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Global Arms Sales Soar to Record USD679B
(MENAFN) Worldwide weapons sales surged to unprecedented levels throughout 2024 as nations intensified military upgrades and boosted procurement programs against a backdrop of active warfare and escalating geopolitical friction, a Stockholm International Peace Research Institute (SIPRI) analysis released Monday confirms.
The planet's 100 dominant defense contractors generated revenues climbing 5.9% during the previous year to an all-time high of $679 billion, representing the most robust collective expansion since 2018. SIPRI attributes the spike predominantly to the wars in Ukraine and Gaza, as well as heightened regional security concerns and higher defense spending among major powers.
American and European firms drove the majority of expansion. US-based manufacturers tallied $334 billion in aggregate sales, despite continued delays and cost overruns in major programs such as the F-35 fighter jet and the Columbia-class submarine.
Across Europe, 23 of 26 enterprises boosted revenue, propelling regional sales upward 13% to $151 billion. Czech company Czechoslovak Group registered the sharpest climb worldwide—soaring 193%—predominantly through supply contracts for Ukraine.
Türkiye inserted a fifth enterprise into the rankings, with MKE joining ASELSAN, TAI, Baykar and Roketsan. The nation documented an 11% year-on-year increase in annual arms sales, reaching a combined $10.1 billion in revenues.
Russian corporations similarly expanded earnings despite sanctions and labor shortages, with revenues up 23% to $31.2 billion, driven by strong domestic demand.
Conversely, aggregate sales throughout Asia-Oceania contracted 1.2%, dragged downward by precipitous declines in Chinese procurement amid corruption investigations. However, Japanese and South Korean companies reported strong double-digit growth, fueled by export demand and regional rearmament.
The Middle East achieved its strongest-ever representation in the Top 100, with nine enterprises producing $31 billion. Israeli manufacturers increased sales despite global criticism of the Gaza war.
The United Arab Emirates' state-controlled EDGE Group ranked 37th with $4.7 billion in revenues.
The planet's 100 dominant defense contractors generated revenues climbing 5.9% during the previous year to an all-time high of $679 billion, representing the most robust collective expansion since 2018. SIPRI attributes the spike predominantly to the wars in Ukraine and Gaza, as well as heightened regional security concerns and higher defense spending among major powers.
American and European firms drove the majority of expansion. US-based manufacturers tallied $334 billion in aggregate sales, despite continued delays and cost overruns in major programs such as the F-35 fighter jet and the Columbia-class submarine.
Across Europe, 23 of 26 enterprises boosted revenue, propelling regional sales upward 13% to $151 billion. Czech company Czechoslovak Group registered the sharpest climb worldwide—soaring 193%—predominantly through supply contracts for Ukraine.
Türkiye inserted a fifth enterprise into the rankings, with MKE joining ASELSAN, TAI, Baykar and Roketsan. The nation documented an 11% year-on-year increase in annual arms sales, reaching a combined $10.1 billion in revenues.
Russian corporations similarly expanded earnings despite sanctions and labor shortages, with revenues up 23% to $31.2 billion, driven by strong domestic demand.
Conversely, aggregate sales throughout Asia-Oceania contracted 1.2%, dragged downward by precipitous declines in Chinese procurement amid corruption investigations. However, Japanese and South Korean companies reported strong double-digit growth, fueled by export demand and regional rearmament.
The Middle East achieved its strongest-ever representation in the Top 100, with nine enterprises producing $31 billion. Israeli manufacturers increased sales despite global criticism of the Gaza war.
The United Arab Emirates' state-controlled EDGE Group ranked 37th with $4.7 billion in revenues.
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