SIPRI: World’s Top 100 Arms-Producing Companies

According to the Stockholm International Peace Research Institute (SIPRI) report, the world’s biggest weapons-producing companies saw a 5.9% increase in revenue from sales of arms and military services last year as demand was fed by the wars in Ukraine and Gaza, as well as countries’ rising military spending.

• The revenues of the 100 largest arms makers grew to $679 billion in 2024, the highest figure it has recorded.

Global Trend

• The world’s 100 biggest weapons-producing companies recorded a 5.9% rise in arms and military services revenue in 2024.
• Total revenue reached $679 billion — the highest ever recorded by SIPRI.
• Growth driven by wars in Ukraine and Gaza, and by countries’ rising defence spending.

Regional Highlights

United States

• 39 companies in the top 100 list.
• 30 firms, including Lockheed Martin, Northrop Grumman, and General Dynamics, posted revenue increases.
• Combined U.S. arms revenue rose 3.8% to $334 billion.

Europe (excluding Russia)

• 23 of 26 companies in Europe saw higher revenues.
• European defence income grew 13% to $151 billion.
• Growth fuelled by Ukraine war and security concerns involving Russia.

Russia

• Two major companies in the list:
  Rostec and United Shipbuilding Corporation.
• Combined revenue jumped 23% to $31.2 billion.
• Growth occurred despite sanctions and component shortages.

Asia & Oceania

• Overall revenue fell by 1.2% to $130 billion.
• Driven mainly by a 10% decline in revenue from eight Chinese companies.
• Indicates production and supply chain issues in China’s arms industry.

India-Specific Highlights

• Three Indian companies featured in SIPRI’s Top 100 arms manufacturers:
  • Hindustan Aeronautics Ltd. (HAL) – Rank 44
  • Bharat Electronics Ltd. (BEL) – Rank 58
  • Mazagon Dock Shipbuilders – Rank 91
• Combined revenue from India’s three firms rose 8.2% to $7.5 billion.
• Growth driven primarily by strong domestic defence demand.

Source: TH