According to the latest data compiled byLookwhole Insight, the total revenue of the world's top 100 defense contractorswill reach $632 billion in 2023, with an actual annual growth rate of more than4%, while conflicts in Ukraine and the Middle East continue to drive demand forweapons. The following is the top 100 weapons production and military servicecompanies in the world in 2023 (in millions of US dollars) according toLookwhole Insight:
Source: SIPRI Arms Industry Database, Dec. 2024.,compiled by Lookwhole Insight
Key Pointsand Facts:
1. Arms Revenues Continue to Grow
In 2023, theglobal arms industry expanded significantly, with the total arms revenues ofthe Top 100 arms-producing and military services companies ranked by the LookwholeInsight reaching $632 billion—a real increase of 4.2% compared to the previousyear. Importantly, this growth was not limited to a single region but wasobserved across all regions covered by the ranking.
2. U.S. Companies Maintain Global Dominance
The United Statescontinued to lead the global arms industry, with 41 American companies amongthe Top 100. By 2023, these 41 U.S.-based companies saw their combined armsrevenues grow by 2.5%, reaching $317 billion. The world's three largest armsproducers—Lockheed Martin ($60.8 billion), RTX ($40.7 billion), and NorthropGrumman ($35.6 billion)—are all based in the U.S.
3. China Holds Second Place but Slows Down
In 2023, Chinesearms companies generated approximately $103 billion in total revenues,maintaining their position as the second-largest national group in the globalarms industry, behind the U.S. However, their year-on-year growth was just0.7%—the lowest since 2019. This slowdown may be linked to China's broadereconomic deceleration. While companies such as AVIC, NORINCO, and CETC remainkey players, the overall stagnation suggests potential headwinds for the futuregrowth trajectory of China’s defense sector.
4. Surge in Other Asian and Oceanian Producers
In 2023,arms-producing companies from Asia and Oceania (excluding China) achievedstrong growth, with revenues rising by 5.7% to $136 billion. South Korea,Japan, and Taiwan led the way, with arms revenue growth rates of 39%, 35%, and27%, respectively.
5. European Industry Stagnates, Russia ReboundsStrongly
The 27 Europeancompanies in the Top 100 saw their combined arms revenues rise by just 0.2%,totaling $133 billion. Despite the flat overall growth, some companies like theUK’s BAE Systems and Germany’s Rheinmetall performed strongly. At the sametime, Russia’s arms industry experienced a significant rebound in 2023. The twoRussian companies for which SIPRI had data—Rostec and United ShipbuildingCorporation—saw their combined arms revenues grow by 40%, reaching $25.5billion. This surge was driven by a sharp increase in orders and productionlinked to the ongoing war in Ukraine. Rostec alone rose from 9th to 7th place,with revenues totaling $21.7 billion.
6. Conflict Drives Growth in the Middle East
The six MiddleEastern companies in the Top 100 saw their arms revenues increase sharply by18%, reaching $19.6 billion in 2023. This growth was driven by Israeli firmssuch as Elbit Systems, Rafael, and Israel Aerospace Industries, whose revenuessurged to record levels, partly due to increased demand stemming from the Gazaconflict. These companies typically derive over 90% of their total revenuesfrom arms sales.
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