Global Arms Sales Soar to $679 Billion Record as India's Defense Industry Grows 8.2%
SIPRI reports arms revenues hit all-time high amid wars, with India's top firms boosting sales 8.2% to $7.5 billion.
Global arms revenues soared to a historic $679 billion in 2024, marking a 5.9% increase for the top 100 weapons producers, driven by conflicts in Ukraine and Gaza alongside rising geopolitical tensions and military budgets. The Stockholm International Peace Research Institute (SIPRI) highlighted this surge in its latest report, noting that all five leading companies—Lockheed Martin, RTX, Northrop Grumman, BAE Systems, and General Dynamics—posted gains for the first time since 2018. US firms dominated with $334 billion in sales, up 3.8%, though challenges like F-35 delays and budget overruns persist.
India's defense sector shone brightly, with three companies—Hindustan Aeronautics (44th), Bharat Electronics (58th), and Mazagon Dock Shipbuilders (91st)—achieving combined arms revenues of $7.5 billion, an 8.2% rise fueled by strong domestic orders. This growth reflects India's push toward self-reliance in defense manufacturing amid regional security needs. European firms, excluding Russia, saw a 13% jump to $151 billion, largely due to Ukraine-related demand, while Russian companies like Rostec increased sales 23% to $31.2 billion despite sanctions.
Regional dynamics varied sharply: Middle Eastern producers entered the top 100 for the first time with nine firms generating $31 billion, up 14%, including Israeli companies at $16.2 billion. SpaceX joined the list with $1.8 billion in arms revenue, more than doubling from 2023. Asia and Oceania dipped 1.2% to $130 billion, dragged by a 10% decline among Chinese firms like NORINCO. Producers expanded facilities and pursued acquisitions to meet surging orders.
SIPRI researcher Lorenzo Scarazzato noted that while companies capitalized on demand, production challenges could impact costs and timelines. The report underscores how wars and tensions propelled profits, with firms in Europe, the US, and the Middle East leading gains. This data precedes SIPRI's full 2025 arms transfers and military spending releases.
Also Read: PM Modi Hails Gen Z’s Unyielding Determination as Key to India’s Progress in Mann Ki Baat
