2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!

What Industry-Specific Factors Are Fueling the Growth of theTorpedo Market?

The torpedo market is forecasted to grow due to the rise in maritime security threats. These threats encompass various concerns, such as passenger violence on ships and putting equipment on board that can potentially cause substantial damage, affecting both national and human security. Torpedoes serve crucial roles in combating these maritime threats by detecting and neutralizing underwater mines and submarines, thus discouraging potential attackers and aiding in search and rescue missions. As reported by the ICC International Maritime Bureau, a governmental agency based in the UK, there has been a rising trend in maritime security threats in the Singapore Straits. There has been an escalation in the incidents year by year, with the number reaching 38 in 2022, increasing from 35 in 2021. Consequently, these escalating maritime security threats are fueling the expansion of the torpedo market.

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How Will the Growth Rate of theTorpedo Market Impact Industry Trends by 2034?

The dimensions of the torpedo market have significantly expanded over the past few years. The market, which is predicted to rise from $1.2 billion in 2024 to $1.29 billion in 2025, will exhibit a compound annual growth rate (CAGR) of 6.9%. This growth observed in the historical period is a result of factors such as enhanced crop yield, resistance to pests and diseases, tolerance to herbicides, improved nutritional content, diminished environmental footprint, and economic advantages for farmers.

The market size for torpedoes is predicted to experience a robust increase in the upcoming years, expanding to “$1.68 billion by 2029 at a compound annual growth rate (CAGR) of 6.9%. The advancement during the projected period can be credited to the development of new characteristics, incorporation of precision agriculture, emphasis on climate-resilient crops, the public’s preference for healthier goods, resistance to biotic stress, and legislative assistance and structures. The upcoming period sees key trends such as the acceptance of biotech crops, products with stacked traits, genome editing technologies, the amalgamation within the seed industry, and innovation in the specialty crops sector.

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What Key Market Trends and Innovations Are Shaping the Future of theTorpedo Industry?

The increasing trend of product innovation is becoming prevalent in the torpedo market. To secure their market position, major corporations within this sector are emphasizing the development of advanced guidance systems. For instance, in June 2022, the US-based defense company Raytheon Integrated Defense Systems partnered up with the US Navy, another US-based maritime service branch. The collaboration resulted in the release of the advanced MK 54 lightweight torpedo designed for both deep and shallow waters along with acoustic environments. This MK 54 lightweight torpedo merges attributes from the Mk 46, Mk 50, and Mk 48 torpedoes using commercial technology readily available, making it more competent to counter shallow-water measures. The MK 54 torpedo has algorithms that aid in detecting false targets or defensive tactics, allowing them to track and target identified hazards. This torpedo measures 2.71m, has a diameter of 32.3cm, and weighs about 275.7kg. The powerful warhead that it carries weighs 43.9kg.

Which Companies Are Leading the Charge in Expanding theTorpedo Market Growth?

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.

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How is the Global Torpedo Market Segemented?

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 Geographics are Influencing the Growth of the Torpedo Market?

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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