The wars in Ukraine and Gaza, among other things, have driven demand for major arms manufacturers, and thus also sales. The majority of the increased revenue was seen among arms manufacturers in the US and Europe, according to the report from the Stockholm International Peace Research Institute (SIPRI).
Despite international sanctions, arms revenues also increased in Russia. Two of the country's arms companies are among the world's 100 largest: Rostec and United Shipbuilding Corporation. Together, they increased their revenues by 23 percent to $31.2 billion, equivalent to approximately SEK 295 billion.
The only geographic areas where companies had decreased arms revenue were Asia and Oceania, with Chinese companies in particular contributing to the 1.2 percent decline.
“A host of corruption allegations in Chinese arms procurement led to the postponement or cancellation of major arms contracts in 2024,” said Nan Tian, head of SIPRI’s military expenditure and arms production program, in the report.
