"Global arms sales last year reached the highest level we have ever recorded, as defense companies capitalized on a period of high demand," said Lorenzo Scarazzato, an expert from the Stockholm International Peace Research Institute (SIPRI), based in Sweden, on 30/11/2024.
According to SIPRI, sales by the world's 100 leading defense companies in 2024 reached a record 679 billion USD, an increase of 5,9% compared to the previous year. The revenue for this group also grew by 26% during the 2015-2024 period.
Thirty-nine US corporations are included in the list of the top 100 defense companies globally, generating 334 billion USD in 2024 and accounting for nearly half of total global sales. This figure represents an increase of approximately 5,8% compared to the previous corresponding period.
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Abrams tanks being loaded onto a train in California, US, on 18/11. Photo: US Army |
Abrams tanks being loaded onto a train in California, US, on 18/11. Photo: US Army
Twenty-six companies from Europe achieved a 13% increase, with a total order value of 151 billion USD. The Czechoslovak Group (CSG) recorded a growth of 193%, the highest on the list, and achieved sales of 3,6 billion USD, primarily due to the initiative to supply artillery shells to Ukraine, spearheaded by the Czech Republic.
Two Russian corporations also made the list, with total revenue reaching 31,2 billion USD, marking a 23% increase. SIPRI notes that Russia faces a shortage of skilled labor to ensure the necessary productivity for the military's current demands.
Total revenue for 23 companies in Asia and Oceania decreased by 1,2%, falling to 130 billion USD. Experts attribute this to a significant decline by Chinese defense firms, as many major contracts were postponed or canceled in 2024. In contrast, revenue for Japan and South Korea increased due to demand from Europe.
Nine businesses based in the Middle East achieved sales of 31 billion USD. Three Israeli businesses saw their total revenue increase by 16%, reaching 16,2 billion USD.
Jade Guiberteau Ricard, a SIPRI expert, stated that the increase over the past year primarily stemmed from Europe, driven by demand from Ukraine, its military aid providers, and countries needing to replenish their stockpiles. Many European nations are seeking to expand and modernize their armed forces, which will create new demand for weapons.
However, SIPRI experts indicated that European defense firms are struggling to meet demand, as sourcing raw materials will increasingly encounter obstacles.
Nguyen Tien (According to AFP, AP, Reuters)
