Global Arms Sales Surpass $5.3 Trillion Over the Past Decade: Here Are the Top Weapon Sellers
Stockholm (Quds News Network)- A new report from the Stockholm International Peace Research Institute (SIPRI) has revealed staggering figures for global arms sales. Over the last decade (2014–2023), the revenues of the top 100 arms companies surpassed $5.3 trillion, an amount comparable to the annual GDP of major economies like Germany or India. In 2023 alone, these companies generated a record $632 billion in revenue from arms and military services, marking the highest figure ever reported.
US companies dominated the global arms market, contributing $317 billion, which accounted for half of the total revenue from the SIPRI Top 100 companies. Thirty of the 41 US-based firms in the ranking reported increased revenues in 2023. However, larger companies like Lockheed Martin and RTX faced setbacks due to lingering supply chain challenges, particularly in missile and aeronautics production.
European arms companies saw only a marginal increase in revenues, totaling $133 billion in 2023, just 0.2% more than the previous year. Many firms focused on fulfilling older contracts, delaying the impact of new orders. Still, companies in countries like Germany, Sweden, and Poland saw significant growth, driven by surging demand linked to the war in Ukraine.
In Asia and Oceania, arms companies in South Korea and Japan recorded substantial revenue growth. South Korean firms increased their revenues by 39%, while Japanese companies saw a 35% rise, fueled by heightened domestic military spending and regional security concerns.
Middle Eastern arms companies also reported strong growth, with combined revenues reaching $19.6 billion, an 18% increase. Israeli arms firms alone contributed $13.6 billion, a record-breaking figure attributed to ongoing genocide in Gaza.
Russian arms companies experienced a sharp revenue increase, with combined earnings rising by 40% to $25.5 billion. Rostec, the largest Russian arms producer, recorded a 49% revenue surge, driven by increased production of weapons and military equipment for the war in Ukraine.
Smaller arms producers outperformed larger firms in revenue growth, responding quickly to rising global demand fueled by wars in Gaza, Ukraine, and East Asia. Many companies have ramped up production and launched aggressive recruitment efforts, anticipating further increases in orders.
Despite supply chain issues and economic pressures in some regions, the global arms industry is poised for continued growth. Analysts predict that rising geopolitical tensions and wars will keep demand for advanced military equipment high in the years to come.
