Torpedo Global Market Report 2024

The torpedo market 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 expansion observed in the historical period can be ascribed to enhanced crop yield, resistance to pests and diseases, tolerance to herbicides, improved nutritional content, diminished environmental impact, and economic advantages for farmers.

The torpedo market 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 expansion anticipated in the forecast period can be linked to the introduction of new traits, integration of precision agriculture, emphasis on climate-resilient crops, consumer preference for healthier products, resistance to biotic stress, regulatory backing, and established frameworks. Key trends projected in the forecast period involve the adoption of biotech crops, products with stacked traits, advancements in genome editing technologies, consolidation in the seed industry, and innovation in specialty crops.

The anticipated growth in the torpedo market is attributed to the increasing threats to maritime security. Maritime security threats encompass confidential issues within the maritime domain, including violence against ship passengers and the placement of destructive equipment, posing risks to national and human security. Torpedoes play a crucial role in mitigating maritime security risks by detecting and neutralizing submarines and underwater mines, acting as a deterrent against attackers, and aiding in search and rescue operations. For example, a report by the United Nations in August 2021 revealed a 20% increase in piracy and armed robbery of ships compared to previous years. Additionally, the Department of Transportation reported a budget of $314 million for the maritime security program in FY 2021, indicating a $14 million increase from FY 2020. Consequently, the escalating maritime security threats drive the growth of the torpedo market.

The increasing military expenditure is expected to propel the growth of the torpedo market. Military expenditure refers to the financial resources allocated by a state to maintain its armed forces and essential defense functions. This investment significantly impacts torpedoes, leading to the development of advanced models, the replacement of aging stock, and the maintenance of a larger inventory of modern torpedoes. In April 2023, the Stockholm International Peace Research Institute reported a 3.7% global increase in military spending, reaching $2,240 billion. Notably, the United States contributed 39% of the world's military spending in 2022, while China accounted for 13%. Consequently, the rising military expenditure is fostering the growth of the torpedo market.

Product innovation is a prominent trend gaining traction in the torpedo market. Major companies in the torpedo market are concentrating on advancing guidance systems to enhance their market position. In June 2022, Raytheon Integrated Defense Systems, a US-based defense company, collaborated with the US Navy to introduce the advanced lightweight torpedo MK 54, designed for both deep and shallow waters and various acoustic environments. The MK 54 lightweight torpedo integrates hardware and software characteristics from Mk 46, Mk 50, and Mk 48 torpedoes with commercial off-the-shelf technology, enhancing its capability to counter shallow-water countermeasures. Equipped with processing algorithms, the MK 54 torpedoes can recognize and engage recognized threats while distinguishing bogus targets or countermeasures. The torpedo has dimensions of 2.71m in length, 32.3cm in diameter, and a weight of 275.7kg, featuring an explosive warhead weighing 43.9kg.

Major companies in the torpedo market are directing their efforts towards technological innovations, such as the development of a multi-layered integrated torpedo defense system (TDS), to secure a competitive advantage. The multi-layered integrated torpedo defense system (TDS) is a sophisticated system designed to protect surface ships from torpedo attacks. In June 2023, Rafael Advanced Defense Systems Ltd., an Israel-based provider of weapons and military technology, launched Torbuster SP, aimed at providing surface ships with protection against various acoustic homing torpedoes. Employing a combination of soft-kill and hard-kill countermeasures, Torbuster SP neutralizes incoming threats. The system also deploys the third-generation Scutter Mk 3 reactive vessel-launched torpedo decoy, which remains active at a pre-programmed depth for up to 10 minutes, mimicking different ship parameters to confuse adversaries.

In October 2022, Raytheon Technologies Corporation, a US-based defense company, partnered with Aerojet Rocketdyne to develop the latest torpedo system for the US Navy. The collaboration focuses on the next-generation compact rapid attack weapon (CRAW) with the after body, stored chemical energy propulsion system (SCEPS), and tail. The torpedo system can be adjusted into offensive and defensive versions to align with target size, speed, and crew capacity. Aerojet Rocketdyne is a US-based aerospace company.

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.

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. The countries covered in the torpedo market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary classifications of torpedoes include acoustic-homing torpedoes and wake-homing torpedoes. Acoustic-homing torpedoes utilize a sonar system sensitive to the target's acoustic signature, allowing them to home in on the distinctive sounds emitted by the target. This type is prominently used in anti-submarine warfare to detect and eliminate enemy submarines. Torpedoes can be further categorized based on weight, distinguishing between heavyweight and lightweight variants that employ different propulsion mechanisms, such as thermal-powered and electric-powered systems. These torpedoes find applications in various launch methods, including air-launched, surfaced-launched, and underwater-launched scenarios.

The torpedo market research report provides torpedo market statistics, including torpedo industry global market size, regional shares, competitors with a torpedo market share, detailed torpedo market segments, market trends and opportunities, and any further data you may need to thrive in the torpedo industry. This torpedo market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The torpedo market consists of sales of wire-guided torpedoes, straight-running torpedoes, forget torpedoes, and passive-acoustic torpedoes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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