Global arms revenue hits highest ever $679B as wars drive demand: SIPRI

Arms manufacturing companies across the world recorded a profitable 2024 with their revenues surging to a record $679 billion, a new report by the Stockholm International Peace Research Institute (SIPRI) revealed.

SIPRI unveiled top-100 arms manufacturers with USA’s Lockheed Martin, Northrop Group and General Dynamics leading the pack, with their combined revenues reaching $334 billion.

Major global wars, including Russia vs Ukraine, India vs Pakistan and several other conflicts in the Middle East, resulted in a year-to-year increase of 5.9 per cent in revenue of weapons producers.

Elon Musk’s SpaceX also entered the top-100 arms manufacturers list with revenue reaching $1.8 billion, more than double as compared to 2023.

Turkey, which has emerged as a major global power since the fall of Assad in Syria, also saw five of its companies record strong sales, with their combined revenue reaching $10.1 billion.

Asia and Oceania companies were not to impress at the global market even at a time of heightened tensions, major global wars and increased defense expenditure. A 1.2 per cent decline was observed in their revenues on a year-to-year basis as they recorded $130 billion this year.

Director of SIPRI’s Military Expenditure and Arms Production Programme, Nan Tian, states that corruption allegations hindered the Chinese weapon manufacturers’ progress in the global market.

He added, “This deepens uncertainty around the status of China’s military modernisation efforts and when new capabilities will materialise.”

However, Chinese weapons did prove their superiority during Pakistan India clash when the Pakistan Air Force using indigenous and Chinese equipment downed six Indian jets.