At the end of 2024, the revenue of the world’s 100 largest defense companies from arms sales and military services grew by 5.9%, reaching a record $679 billion.
This is reported in the new report by the Stockholm International Peace Research Institute (SIPRI), published on Monday, December 1.
The main contribution to global growth came from manufacturers in Europe and the United States. Among Russian weapons producers, only two companies have been included in the SIPRI ranking for the past three years due to lack of data — the state corporation Rostec ranks seventh, and the United Shipbuilding Corporation (USC) ranks 41st.
In 2024, the losses of Rostec and USC from decreased exports were fully offset by domestic demand.
Despite this growth, SIPRI analysts note that sectors such as aircraft manufacturing in Russia face supply shortages due to sanctions, as production still heavily depends on foreign components.
Another challenge mentioned in the report is the persistent workforce shortage, despite large-scale recruitment campaigns.
“The Russian military industry does not have enough skilled labor to maintain the projected production rates necessary to achieve Russia’s military goals,” the report authors state.
The only Ukrainian company in the top 100 is the state-owned “Ukrainian Defense Industry” (ranked 52nd), which increased its revenue from arms sales by 41% to $3 billion.
German weapons manufacturers showed one of the most significant revenue growths in 2024 — 36%, with only Japan recording faster growth (40%).
The leaders in arms production in the SIPRI ranking remain U.S. companies, with 39 American manufacturers included in the top 100.
Their revenue from military orders grew by 3.8%, reaching $334 billion — half of the total global revenue of companies in the ranking.
The largest American and global players are Lockheed Martin Corp, RTX, and Northrop Grumman Corp.
