Global arms firms register 5.9% revenue increase, hitting $679B

The three Israeli firms featured on the list are Elbit System, Israel Aerospace Industries and Rafael.

By JNS

Defense firms saw an increase of 5.9% in revenue from sales of arms and military equipment in 2024 as demand worldwide soared amid the wars in Ukraine and Gaza, as well as the rise in military spending of countries across the globe, the Associated Press reported on Sunday, citing a report released last week.

The report, conducted by the Stockholm International Peace Research Institute (SIPRI), said that revenues of the 100 largest weapons manufacturers grew to $679 billion last year, the highest figure on the organization’s record.

The main appreciation was recorded in European- and U.S.-based companies.

The three main Israeli security firms in the report’s ranking saw a 16% increase to $16.2 billion.

The backlash over Israel’s campaign in Gaza against the Hamas terrorist organization “seems to have had little impact on interest in Israeli weapons,” SIPRI researcher Zubaida Karim was cited as saying, as new orders from many countries continued as usual.

The three Israeli firms featured on the list are Elbit System, Israel Aerospace Industries and Rafael.

The United States had 39 firms feature in the ranking, with Lockheed Martin Corp., RTX and Northrop Grumman Corp. topping the list.

Their combined revenue was up 3.8% at $334 billion, but SIPRI noted that “widespread delays and budget overruns continue to plague development and production” in major U.S.-led programs, including the F-35 fighter jet, according to AP.