According to a report published by the Stockholm International Peace Research Institute or SIPRI, the revenue of the top 100 companies from arms and military services stood at $679 billion in 2024. A growth of 5.9 percent compared to the previous year. The main drivers of this revenue are the Israel-Gaza war, the Russia-Ukraine conflict, regional tensions and the continuation of the increase in military budgets.
Companies in Europe and the United States sold the most weapons. The revenue of US companies alone increased by 3.8 percent to a total of $334 billion. Lockheed Martin, Northrop Grumman and General Dynamics were at the top.
Elon Musk’s SpaceX made it to the list for the first time. Its defense revenue doubled to $1.8 billion. The combined revenue of 26 companies in Europe increased by 13 percent to a total of $151 billion. Czech company Czechoslovakian Group, which makes ammunition for Ukraine, has seen a 193 percent growth, the highest this year.
Despite Western sanctions, two Russian companies are on the list, with a combined revenue of 23 percent to $31.2 billion. On the other hand, Ukraine’s JCS Ukrainian Defense Industry has increased its revenue by 41 percent in the face of the ongoing Russian aggression. Demand for weapons is increasing in both countries due to the war.
For the first time, nine Middle Eastern companies have made it to the top 100. A combined revenue of 14 percent has reached $31 billion. Despite intense criticism, three Israeli companies have increased their revenue by 16 percent in the context of the Gaza war. Elbit alone has a revenue of $6.28 billion.
Five Turkish companies have a combined revenue of $10.1 billion. The country’s biker companies, which now account for 95 percent of their export-dependent revenue, have now increased the importance of the global drone market.
Meanwhile, the revenue of eight major Chinese companies has decreased by 10 percent. In particular, Norinco’s revenue fell by 31 percent, which slightly reduced total sales in the Asia-Oceania region. However, the picture is the opposite in Japan and South Korea. Their arms sales increased by 40 and 31 percent respectively, due to strong demand and regional tensions. Sales of Korea’s Hanwha Group increased by 42 percent.
