Aerospace and Defense Industry of Turkey: Global Size, Market Size, Opportunities, Historical Analysis, Development Status, Business Growth and Forecast: 2022-2031

The aerospace and defense industry of Turkey is projected to grow with a CAGR of more than 5% during the forecast period.

– Turkey is the third-largest defense spender in the Middle East after Saudi Arabia and Israel, with an expenditure of USD 20,448 million in 2019. Its military expenditure increased by 79.96% during the period of 2012-2018, from USD 11.56 billion in 2012.
– The growing passenger traffic in the country is propelling the demand for new commercial aircraft from the airlines operating in the country like Turkish Airlines, SunExpress, Pegasus Airlines, Onur Air, Corendon Airlines, and Anadolujet, This increasing passenger traffic is increasing demand for new commercial aircraft in the country.
– The emphasis on domestic manufacturing by the government has been increasing rapidly and currently, the country’s product portfolio includes UAVs, cruise missiles, and armored vehicles among others. With the growth in domestic manufacturing, the country’s defense export income is rapidly increasing (USD 2.7 billion in 2019).

Get a Sample PDF Report Here: https://www.sdki.us/sample-request-88258

Key Market Trends

Increasing Aerospace and Defense Exports of the Country

According to the aerospace and defense industries, the exports of the country has been growing by 8-10% annually. According to the Turkish Exporters Assembly, the exports of aerospace and defense sector was USD 2.7 billion in 2019, with an increase of 34.6%. The exports to the Middle East and the Commonwealth of Independent States increased by 128% (USD 710.1 million) and 104% (USD 241 million), respectively. In 2018, the government announced its plans to increase defense and aerospace exports from USD 2 billion to USD 10.2 billion by 2023. To meet the planned goals of the government, it plans to launch a government-to-government sales scheme and the also open defense export promotion agencies in 20 countries. Such plans of the government to increase their exports in the coming years are expected to accelerate the revenue of the aerospace and defense sector of Turkey.

Defense Segment of the Market holds highest Share in 2019

The defense segment currently dominates the market and is expected to continue its dominance during the forecast period. This is majorly due to the rapidly growing military spending of the country. The country is developing new and advanced combat aircraft, weapons, and ammunition (including missiles), naval vessels, UAVs, main battle tanks, C4ISR equipment, among others to support the armed forces of the country. For instance, In February 2019, the President of Defense Industries signed a contract with Turkish Aerospace Industries (TAI), to develop and build ATAK 2 heavy attack helicopters. The company plans the first flight of rotorcraft in 2024 and possible entry of helicopter into service by 2026. The government also announced a procurement plan for 2020 to fight the threats against multiple threats. The plans include procurement of kamikaze drone Kargu-2 (356 Kargu-2 drones under contract), Alpagu tactical attack drones, T625 utility helicopter, ATAK FAZ-2, and air defense system, among others. Such robust procurement plans of the government are expected to propel the growth of the segment during the forecast period.

Competitive Landscape

Some of the major players in Aerospace and Defense Industry of Turkey are ASELSAN A.S., BMC Otomotiv Sanayi ve Ticaret A.S., TUSAS (Turkish Aerospace Industries), KOC Holding AS, and HAVELSAN A.S. The country is planning to increase its dependence on the international players and boost its domestic manufacturing.

Access Full Report, here: https://www.sdki.us/sample-request-88258

As of September 2018, the majority (65%) of the military weapons and equipment used by the Turkish armed forces were indigenously manufactured. With the removal of the country from the F-35 program has further propelled the country’s need to develop a strong domestic manufacturing industry. The country aims to become independent of the foreign suppliers in the defense industry, by 2023. The robust plans of the government are anticipated to help the companies increase their share in the market. The development of new and advanced products by companies is expected to help the companies increase their presence in the market.

For instance, in July 2019, ASELSAN announced that the company is developing a new communications system for the indigenously manufactured New Type Submarine Project (NTSP). Such developments will help the companies increase their share in domestic and international markets.

Reasons to Purchase this report:

– The market estimate (ME) sheet in Excel format
– 3 months of analyst support

Related Posts:

Human Papillomavirus and Cytomegalovirus Therapeutics Market
Mercury Poisoning Treatment Market
Warts Therapeutics Market
Metagenomics Market
Anthelmintic Drugs Market
Flowable Hemostats Market

Leave a Reply

Your email address will not be published. Required fields are marked *