Torpedo Market to Surpass $1.66 Billion by 2029 | Key Trends & Insights

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How Will the Torpedo Market Grow by 2025 in Terms of Size and Growth?
The market size of torpedoes has significantly expanded in the past few years. It is projected to escalate from $1.2 billion in 2024 to $1.28 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.3%. The notable growth during the historic period can be credited to enhanced crop production, resilience to pests and diseases, tolerance to herbicides, better nutritional value, decreased environmental damage, and financial advantages for farmers.

What Are the Estimated Growth Rates for the Torpedo Industry Through 2029?
Expectations for the torpedo market size are optimistic, with robust growth anticipated in the forthcoming years. The market is predicted to reach $1.66 billion by 2029, representing a compound annual growth rate (CAGR) of 6.8%. Factors fueling growth over the forecast period include the development of new traits, the integration of precision agriculture, emphasis on climate-resilient crops, consumers' preference for healthier products, resistance to biotic stress, as well as supportive regulations and frameworks. Notable trends over the forecast period will encompass the adoption of biotech crops, the arrival of stacked trait products, advancements in genome editing technologies, consolidation within the seed industry, and innovation in specialty crops.

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What Are the Strategic Drivers Boosting Torpedo Market Performance?
The growth of the torpedo market is anticipated to be driven by the escalating threats to maritime security. These threats encompass classified issues within the maritime sector, such as acts of violence towards individuals aboard ships, along with the deployment of equipment that could potentially inflict damage or lead to the ship's destruction, thereby affecting national and human security. Torpedoes are often employed to counter these perilous maritime situations, as they can detect and defuse underwater mines and submarines, serving as a warning to potential attackers and aiding in search and rescue missions. For instance, the ICC International Maritime Bureau, a governmental agency in the UK, reported in January 2023 that the number of maritime security threats in the Singapore Straits have been growing each year; incidents escalated to 38 in 2022, a rise from 35 in 2021. As such, the mounting threats to maritime security are significantly contributing to the expansion of the torpedo market.

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What Are the Segments in the Torpedo Market?
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

What Are the Key Adoption Trends in the Torpedo Market?
The torpedo market is increasingly witnessing trend of product innovations as major corporations aim to enhance guidance systems to solidify their market footprint. Case in point, in June 2022, the US-based defense firm, Raytheon Integrated Defense Systems, partnered with the US Navy, to launch the advanced lightweight torpedo MK 54. This sophisticated torpedo is designed to operate in both shallow and deep waters, and in acoustic environments with an aim to counter shallow-water countermeasures. The MK 54 torpedo merges hardware and software features from Mk 46, Mk 50, and Mk 48 torpedoes along with a commercial off-the-shelf technology to improve its capabilities. The torpedo incorporates processing algorithms enabling it to discern fake targets or countermeasures and then pursue the identified threats. The torpedo measures 2.71m in length, 32.3cm in diameter and weighs 275.7kg, with its significantly explosive warhead weighing 43.9kg.

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Which Companies Lead the Competitive Landscape of the Torpedo Industry?
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.

Where Are the Key Torpedo Market Opportunities by Region?
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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