Global sales by the 100 largest arms manufacturers soared to a record $679 billion in 2024, driven by conflicts in Ukraine and Gaza, according to a report published on Monday.
This figure represents a 5.9% increase compared to 2024, according to the Stockholm International Peace Research Institute (SIPRI).
Over the past decade, from 2015 to 2024, the top suppliers have seen their turnover increase by 26%.
“Last year, global arms manufacturers earned the highest revenues ever recorded by SIPRI, driven by strong demand,” said Lorenzo Scarazzato of SIPRI’s Military Expenditure and Arms Production Programme.
According to Jade Guiberteau Ricard, another SIPRI expert, the surge in demand was predominantly driven by Europe, though all regions except Asia and Oceania saw increased sales.
She noted that the rise in European demand stems from the war in Ukraine and “European nations’ perception of Russia as a growing threat.”
European arms demand has been fueled by Ukraine’s needs and the efforts of countries supplying equipment to Kyiv to replenish their own stockpiles.
Guiberteau Ricard added that several European nations have launched modernisation plans for their militaries, which will further boost future demand.
