impact on the environment, and financial advantages for farmers.

What's the Long-Term Growth Forecast for the Torpedo Market Size Through 2029?
In the coming years, there is an anticipated robust growth in the torpedo market, with its value projected to reach "$1.68 billion by 2029, reflecting a compound annual growth rate (CAGR) of 6.9%. This growth during the projected period can be credited to the emergence of novel traits, adoption of precision agriculture, focus on developing climate-resilient crops, increasing consumer demand for healthier products, biotic stress resistance enhancements, as well as supportive regulatory frameworks and policies. Key trends predicted for this forecast period encompass the adoption of biotech crops, the introduction of stacked trait products, advancements in genome editing technologies, consolidation within the seed industry, and innovative breakthroughs in specialty crops.

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What Are the Key Growth Drivers Fueling the Torpedo Market Expansion?
The torpedo market's expansion is anticipated to be propelled by escalating maritime security threats. Maritime security issues, classified matters within the maritime realm, include acts of violence against ship passengers and the installation of apparatus on a vessel that could inflict destruction or injury, thereby endangering national and human security. To counteract maritime security risks, torpedoes are frequently utilized for detecting and neutralizing submarines and underwater mines, serving as an effective deterrent against adversaries, and aiding in search and rescue missions. For example, the ICC International Maritime Bureau, a UK government agency, reported in January 2023 that there's been a surge in maritime security threats in the Singapore Straits. The number of occurrences has been climbing annually, totaling 38 in 2022, a rise from 35 in 2021. As a result, the escalating maritime security threats are fuelling the torpedo market's development.

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What Are the Key Trends Driving Torpedo Market Growth?
One prominent trend in the torpedo market is product innovation. Major players in this market are zeroing in on improving guidance systems as a means to solidify their market position. For instance, Raytheon Integrated Defense Systems, a defense company based in the US, in partnership with the US Navy, a maritime service branch from the US, launched the state-of-the-art light torpedo MK 54 in June 2022. Designed for both deep and shallow waters, as well as in acoustic environments, the MK 54 lightweight torpedo fuses the hardware and software aspects of the Mk 46, Mk 50, and Mk 48 torpedoes with commercial off-the-shelf technology to boost its shallow-water countermeasures capacity. MK 54 torpedoes feature processing algorithms enabling them to differentiate between fake targets or countermeasures and then pursue the identified threats. Measuring 2.71m in length and 32.3cm in diameter, the torpedo weighs in at 275.7kg. Its highly explosive warhead weighs 43.9kg.

How Is the Torpedo Market Segmented?
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 Companies Are Leading the Charge in Torpedo Market Innovation?
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.

Which Regions Are Leading the Global Torpedo Market in Revenue?
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.

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