Turkish defence companies in top 100 list increase to seven – report

Two more Turkish defence companies have placed in the world’s top 100 for 2019 as announced by Defense News magazine, bringing the total number of Turkey’s rankings in the list to seven.

Armoured combat vehicle producer FNSS and military software company Havelsan join five other Turkish companies in Defense News’ annual top 100 list, placing 98th and 99th, respectively.

FNSS increased its defence turnover by two percent from 2018, to $374 million in 2019, while Havelsan’s defence turnover rose by six percent during the same time period, to $ 295 million. 

Meanwhile, Aselsan, Turkish Aerospace (TA), Roketsan, STM and BMC remained on the list, placing 48th, 53rd, 91st, 92nd and 89th, respectively.

Turkey has laid out ambitious targets and strategies for its defence industry with defence and aerospace turnover planned to reach $26.9 billion in 2023, the centennial year of its creation, from $6.7 billion in 2018.

The country ranks 15th in the world for weapons purchases, with $ 19 billion, and saw the biggest increase in military spending in 2019 among the top 15, with 24 percent. Revenue for companies in the defence industry has risen from $ 4 to 8 billion dollars in the last eight years.