A torpedo is a sea conceived as a weaponized system that is used on naval platforms to attack enemies. It is a lethal underwater weapon for platforms such as surface vessels, helicopters, submarines, and aircraft. A torpedo contains devices to control its direction and depth based on a pre-set plan or in response to the outside source signals. It is also a device that detonates the explosive warhead when it comes close to the target or strikes it. A torpedo is cigar-shaped. It is considered to be one of the most preferred weapons that is used in marine warfare. Currently, the torpedo’s demand is growing due to the increase in the threat of terrorism. A torpedo can be launched above or below the water surface. It has the ability to self-propel. There is a growing demand for the lightweight torpedo carried by aircraft, which in turn enhances the growth of lightweight torpedos. Upgradation of the existing naval system also paves way for the sales of the torpedos. The following factors escalate the market growth; they are advanced navigation, mini torpedos, and electric propulsion, which are the advanced technologies. Among the above-mentioned technologies, electric propulsion gets more attention because of its advanced capabilities such as fewer vibrations and high speed.
Major factors driving the growth of the market
The market growth is boosted by rising maritime border dispute issues with the neighbouring countries. There is huge growth in the adoption of torpedos all across the world due to the increase in activities of terrorism. With increased terrorist activities, in countries across Europe and Asia pacific, the concerns regarding border security increased. Thus, to improve marine border security and marine mission capabilities, the developed country’s government are focussing on the development of submarines, maritime helicopters, and submarines armed with torpedoes. The new capabilities are tested by the countries, which support the market growth. For example, DRDO (Defense Research and development organization) India announces that they have successfully launched SMAT (Supersonic Missile Assisted Torpedo System); the full range of proposed distance was demonstrated successfully during the operation. This system is designed to combat submarine ability.
Trends influencing the growth of the market
To detect and eliminate enemy submarines in distant waters and arctic latitudes, the robotic torpedo-carrying vessel is used which does this function automatically. The boat that is robotic will be able to operate automatically and is being controlled by a small team and remotely controlled by the pilots from the advanced facility or a drone that is carried by ship. 35 km/hr is said to be the speed of the ship. It will operate for three continuous days without being refueled. It is also having two torpedos. For Example, The Russian defense announced that they were working on an A-14m-long robotic vessel, that is designed to boost and enhance its anti-submarine warfare capabilities and they are developed by the Russian navy.
There is an increase in the procurement of naval vessels, which owes to the growth of the defense budget, which in turn fosters the torpedo defense market growth. In the leading economic countries such as India, China, and the U.S there is a rise in defense budgets, which leads to an increase in the adoption of advanced torpedos with improved propulsion technology and guided system. A large amount of the defense budget has been allocated for the development and modernization of naval solutions. This in turn increases the procurement of naval vessels such as submarines, destroyers, and frigates in order to protect the marine border. In the forthcoming period, this factor will fuel the growth of torpedos. For example, Lockheed Martin has been awarded a contract from Damen Navel for MK 41 to support the F126 project. In this way, Lockheed Martin will support the development of new German navy frigates. Deployment of Ballistic Missiles in submarines and increasing cyber-attacks will hamper the growth of the market. There is an increase in the threat of cyber-attacks due to the changing nature of warfare and the increase in the adoption of the internet of things and artificial intelligence in maritime industries. In the forthcoming period, this will hamper the growth of the torpedo market. Once the location is fixed, the torpedo can be fired on the target. However, by getting access to the guided system the target path can be changed.
The US government awarded a contract to the Indian defense ministry worth INR 423 Crore. It is for the procurement of MK 54 torpedo as well as expendables such as flares and chaff for P-8I anti-submarine warfare aircraft of the Indian army. Thales Australia was awarded a contract by the Australian department of defense worth USD 14.5 million, for the maintenance of the Royal Australian Navy’s MU90 torpedo.