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Global arms sales reach new peak in 2024
(MENAFN) Global arms sales reached a record high in 2024 as nations accelerated military modernization and expanded weapons procurement, a new study by the Stockholm International Peace Research Institute (SIPRI) revealed on Monday.
Revenues of the world’s 100 largest defense companies rose 5.9% to $679 billion—the strongest collective growth since 2018. SIPRI attributed the surge to ongoing conflicts in Ukraine and Gaza, regional security concerns, and higher defense spending among major powers.
The US and Europe drove most of the increase. US defense companies recorded $334 billion in combined sales, despite delays and cost overruns in programs such as the F-35 fighter jet and Columbia-class submarine. In Europe, 23 of 26 companies reported revenue growth, with total sales rising 13% to $151 billion. Czech firm Czechoslovak Group posted the steepest global increase at 193%, largely due to Ukrainian supply contracts.
Türkiye added a fifth company to the Top 100, with MKE joining ASELSAN, TAI, Baykar, and Roketsan. The country’s annual arms sales grew 11% to $10.1 billion. Russian firms also expanded earnings despite sanctions, posting $31.2 billion in revenue, driven by domestic demand.
In Asia-Oceania, overall sales fell 1.2%, pulled down by reduced Chinese procurement amid corruption probes, though Japanese and South Korean firms saw strong double-digit growth from exports and regional rearmament. The Middle East saw its highest-ever representation, with nine companies generating $31 billion. Israeli manufacturers increased sales despite criticism over the Gaza conflict, and the UAE’s state-owned EDGE Group ranked 37th with $4.7 billion in revenue.
Revenues of the world’s 100 largest defense companies rose 5.9% to $679 billion—the strongest collective growth since 2018. SIPRI attributed the surge to ongoing conflicts in Ukraine and Gaza, regional security concerns, and higher defense spending among major powers.
The US and Europe drove most of the increase. US defense companies recorded $334 billion in combined sales, despite delays and cost overruns in programs such as the F-35 fighter jet and Columbia-class submarine. In Europe, 23 of 26 companies reported revenue growth, with total sales rising 13% to $151 billion. Czech firm Czechoslovak Group posted the steepest global increase at 193%, largely due to Ukrainian supply contracts.
Türkiye added a fifth company to the Top 100, with MKE joining ASELSAN, TAI, Baykar, and Roketsan. The country’s annual arms sales grew 11% to $10.1 billion. Russian firms also expanded earnings despite sanctions, posting $31.2 billion in revenue, driven by domestic demand.
In Asia-Oceania, overall sales fell 1.2%, pulled down by reduced Chinese procurement amid corruption probes, though Japanese and South Korean firms saw strong double-digit growth from exports and regional rearmament. The Middle East saw its highest-ever representation, with nine companies generating $31 billion. Israeli manufacturers increased sales despite criticism over the Gaza conflict, and the UAE’s state-owned EDGE Group ranked 37th with $4.7 billion in revenue.
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