Global arms sales surged to a record $679 billion in 2024, driven by the wars in Gaza and Ukraine and widening geopolitical tensions, according to new data from the Stockholm International Peace Research Institute (SIPRI).
The figures are based on trading data from the world’s 100 largest arms-producing companies.
US and Europe Lead
Worldwide arms revenues rose 5.9 percent from 2023, with U.S. and European companies accounting for the bulk of the growth. All regions saw year-on-year increases except Asia and Oceania, where internal challenges in China’s defense industry pushed totals downward.
In the United States—home to 39 of the firms in SIPRI’s top 100—combined revenues grew 3.8 percent to $334 billion. Thirty American companies increased their arms sales, led by Lockheed Martin, Northrop Grumman, and General Dynamics.
Notably, Elon Musk’s SpaceX entered the global top-tier ranking for the first time, more than doubling its arms revenues to $1.8 billion.
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Yet SIPRI noted persistent cost overruns and delays in major U.S. defense projects, including the F-35 fighter jet, Columbia- and Virginia-class submarines, and the Sentinel ICBM.
Europe Expands Production but Faces Resource Risks
Excluding Russia, 26 European companies made the top 100, with 23 recording rising revenues. Their combined sales climbed 13 percent to $151 billion.
The sharpest surge came from the Czech Republic’s Czechoslovak Group, which boosted revenues by 193 percent to $3.6 billion, largely through supplying artillery shells to Ukraine. Ukraine’s own JSC Ukrainian Defense Industry also saw a substantial 41 percent increase to $3 billion, amid ongoing Russian attacks.
SIPRI Top 100 arms producers see combined revenues surge as states rush to modernize and expand arsenals. The arms revenues of the SIPRI Top 100 companies totalled $679 billion in 2024, +5.9% from 2023.
Learn more: https://t.co/txUxYEgmnx#SIPRI #ArmsIndustry #Top100 pic.twitter.com/UQ7FZyev5i
— SIPRI (@SIPRIorg) December 1, 2025
SIPRI reported that European manufacturers are ramping up production capacity to meet demand sparked by Russia’s invasion but warned that reliance on critical minerals—especially as China tightens export controls—poses a “growing challenge.”
Russia Grows Despite Sanctions
Despite extensive Western sanctions, Russia’s two ranked companies—Rostec and the United Shipbuilding Corporation—increased combined arms revenues by 23 percent to $31.2 billion.
Asia–Oceania Decline Driven by Chinese Troubles
Arms producers in Asia and Oceania generated $130 billion in 2024, a 1.2 percent drop from the previous year, primarily due to a 10 percent revenue decline among China’s eight ranked firms. China’s leading land-systems producer, NORINCO, recorded a steep 31 percent fall.
SIPRI attributed the downturn to widespread corruption allegations in Chinese arms procurement that led to postponed or cancelled contracts. This has clouded the outlook for China’s military modernization, said Nan Tian, Director of SIPRI’s Military Expenditure and Arms Production Program.
Global arms revenues rose sharply in 2024, as demand was boosted by the wars in #Ukraine and #Gaza, global and regional geopolitical tensions, and ever-higher military expenditure.
Press release➡️ https://t.co/txUxYEgUd5#SIPRI #ArmsIndustry #Top100 #DisarmamentNow #ArmsRace… pic.twitter.com/KFubp9RhOP— SIPRI (@SIPRIorg) November 30, 2025
At the same time, arms companies in Japan and South Korea saw strong gains amid tensions over Taiwan and North Korea. Japan’s five top 100 companies boosted revenues 40 percent to $13.3 billion, while four South Korean firms posted a 31 percent rise to $14.1 billion. Hanwha Group, South Korea’s largest defense firm, recorded a 42 percent jump, with exports accounting for more than half its sales.
Middle East Presence Grows to Record Level
For the first time, nine Middle Eastern companies appeared in the top 100, generating $31 billion in combined revenues—an increase of 14 percent—as the region expands its defense manufacturing footprint.
Muhammad Luqman is Associate Editor at Views News Now. He writes on wide-ranging issues including economy, South Asia, the Middle East, agriculture, economy and innovation. Luqman has worked some of the leading news organizations and won acclaim for his original and research-based works.
