SIPRI: Revenue of the top 100 arms manufacturers is expected to reach $679 billion in 2024.
Revenue from 100 arms manufacturers reached a record $679 billion, a 5.9% increase compared to 2023; the US and Europe led the growth, the Middle East expanded its presence, and Asia-Oceania saw a slight decline.
The Stockholm International Peace Research Institute (SIPRI) announced on December 1st that in 2024, the revenue of the world's 100 largest arms manufacturers reached $679 billion, a 5.9% increase compared to 2023. This is the highest level SIPRI has ever recorded, reflecting increased demand due to conflicts in Ukraine and the Gaza Strip, geopolitical tensions, and rising military spending. SIPRI expert Lorenzo Scarazzato emphasized that manufacturers have capitalized on this increased demand.
Key parameters according to SIPRI
| Category | Revenue/Variable Values |
|---|---|
| Top 100 Total Revenue (2024) | $679 billion; a 5.9% increase compared to 2023. |
| USA (39 companies) | $334 billion; a 3.8% increase. |
| Europe (26 companies) | $151 billion; a 13% increase. |
| Czechoslovak Group (Czech Republic) | $3.6 billion; a 193% increase. |
| Russia (Rostec, USC) | $31.2 billion; a 23% increase. |
| Middle East (9 companies) | $31 billion; a 14% increase. |
| Israel (3 companies) | $16.2 billion; a 16% increase. |
| Türkiye (5 businesses) | $10.1 billion; an 11% increase. |
| EDGE (UAE) | $4.7 billion |
| Asia - Oceania | $130 billion; down 1.2% |
| Japan (5 companies) | $13.3 billion; a 40% increase. |
| South Korea (4 companies) | $14.1 billion; up 31%; Hanwha's growth was 42% (more than half from exports). |
| India (3 businesses) | $7.5 billion; an increase of 8.2% |
| DEFEND ID (Indonesia) | $1.1 billion; up 39%; first time in the Top 100 |
Analysis by region
US: High revenue, but challenges from cost-overrun programs.
The revenue of the 39 top 100 US companies reached $334 billion, a 3.8% increase. Leading companies included Lockheed Martin, Northrop Grumman, and General Dynamics. SIPRI noted that many manufacturers were affected by cost overruns in key defense programs such as the F-35, Columbia-class submarines, and Sentinel ICBMs, hindering development, production, and delivery schedules.
Europe: Accelerating capacity expansion, material risks
Twenty-six European companies achieved $151 billion in revenue, a 13% increase. The Czechoslovak Group recorded a 193% increase, reaching $3.6 billion. According to SIPRI expert Jade Guiberteau Ricard, companies are investing in new production capacity to meet demand. However, securing the supply of materials, especially those dependent on critical minerals, could complicate rearmament plans.
Russia and the Middle East: A clear upward trend.
In Russia, Rostec and USC achieved combined revenue of $31.2 billion, a 23% increase. In the Middle East, for the first time, nine companies entered the Top 100, reaching $31 billion, a 14% increase; including three Israeli companies ($16.2 billion; up 16%), five Turkish companies ($10.1 billion; up 11%), and EDGE of the UAE ($4.7 billion).
Asia and Oceania: Overall decline, with differences by country.
Total regional revenue reached $130 billion, down 1.2% from 2023. However, the differences between countries were significant: five Japanese companies achieved $13.3 billion, up 40%; four South Korean companies achieved $14.1 billion, up 31%, with Hanwha increasing by 42% and more than half of its revenue coming from exports. Three Indian companies achieved $7.5 billion, up 8.2%. DEFEND ID of Indonesia entered the Top 100 for the first time with $1.1 billion, up 39%.
Industrial and technical perspective
- High demand linked to conflicts in Ukraine, the Gaza Strip, and geopolitical tensions has helped boost arms industry revenues to record levels, according to SIPRI.
- In the US, pressure from cost-overrun programs (F-35, Columbia-class submarines, Sentinel ICBMs) poses technical and schedule challenges that could affect the development-production-delivery chain.
- In Europe, investment in expanding production capacity is a prominent trend; however, securing supplies of materials, especially critical minerals, is a potential obstacle to rearmament plans, according to SIPRI.
- The Greater Middle East region is present in the Top 100, while Asia-Oceania shows a more diversified picture with bright spots in Japan, South Korea, India, and Indonesia.
Overall, SIPRI data shows a shift in focus by region and the accompanying technological and industrial pressures coupled with rapidly increasing demand. These factors will continue to shape how manufacturers organize capacity, secure supply chains, and meet deadlines in the coming period, according to the report's assessment.
