Global arms sales revenues surged in 2024 as demand was boosted amid the wars in Ukraine and Gaza, global and regional geopolitical tensions, and ever-increasing military spending, according to the Stockholm International Peace Research Institute (SIPRI), UNN reports.
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For the first time since 2018, all five largest arms companies increased their arms sales revenues.
Revenues from arms sales and military services by the 100 largest arms-producing companies increased by 5.9% in 2024, reaching a record $679 billion
While the bulk of global growth was driven by companies based in Europe and the United States, year-on-year growth was reportedly observed in all regions of the world represented in the top 100. The only exception was Asia and Oceania, where problems in the Chinese arms industry lowered the overall figure for the region.
Growing revenues and new orders have prompted many arms companies to expand production lines, increase capacity, establish new subsidiaries, or make acquisitions, the report says.
"Last year, global arms sales revenues reached the highest level recorded by SIPRI, as manufacturers capitalized on high demand," said Lorenzo Scarcazato, a researcher at SIPRI's Military Expenditure and Arms Production Program. "While companies are scaling up their production capacities, they still face a number of challenges that could affect costs and delivery schedules."