Summary
Global arms sales reached record highs in 2024, hitting $679 billion, according to a report by the Stockholm International Peace Research Institute (SIPRI). This increase is mainly due to conflicts in places like Gaza and Ukraine, increased defense budgets worldwide, and the growing role of private arms manufacturers.
Key Facts
- The 100 largest weapons companies made $679 billion in 2024.
- The U.S. companies Lockheed Martin, Northrop Grumman, and General Dynamics saw a 3.8% revenue increase.
- European firms' revenues grew by 13% to $151 billion, largely driven by the conflict in Ukraine.
- Czech and Ukrainian arms companies reported significant revenue increases due to demand from the Ukraine conflict.
- Russian defense firms increased revenues by 23% to $31.2 billion despite sanctions.
- Asia-Pacific arms revenues totaled $130 billion, with some companies facing declined sales due to corruption allegations.
- Middle East arms companies saw a 14% revenue increase, with Israeli firms benefiting from conflicts in the region.
- SpaceX's arms revenues more than doubled, reflecting its role as a military supplier.
