Global arms sales hit record $679 billion amid ongoing conflicts
The world’s top 100 arms manufacturers reached record revenues in 2024, totaling $679 billion (€586 billion), marking a 5.9% increase compared to the previous year, according to a report released by the Stockholm International Peace Research Institute (SIPRI). The growth was driven largely by European demand linked to the ongoing war in Ukraine and perceived threats from Russia, as well as modernization programs across European militaries.
American defense companies dominate the global market, accounting for nearly half of total sales ($334 billion), despite delays and budget overruns in key programs such as the F-35 fighter jets and Columbia-class submarines. Of the top 100 arms producers worldwide, 39 are U.S.-based, including the three largest: Lockheed Martin, RTX (formerly Raytheon Technologies), and Northrop Grumman.
European manufacturers saw combined revenues rise by 13% to $151 billion. Notably, the Czech company Czechoslovak Group experienced the largest increase among the top 100, with sales jumping 193% to $3.6 billion, thanks to artillery shell supplies to Ukraine. However, European firms face supply chain challenges, particularly for raw materials such as titanium and rare earth metals, as sanctions and export restrictions force companies like Airbus, Safran, Thales, and Rheinmetall to seek alternative suppliers, increasing operational costs.
Russia’s Rostec and United Shipbuilding Corporation also feature among the top 100, achieving combined revenues of $31.2 billion, up 23%, with domestic demand offsetting reduced exports due to sanctions. Russian companies, however, struggle to maintain production rates due to shortages of specialized labor needed to meet war-related demands in Ukraine.
Asia and Oceania were the only regions to see a decline in arms sales (-1.2%), although Japan and South Korea experienced growth fueled by European demand, offsetting lower sales in China, where corruption scandals delayed or canceled major contracts.
Israel’s defense industry remains highly sought after, with three Israeli companies generating $16.2 billion in combined sales (+16%), despite international criticism over Israel’s actions in Gaza.
SIPRI researchers highlight that the record 2024 revenues reflect both persistent global security tensions and the increasing reliance of states on military procurement to address perceived threats.
