Top global arms producers’ revenues surge as major wars rage: SIPRI report

Revenues from income of weapons and subject services by the 100 largest planetary arms-producing companies reached a grounds $679bn successful 2024, according to caller information released by the Stockholm International Peace Research Institute (SIPRI).

The Gaza and Ukraine wars, arsenic good arsenic planetary and determination geopolitical tensions and ever-higher subject expenditures, accrued revenues generated by the companies from income of subject goods and services to customers home and overseas by 5.9 percent compared to the twelvemonth before, the organisation said successful a study published connected Monday.

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The bulk of the planetary emergence was attributed to companies based successful Europe and the United States, but determination were year-on-year increases successful each regions but for Asia and Oceania, wherever issues wrong the Chinese arms manufacture drove down the determination total.

Lockheed Martin, Northrop Grumman and General Dynamics led the battalion successful the US, wherever the combined arms revenues of arms companies successful the apical 100 grew by 3.8 percent successful 2024 to scope $334bn, with 30 retired of the 39 US companies successful the ranking expanding their revenues.

However, SIPRI said wide delays and fund overruns proceed to plague cardinal projects specified arsenic the F-35 combatant jet, the Columbia and Virginia-class submarines, and the Sentinel intercontinental ballistic missile.

Soldiers basal defender successful beforehand of an IRIS-T SLM aerial defence strategy anterior to the accomplishment of erstwhile German Chancellor Olaf Scholz and apical subject commanders astatine the Todendorf subject basal connected September 4, 2024 successful Panker, Germany [File: Gregor Fischer/Getty Images]

Elon Musk’s SpaceX appeared successful the database of apical planetary subject manufacturers for the archetypal time, aft its arms revenues much than doubled compared with 2023 to scope $1.8bn.

Excluding Russia, determination were 26 arms companies successful the apical 100 based successful Europe, and 23 of them recorded increases successful revenues from income of weapons and equipment. Their aggregate arms revenues grew by 13 percent to $151bn.

After boosting revenues by 193 percent to scope $3.6bn done making artillery shells for Ukraine, Czech institution Czechoslovak Group recorded the sharpest percent summation successful arms revenues of immoderate apical 100 institution successful 2024.

As Ukraine faces a relentless Russian violative successful its eastbound regions, the country’s JSC Ukrainian Defense Industry accrued its arms revenues by 41 percent to $3bn.

European arms companies person been investing successful caller accumulation capableness to combat disconnected Russia, the SIPRI study said, but it cautioned that sourcing materials – peculiarly successful the lawsuit of dependence connected captious minerals – could airs a “growing challenge” arsenic China besides tightens export controls.

Rostec and United Shipbuilding Corporation are the lone 2 Russian arms companies successful the ranking, and they besides accrued their combined arms revenues by 23 percent to $31.2bn contempt being deed by Western-led sanctions implicit the Ukraine war.

Last year, weapons makers successful Asia and Oceania inactive registered $130bn successful revenues aft a 1.2 percent diminution compared to 2023.

The determination driblet was owed to a combined 10 percent diminution successful arms revenues among the 8 Chinese arms companies successful the ranking, astir prominently the 31 percent autumn successful the arms revenues of NORINCO, China’s superior shaper of onshore systems.

“A big of corruption allegations successful Chinese arms procurement led to large arms contracts being postponed oregon cancelled successful 2024,” said Nan Tian, Director of the SIPRI Military Expenditure and Arms Production Programme. “This deepens uncertainty astir the presumption of China’s subject modernisation efforts and erstwhile caller capabilities volition materialise.”

The USS Minnesota (SSN-783) fast-attack submarine sails disconnected the seashore of Western Australia connected March 16, 2025 [Colin Murty-Pool/Getty Images]

But Japanese and South Korean arms manufacturers’ income surged connected the backmost of beardown request from European arsenic good arsenic home customers amid simmering tensions implicit Taiwan and North Korea.

Five Japanese companies successful the ranking accrued their combined arms revenues by 40 percent to $13.3bn, portion 4 South Korean producers saw a 31 percent leap to $14.1bn successful revenue. South Korea’s largest arms company, Hanwha Group, recorded a 42 percent surge successful 2024, with much than fractional coming from arms exports.

Israel reaps profits of Gaza genocide

For the archetypal time, 9 of the apical 100 arms companies were based successful the Middle East, according to SIPRI. The 9 companies racked up a combined $31bn successful gross successful 2024, showing a determination summation of 14 percent.

As the United Arab Emirates continues to look planetary allegations of arming the devastating warfare successful Sudan, the institute noted its determination fig excludes Emirati-based EDGE Group owed to a deficiency of gross information for 2023. The UAE rejects the accusations.

The 3 Israeli arms companies successful the ranking accrued their combined arms revenues by 16 percent to $16.2bn amid the ongoing genocidal warfare connected Gaza, which has killed astir 70,000 Palestinians and destroyed astir of the besieged enclave.

Elbit Systems pocketed $6.28bn successful profits, followed by Israel Aerospace Industries with $5.19bn and Rafael Advanced Defense Systems with $4.7bn.

SIPRI said determination was an planetary surge successful involvement successful Israeli unmanned aerial vehicles and counter-drone systems. Rafael’s surge was tied to Iran, arsenic request for the company’s aerial defence systems roseate to “unprecedented levels” aft Iran’s large-scale retaliatory strikes against Israel successful April and October 2024 that utilized ballistic missiles and drones.

Five Turkish companies were successful the apical 100 – besides a record. Their combined arms revenues amounted to $10.1bn, showing an 11 percent increase.

Baykar, which makes, among different things, precocious drones astir precocious sold to Ukraine, saw 95 percent of its $1.9bn successful arms gross successful 2024 travel from exports to different countries.

Military companies from the United Kingdom, France, Germany, Italy, India, Taiwan, Norway, Canada, Spain, Poland and Indonesia were successful the ranking arsenic well.