The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth Overview

• 2023 Market Size: $1.14 billion
• 2024 Market Size: $1.23 billion
• CAGR: 7.2%
• Growth Drivers:
  • Increased crop yield
  • Pest and disease resistance
  • Herbicide tolerance
  • Improved nutritional content
  • Reduced environmental impact
  • Economic benefits for farmers

Future Market Projections

• 2028 Market Size: $1.6 billion
• CAGR: 6.9%
• Growth Drivers:
  • Emergence of new traits
  • Precision agriculture integration
  • Focus on climate-resilient crops
  • Consumer demand for healthier products
  • Biotic stress resistance
  • Regulatory support and frameworks

View More On The Torpedo Market Report 2024 –

https://www.thebusinessresearchcompany.com/report/torpedo-global-market-report

• Major Trends:
  • Biotech crop adoption
  • Stacked trait products
  • Genome editing technologies
  • Seed industry consolidation
  • Innovation in specialty crops

Rising Maritime Security Threats Fueling Growth

• Maritime Security Threats:
  • Increasing violence against passengers and equipment damage aboard ships.
  • Torpedoes mitigate these risks by detecting submarines and neutralizing underwater mines.
  • 2021 Statistics:
    • Piracy and armed robbery incidents increased by 20%.
    • Maritime security program budgeted at $314 million in FY 2021.
• Impact:
  • Torpedoes are crucial for deterrence, defense, and search and rescue efforts.

Key Companies in the Market

• Major Players:
  • 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

Product Innovations Driving Market Growth

• Raytheon Integrated Defense Systems:
  • June 2022: Collaboration with the US Navy to develop the advanced lightweight torpedo MK 54.
  • Features: Improved capabilities in deep and shallow waters, and acoustic environments.
  • Specifications: Length of 2.71m, diameter of 32.3cm, weight of 275.7kg, explosive warhead of 43.9kg.

Raytheon Technologies and Aerojet Rocketdyne Collaboration

• October 2022: Partnership to develop the US Navy’s next-generation torpedo system.
• Features: Compact rapid attack weapon (CRAW), stored chemical energy propulsion system (SCEPS), adjustable for offensive and defensive roles.
• Partners: Raytheon Technologies Corporation and Aerojet Rocketdyne.

Market Segmentation

• 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

Regional Insights

• Largest Market: North America (2023)
• Fastest-Growing Region: Asia-Pacific (forecast period)

The torpedo market is expanding rapidly, driven by advancements in technology, rising maritime security threats, and innovative product developments. With increasing investments in defense and security, the market is poised for substantial growth, especially in regions prioritizing naval modernization and security enhancements.

Request A Sample Of The Global Torpedo Market Report 2024:

https://www.thebusinessresearchcompany.com/sample_request?id=10398&type=smp

The Torpedo Global Market Report 2024  provides comprehensive insights on the torpedo market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the torpedo market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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