Market Research Report
Turkish Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024
|Published by||GlobalData||Product code||920861|
|Published||Content info||141 Pages
Delivery time: 1-2 business days
|Turkish Defense Market - Attractiveness, Competitive Landscape and Forecasts to 2024|
|Published: December 30, 2019||Content info: 141 Pages||
Turkish military expenditure is anticipated to register a CAGR of 18.13% over the forecast period. Turkish military stands at US$14 billion in 2019, and registered a compounded annual growth rate (CAGR) of 4.04% during the historic period. The country's strained relationship with Greece, persistent threats from the Kurdish Workers' Party (PKK), active participation in peacekeeping missions, and the focus on the indigenization and Turkification of defense industry drove defense expenditure during the historic period.
With this trend expected to continue, expenditure is anticipated to register a CAGR of 18.13% over the forecast period to value US$29.8 billion in 2024. As a percentage of GDP, the country's defense expenditure will average 2.2% over the forecast period compared to an average of 1.7% recorded during the historic period.
The capital expenditure allocation, which stood at an average of 33.9% during the historic period, is projected to increase to an average of 40.4% over the forecast period. This is primarily due to the procurement of advanced defense equipment and a focus on increasing the capabilities of the country's indigenous defense industry. Various procurements that are expected to fuel the growth of capital spending over the forecast period include multi-role aircraft, missile defense systems, corvettes, and main battle tanks (MBTs).
Turkish homeland security (HLS) expenditure stands at US$5.3 billion in 2020 and is projected to reach US$7.8 billion in 2024, registering a CAGR of 10.32% over the forecast period. Expenditure is driven by the threat of separatists and extremists, illegal immigration, drug trafficking and the country's dispute with Syria.
Aircraft accounted for the largest expenditure during 2014-2018, with the US being the largest supplier. Turkish defense imports were highest in 2014 and 2018. Turkey procured Airborne Early Warning and Control (AEW&C) aircraft and in 2014 acquired 737-700 Peace Eagle Aircraft. Other significant import partners include South Korea, Spain, and Italy. Sensors, artillery, missiles, engines, naval vessels, naval weapons, armored vehicles and satellites were other key imports during 2014-2018. Similarly, arms exports recorded a gradual increase during the historic period and armored vehicles accounted for the majority of defense exports, with UAE topping the list of defense exporters during 2014-2018.
The report "Turkish Defense Industry - Attractiveness, Competitive Landscape and Forecasts to 2024" provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news. This report offers detailed analysis of the Turkish defense industry with market size forecasts covering the next five years. This report will also analyze factors that influence demand for the industry, key market trends, and challenges faced by industry participants.
In particular the report "Turkish Defense Industry - Attractiveness, Competitive Landscape and Forecasts to 2024" provides an in-depth analysis of the following:
Companies Mentioned: Lockheed Martin, Lockheed Sikorsky, Korean Aerospace Industries, Boeing (McDonnell Douglas), Samsung Techwin, Hyundai Rotem, Howaldtswerke-Deutsche Werft (HDW)- Thyssenkrupp Marine Systems, BAE, General Atomics Aeronautical Systems, Otokar,, Roketsan, Makina ve Kimya Endustrisi Kurumu (MKEK), Aselsan, Turkish Aerospace Industries (TAI), Havelsan, Tusas Engine Industries (TEI), FNSS Defense, Systems Company, Istanbul Shipyard