2024 to 2025 – What Was the Growth Rate of the Torpedo Market?
The torpedo market size has seen strong growth in recent years, growing from $1.2 billion in 2024 to $1.29 billion in 2025, at a compound annual growth rate (CAGR) of 6.9%. This growth in the historic period can be attributed to factors such as increased crop yield, pest and disease resistance, herbicide tolerance, improved nutritional content, reduced environmental impact, and the economic benefits for farmers.
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What is Driving the Growth of the Torpedo Market?
Increasing maritime security threats are driving the growth of the torpedo market. These threats include violence against passengers on board ships, as well as potential damage to equipment that can pose a threat to national and human security. Torpedoes are commonly used to avert maritime security risks by detecting and neutralizing underwater mines and submarines, providing a deterring force against attackers, and assisting in search and rescue operations.
What are the Major Segments within the Global Torpedo Market?
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
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Who are the Major Players in the Torpedo Market?
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.
What Trends are Shaping the Torpedo Market?
Companies in the torpedo market are investing in innovative product development to strengthen their position in the market. Innovation in guidance systems is a prime focus area. For example, in June 2022, Raytheon Integrated Defense Systems collaborated with the US Navy to introduce an advanced lightweight MK 54 torpedo, that is effective in deep and shallow waters as well as acoustic environments.
Which Region is Foreseen to Exhibit Rapid Growth in the Torpedo Market?
In 2024, North America dominated the torpedo market. However, during the forecast period, Asia-Pacific is expected to emerge as the fastest-growing market. The comprehensive regional analysis in the report includes Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Torpedo Market Report 2025 Offer?
Torpedoes are underwater self-propelled weapons, launched from submarines, ships, or aircraft to damage the hulls of surface ships and submarines used in naval combat. Equipped with advanced technology, torpedoes can change their depth and direction in response to external signals and can detonate their explosive warhead when they reach or approach their target.
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