Global arms producers generated a record 679 billion dollars in 2024, according to new data from the Stockholm International Peace Research Institute. The institute reported that the Top 100 weapons manufacturers recorded the highest level of revenue seen since SIPRI began tracking the data over 35 years ago. The rise was driven primarily by the ongoing wars in Gaza and Ukraine as well as escalating geopolitical tensions and increased investments in nuclear weapons programs.
SIPRI researcher Lorenzo Scarazzato underscored the scale of the increase. “Last year global arms revenues reached the highest level ever recorded by SIPRI as producers capitalized on high demand.” He added that “in 2024, the growing demand for military equipment around the world, primarily linked to rising geopolitical tensions, accelerated the increase in total Top 100 arms revenues seen in 2023.”
SIPRI noted that “more than three-quarters of companies in the Top 100 (77 companies) increased their arms revenues in 2024, with 42 reporting at least double-digit percentage growth.” This expansion prompted many firms to enlarge facilities, build new production lines, and pursue mergers or acquisitions as orders surged.
Weapons manufacturers based in the United States accounted for nearly half of global arms revenue. SIPRI reported that “all of the five largest arms companies increased their arms revenues,” marking the first time since 2018 that every top firm grew in the same year. Lockheed Martin, RTX, Northrop Grumman, BAE Systems, and General Dynamics generated an estimated 215 billion dollars in combined revenue. Four of these companies are based in the United States and one is based in the United Kingdom. Boeing followed closely in the sixth position with nearly 31 billion dollars in revenue.
US based companies held 39 spots in the Top 100. SIPRI’s separate data on regional totals stated that “the combined arms revenues of arms companies in the top 100 grew by 3.8 percent in 2024 to reach $334bn, with 30 out of the 39 US companies in the ranking increasing their revenues.” However, despite record profits, SIPRI reported that the American arms sector continued to experience “widespread delays and budget overruns” in programs that include the F 35 fighter jet, the Columbia and Virginia class submarines, and the Sentinel intercontinental ballistic missile.
A major development inside the United States was the appearance of SpaceX on the list for the first time. SIPRI found that “SpaceX’s arms revenue more than doubled compared with figures from 2023, reaching $1.8 billion.” The reporting noted that SpaceX is owned by Elon Musk, described as a right wing libertarian allied with Donald Trump. According to the information provided, OpenSecrets found that Musk donated “more than $291 million to Republican candidates, including Trump, during the 2024 cycle.”
European arms manufacturers also saw steep increases. Excluding Russia, 26 European companies appeared in the ranking and 23 recorded higher revenues, reaching a combined total of 151 billion dollars. The Czech based Czechoslovak Group showed the largest percentage rise in the entire Top 100 by increasing revenues by “193 percent to reach $3.6bn through making artillery shells for Ukraine.” Ukraine’s state owned JSC Ukrainian Defense Industry grew its revenues by 41 percent to 3 billion dollars as the country faced what SIPRI described as “a relentless Russian offensive in its eastern regions.” Russia had two companies in the ranking, Rostec and United Shipbuilding Corporation. These two firms increased their revenue by 23 percent to 31.2 billion dollars while under Western sanctions.
Asia and Oceania were the only regions where the combined total fell. SIPRI reported that issues within the Chinese sector resulted in the region becoming “the only exception” to the global pattern of rising arms revenue. The eight Chinese companies in the ranking saw their combined revenues decline by 10 percent. NORINCO, China’s primary land systems producer, experienced a “31 percent fall.” SIPRI explained the downturn by stating that “a host of corruption allegations in Chinese arms procurement led to major arms contracts being postponed or cancelled in 2024.” The institute added that this “deepens uncertainty around the status of China’s military modernisation efforts and when new capabilities will materialise.”
Japan and South Korea moved in the opposite direction. SIPRI noted that “five Japanese companies in the ranking increased their combined arms revenues by 40 percent to $13.3bn, while four South Korean producers saw a 31 percent jump to $14.1bn in revenue.” South Korea’s largest arms manufacturer, Hanwha Group, recorded a 42 percent increase in 2024 and earned more than half of its revenue from exports.
The Middle East recorded its largest presence ever in the rankings. SIPRI stated that “for the first time, nine of the top 100 arms companies were based in the Middle East,” and that they “racked up a combined $31bn in revenue in 2024, showing a regional increase of 14 percent.” The institute noted that its regional figure excluded the UAE based EDGE Group because revenue data for 2023 was unavailable. The UAE has rejected international accusations that it has supplied weapons to the war in Sudan.
Israel was among the most notable drivers of regional growth. The reporting, citing Al Jazeera, stated that “the three Israeli arms companies in the ranking increased their combined arms revenues by 16 percent to $16.2 billion amid the ongoing genocidal war on Gaza, which has killed nearly 70,000 Palestinians and destroyed most of the besieged enclave.” Elbit Systems earned 6.28 billion dollars, Israel Aerospace Industries earned 5.19 billion dollars, and Rafael Advanced Defense Systems earned 4.7 billion dollars. SIPRI reported “an international surge in interest in Israeli unmanned aerial vehicles and counter-drone systems.” The institute also noted that demand for Rafael’s air defense systems rose to “unprecedented levels” after Iran’s retaliatory strikes in April and October 2024 involving ballistic missiles and drones.
Turkey’s presence also expanded as five Turkish companies reached a combined total of 10.1 billion dollars, increasing their revenue by 11 percent. Baykar, known for supplying advanced drones, recorded 1.9 billion dollars in arms revenue, with “95 percent” coming from exports.
The broader trend across the SIPRI report reflects a world in which military spending continues to rise in nearly every region. The institute summarized the global distribution by stating, “Although the bulk of the global rise was due to companies based in Europe and the United States, there were year-on-year increases in all of the world regions featured in the Top 100. The only exception was Asia and Oceania, where issues within the Chinese arms industry drove down the regional total.”
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