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Japan, South Korea Become Top Growth Markets in Arms Industry
(MENAFN) NATO allies Japan and South Korea have surfaced as two of the fastest-expanding markets in the worldwide defense sector, according to a report by the Stockholm International Peace Research Institute (SIPRI).
The global arms industry reached record revenues in 2024, fueled by escalating geopolitical strains and a widespread rearmament push across Europe, the study, released on Monday, revealed.
Total earnings from arms and military services among the world’s 100 largest producers climbed 5.9% last year, reaching an unprecedented $679 billion.
Most of this growth was driven by firms in the US and Europe, “as producers capitalized on high demand.”
Germany’s Rheinmetall experienced the highest expansion in Western Europe, supported by broader “demand boosted by the wars in Ukraine and Gaza, global and regional geopolitical tensions, and ever-higher military expenditure,” according to SIPRI.
US corporations continued to dominate the revenue rankings, while European companies, excluding Russia, registered the fastest regional growth as NATO nations increased their procurement efforts.
Japan and South Korea, NATO’s partners in the Indo-Pacific, ranked among the top gainers in the Top 100, benefiting from soaring export orders from Europe as well as rising domestic demand, the report noted.
Sales by Japan’s major defense companies jumped 40% year-on-year to $13.3 billion, marking the largest increase at the country level, followed by Germany at 36% and South Korea at 31%.
South Korea’s leading defense manufacturer, Hanwha Group, saw a 42% rise in arms revenues in 2024, with over half of the total generated from exports, the report highlighted.
The global arms industry reached record revenues in 2024, fueled by escalating geopolitical strains and a widespread rearmament push across Europe, the study, released on Monday, revealed.
Total earnings from arms and military services among the world’s 100 largest producers climbed 5.9% last year, reaching an unprecedented $679 billion.
Most of this growth was driven by firms in the US and Europe, “as producers capitalized on high demand.”
Germany’s Rheinmetall experienced the highest expansion in Western Europe, supported by broader “demand boosted by the wars in Ukraine and Gaza, global and regional geopolitical tensions, and ever-higher military expenditure,” according to SIPRI.
US corporations continued to dominate the revenue rankings, while European companies, excluding Russia, registered the fastest regional growth as NATO nations increased their procurement efforts.
Japan and South Korea, NATO’s partners in the Indo-Pacific, ranked among the top gainers in the Top 100, benefiting from soaring export orders from Europe as well as rising domestic demand, the report noted.
Sales by Japan’s major defense companies jumped 40% year-on-year to $13.3 billion, marking the largest increase at the country level, followed by Germany at 36% and South Korea at 31%.
South Korea’s leading defense manufacturer, Hanwha Group, saw a 42% rise in arms revenues in 2024, with over half of the total generated from exports, the report highlighted.
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