Web Desk: A new report released Monday by the Stockholm International Peace Research Institute (SIPRI) says the world’s largest weapons manufacturers saw their revenues surge to record levels in 2024, driven by heightened military spending and ongoing conflicts in Ukraine and Gaza.
Arms Revenues Rise Nearly 6 Percent
According to the report, the world’s top defense companies recorded a 5.9 percent increase in sales of weapons and military services last year. SIPRI attributed the rise to intensified demand from governments expanding their defense budgets, as well as the sustained consumption of weapons in active war zones.
United States Leads the Global Defense Market
The report shows that U.S. companies once again dominated global arms sales, followed by major manufacturers in Europe and Israel. Asia, however, showed comparatively lower emphasis on expanding its arms industry, reflecting different regional priorities.
Record $679 Billion in Sales
SIPRI found that the combined annual revenue of the world’s 100 largest arms and military service providers reached $679 billion in 2024 the highest figure ever recorded. Over the past decade, from 2015 to 2024, arms revenues have climbed by nearly 26 percent.
Middle Eastern Firms Enter Top Tier
For the first time, nine Middle Eastern defense companies secured spots in the top 100 global defense suppliers, marking a significant shift in the region’s growing ambitions to build and export military hardware.
Read more: Textile Exports Hit Record Levels in First Quarter of Fiscal Year
