Global arms sales reached a historic peak of 679 billion dollars in 2024 as wars, regional tensions, and rising defence budgets fuelled demand across continents. Data released by the Stockholm International Peace Research Institute shows that revenues of the world’s top 100 arms-producing companies rose nearly 6 percent compared to the previous year, marking the sharpest jump in recent years.
The increase was driven heavily by ongoing conflicts in Ukraine and Gaza, renewed geopolitical rivalries, and large-scale defence modernisation programmes in major economies. For the first time since 2018, all five of the world’s largest defence companies registered growth. The leading firms included Lockheed Martin, RTX, Northrop Grumman, BAE Systems, and General Dynamics, with the United States dominating the top positions.
India also recorded strong gains. The combined revenue of Hindustan Aeronautics, Bharat Electronics, and Mazagon Dock Shipbuilders expanded by 8.2 percent, reaching 7.5 billion dollars. This rise was linked to steady domestic orders and continuing emphasis on indigenous production.
European manufacturers posted a notable 13 percent collective increase, driven by heightened demand linked to the war in Ukraine and perceived security threats from Russia. Meanwhile, two major Russian companies saw their revenues grow despite international sanctions and supply shortages, helped largely by robust domestic procurement.
The Middle East made its strongest appearance to date, with nine companies entering the top 100. Their combined sales touched 31 billion dollars, supported by escalating regional tensions and rising national defence spending.
A notable new entrant was SpaceX, which crossed 1.8 billion dollars in defence-related revenue as military demand for space-based capabilities sharply expanded.
The report highlights that companies worldwide are enlarging production lines and accelerating deliveries but continue to face cost pressures, delays, and capacity constraints. SIPRI’s findings form part of a series of major data releases ahead of its global yearbook expected in mid-2026.
