Revenues from sales of arms and military services by the 100 largest arms-producing companies rose by 5.9 per cent in 2024, reaching a record $679 billion, according to new data released today by the Stockholm International Peace Research Institute (SIPRI)

Global arms revenues rose sharply in 2024, as demand was boosted by the wars in Ukraine and Gaza, global and regional geopolitical tensions, and ever-higher military expenditure. For the first time since 2018, all of the five largest arms companies increased their arms revenues.

Although the bulk of the global rise was due to companies based in Europe and the United States, there were year-on-year increases in all of the world regions featured in the Top 100. The only exception was Asia and Oceania, where issues within the Chinese arms industry drove down the regional total.

The surge in revenues and new orders prompted many arms companies to expand production lines, enlarge facilities, establish new subsidiaries or conduct acquisitions.