Overview and Scope
Torpedoes are underwater self-propelled weapons that can be launched from a submarine, ship, or aircraft that are employed to sever the hulls of surface ships and submarines used in naval combat. It is outfitted with advanced technology that allows it to change depth and direction in reaction to external signals, as well as detonate its explosive warhead when it reaches or approaches its target.
Sizing and Forecast
The torpedo market size has grown strongly in recent years. It will grow from $1.14 billion in 2023 to $1.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increased crop yield, pest and disease resistance, herbicide tolerance, improved nutritional content, reduced environmental impact, economic benefits for farmers..
The torpedo market size is expected to see strong growth in the next few years. It will grow to $1.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to emergence of new traits, precision agriculture integration, focus on climate-resilient crops, consumer demand for healthier products, biotic stress resistance, regulatory support and frameworks.. Major trends in the forecast period include biotech crop adoption, stacked trait products, genome editing technologies, seed industry consolidation, innovation in specialty crops..
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Segmentation & Regional Insights
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
North America was the largest region in the torpedo market in 2023. 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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Major Driver Impacting Market Growth
Increasing maritime security threats are expected to propel the growth of the torpedo market going forward. Maritime security threats refer to the classified issues in the maritime domain that includes violence against passengers on board ships, as well as the placement of equipment on board a ship that has the potential to destroy or damage it which leads to national and human security. Torpedoes are commonly used to avert maritime security risks by detecting and neutralizing submarines and underwater mines, acting as a deterrence against attackers, and assisting with search and rescue efforts. For instance, in August 2021, according to the report published by the United Nations, a US-based intergovernmental organization for international peace and security, piracy and armed robbery of ships increased by approximately 20% in the last year as compared to previous years. Furthermore, in 2021, according to the Department of Transportation, a US-based federal agency for transportation, the maritime security program is budgeted at $314 million in FY 2021, a $14 million increase over the authorized amount in FY 2020. Therefore, increasing maritime security threats are driving the growth of the torpedo market.
Key Industry Players
Major companies operating in the torpedo market report are 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, Verdict Media Limited, Rafael Advanced Defense Systems Ltd., LIG Nex1 Co. Ltd., Rave Gears, ECA Group, Singapore Technologies Engineering Ltd.
The torpedo market report table of contents includes:
1. Executive Summary
2. Torpedo Market Characteristics
3. Torpedo Market Trends And Strategies
4. Torpedo Market – Macro Economic Scenario
5. Global Torpedo Market Size and Growth
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31. Global Torpedo Market Competitive Benchmarking
32. Global Torpedo Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Torpedo Market
34. Torpedo Market Future Outlook and Potential Analysis
35. Appendix
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