The world's largest arms manufacturers saw a revenue of 632 billion dollars in 2023

The revenues of the world's 100 largest arms companies from the sale of weapons and military services will grow by 4.2% to $632 billion in 2023. Many arms manufacturers have increased production in 2023 in response to increased demand.

In 2023, the industry's 100 largest companies will earn $632 billion in sales of arms and military services, which is 4.2% more in real terms than in 2022. This is confirmed by the Stockholm Peace Research Institute (SIPRI).

Many arms manufacturers have increased production in 2023 in response to increased demand. The 100 companies that fell in 2022 saw a rise in total revenue from weapons.

All regions of the world saw an increase in revenue from arms sales. Experts noted the most significant jump in Russia and the Middle East - +40 and +18%, respectively. The increase is due to heightened global geopolitical tensions, reflecting higher demand for weapons and military equipment, analysts said. In 2023, 73 out of 100 companies saw revenue growth, compared to 47 in 2022.

"In 2023, revenues from arms increased significantly and this is likely to continue in 2024," said Lorenzo Scarazato, researcher at SIPRI's Military Expenditure and Arms Production Program.

The revenue of 41 American companies in the top 100 was $317 billion, which is 2.5% more than in 2022 and almost half of the revenue of all manufacturers in the ranking. Since 2018, only American companies have occupied the first five places.

Thus, 30 out of 41 US concerns were included in the list of 100 that increased production in 2023. However, the two largest manufacturers - Lockheed Martin and RTX - are experiencing declines. SIPRI experts attributed this to problems observed in the supply chain, especially in aeronautics and rocketry.

The total revenues of 27 top 100 companies located in Europe (excluding Russia) in 2023 were $133 billion. That's just 0.2 percent more than in 2022 and the smallest increase of any region in the world.

At the same time, the revenues of some European arms manufacturers have increased significantly due to demand related to the war in Ukraine, especially for ammunition, artillery, air defense systems and land systems. It is noteworthy that the companies of Germany, Sweden, Ukraine, Poland, Norway and the Czech Republic were able to take advantage of this demand. Germany's Rheinmetall, for example, has increased production capacity for 155 mm ammunition, and its revenues have increased on the back of deliveries of Leopard tanks and new orders, including some for war-related programs.

The total revenue of the two Russian manufacturers, which are included in the list of the top 100 companies, increased by 40% and amounted to about 25.5 billion dollars.

Companies from South Korea and Japan posted the fastest growth rates in Asia, with revenues up 39% and 35%, respectively. This increase is due to the growing militarization of the region and increased orders in the domestic market, including the war in Ukraine.

In the Middle East, arms company revenues rose 18 percent, with Israeli firms such as Rafael receiving record orders during the Gaza war. With the start of the Gaza war, Israel's top 100 companies' revenue from arms sales reached 13.6 billion, the highest ever recorded by an Israeli company on the SIPRI Top 100 list.

Revenues of the world's top 10 arms manufacturers in 2023

Lockheed Martin Corp. (USA) - revenue of $60.8 billion (-1.6% compared to 2022).

RTX (USA) – 40.6 billion (-1.3%).

Northrop Grumman Corp. (USA) – 35.5 billion (+5.8%).

Boeing (USA) – 31.1 billion (+2%).

General Dynamics Corp. (USA) – 30.2 billion (+3.2%).

BAE Systems (Great Britain) – 29.8 billion (+2.3%).

"Rostex" (Russia) - 21.7 billion (+49%).

AVIC (China) – 20.8 billion (+5.6%).

NORINCO (China) – 20.5 billion (-2.7%).

CETC (China) – 16 billion (+13%).