The world’s largest weapons manufacturers posted a record-breaking $679 billion in revenues in 2024, a 5.9% jump from the previous year, according to the latest data from the Stockholm International Peace Research Institute (SIPRI).
India, with three companies in the Top 100 list, ranks among the top 15 countries globally in arms production, recording an impressive 8.2% rise in domestic defence revenues — totalling $7.5 billion, fuelled primarily by government procurement and Make-in-India procurement policies.
Global surge driven by wars, rearmament
The spike in arms spending was propelled by the conflicts in Ukraine and Gaza, rising geopolitical hostilities, and intensifying military modernisation worldwide. Significantly, for the first time since 2018, each of the world’s five biggest arms corporations reported growth.
While the surge was led by firms in Europe and the U.S., every region saw an uptick—except Asia–Oceania, where a slump in China’s defence sector dragged totals down.
“Global arms revenues reached the highest level ever recorded as producers capitalized on high demand,” said Lorenzo Scarazzato of SIPRI, noting that manufacturing capacity is expanding but supply-chain challenges persist.
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.
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— SIPRI (@SIPRIorg) December 1, 2025
United States: High sales, higher delays
American firms accounted for nearly half of all arms sales—$334 billion—with 30 of 39 U.S. companies reporting growth. Leading contributors included Lockheed Martin, Northrop Grumman, and General Dynamics.
Yet the U.S. arms ecosystem remains dogged by delivery delays and cost overruns, particularly in billion-dollar platforms like the F-35 fighter, Columbia-class submarines, and the Sentinel ICBM programme.
Europe re-arms; Ukraine orders reshape the market
Europe’s 26 defence companies collectively generated $151 billion — up 13%.
The Czech-based Czechoslovak Group saw the biggest leap among any company in the Top 100 — a 193% revenue explosion to $3.6 billion — largely due to ammunition exports for Ukraine. Ukraine’s own defence industry also posted a 41% increase.
But analysts warn Europe’s reliance on critical minerals — including titanium — could disrupt future production, especially after Russian and Chinese export tightening.
Russia: Sanctions bite, but demand at home surges
Despite sanctions and a skilled-labour crunch, Russia’s two Top-100 companies — Rostec & United Shipbuilding Corporation — saw their revenues jump 23% to $31.2 billion, boosted by wartime domestic procurement.
Asia & Oceania: China’s slump offsets Japan & Korea gains
The region was the only one to experience an overall dip, falling 1.2% to $130 billion, driven by a 10% decline in Chinese companies, including a staggering 31% drop at NORINCO amid corruption scandals in military procurement.
In contrast:
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Japan’s five companies saw a 40% rise to $13.3B
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South Korea’s four firms rose 31% to $14.1B, led by Hanwha’s 42% growth, much of it via exports
Middle East enters the big league
For the first time, nine firms from the Middle East entered the Top 100, generating $31B in 2024.
Israeli companies rose 16% to $16.2B, with global customers largely unaffected by political backlash over Gaza.
Turkey added momentum with five listed firms totalling $10.1B, while the UAE’s state-owned EDGE Group posted $4.7B.
The ranking also saw new entrants:
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SpaceX, debuting with $1.8B in arms-linked revenue
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Indonesia’s DEFEND ID, entering with $1.1B — boosted by consolidation and domestic procurement
India’s Growing Defence Footprint
Despite ranking below the United States, China, Russia and major European nations, India’s rising arms production — driven by DRDO ecosystem expansions, HAL output, and BEL acquisition programmes — reinforces its ambitious goal of becoming a net defence exporter.
