Five Turkish defense companies found their place among the top 100 firms on the list published by world-renowned Defense News on Tuesday.
The list published annually saw the addition of the arms maker Mechanical and Chemistry Industry Corp. (MKE) among leading defense firms. Last year four Turkish companies made it to the top 100.
Prominent defense and electronics manufacturer Aselsan emerged as the highest-ranking Turkish firm, elevating its standing to 42nd position this year from 47th a year ago, the list showed.
At the same time, the firm, alongside the Turkish Aerospace Industry (TAI), was one of the top performers considering companies that increased their defense industry revenues the fastest compared to last year.
Türkiye-based aviation firm, TAI, the developer of the country's ambitious fifth-generation fighter jet Kaan, soared from 58th rank to be placed as 50th on the list this year.
Defense News each year ranks the top defense contractors for its Top 100 list, by collecting and tallying information on firms’ revenues from the companies, earnings reports, analysts and other research.
Among other Turkish companies, Roketsan, the weapons and missile producer, jumped the most positions this year from the 80th to the 71st rank, the list revealed.
The newest addition to the list, MKE, ranked 84th, according to the Defense News website.
Additionally, the Military Factory and Shipyard Management (ASFAT) rose from 100th last year to 94th.
Ahmet Akyol, chief officer of Aselsan, evaluated the company's ranking in a post on social media, stating that its rise among the world defense industry giants continues.
“By producing the best in our field, developing game-changing technologies and working with an export focus, we are running toward the goal of being among the top 30 in the world in 2030. May all our successes be a gift to our country,” he wrote on X.
Türkiye has made significant progress in the defense and aviation industry in recent years, reaching a point where the nation now exports unmanned aerial vehicles (UAVs), ground vehicles and assault boats among others.
With its high-end technology, Aselsan, with its history spanning nearly five decades is one of the leading contributors in this regard.
According to the Defense News, the company boosted its revenues by 29% compared to last fiscal year, being among the top firms with the biggest change compared to last year. On the other hand, the revenue of TAI ballooned by nearly 50%.
The sole Ukrainian business on this year’s Top 100 list, Ukrainian Defense Industry, takes the lead for the largest defense revenue change, growing by 72% from fiscal 2022 to fiscal 2023, which is largely attributed to the current geopolitical situation and the Russia-Ukraine war.
Separately, Defense News evaluated Turkish companies' ranking, touching upon the first flight of Kaan, conducted earlier this year.
With the title "Push for Self-reliance Drives Defense Revenue Surge Among Top 100," it also mentioned the rising defense revenues among Asian and European firms. This likely reflects “an enhanced understanding of security challenges in the global environment,” according to Cynthia Cook, who leads a defense industry research team at the Center for Strategic and International Studies think tank.
Leading the Top 100 list this year was U.S.-based aerospace firm Lockheed Martin, followed by the Aviation Industry Corporation of China, and the Virginia-based defense firms RTX, Northrop Grumman and General Dynamics.
