Defence spending drives arms revenue surge – Europe’s top 20

According to new data from the Stockholm International Peace Research Institute (SIPRI), the combined arms revenues of the Top 100 companies reached a record USD 679 billion, marking a 5.9% increase compared with 2023.

The growth reflects sustained demand driven by ongoing conflicts, rising geopolitical tensions, and a broader shift towards long-term rearmament.

Europe ramps up

European arms producers recorded strong growth over the year. Of the 26 companies in the ranking (excluding Russia), 23 increased their arms revenues.

Combined revenues rose by 13% to USD 151 billion, with demand largely linked to the war in Ukraine and efforts to replenish national stockpiles.

Among the standouts, Czechoslovak Group posted the fastest growth of all companies in the Top 100 (193%, to USD 3.6 billion), driven by high demand for ammunition and large-scale supply initiatives. Ukraine’s own defence industry also expanded rapidly, with arms revenues increasing by 41% in 2024.

US companies maintain lead

US-based companies continue to dominate the global arms industry, accounting for the largest share of total revenues.

Most US firms in the Top 100 reported revenue growth, supported by strong domestic demand and ongoing procurement programmes. At the same time, SIPRI notes that parts of the industry continue to face production-related challenges, including delays and cost pressures.

Mixed picture in Asia

In contrast, arms producers in Asia and Oceania saw a slight decline in revenues.

This was primarily due to lower revenues among Chinese companies, which SIPRI links to postponed or cancelled contracts.

Demand continues to build

Despite the overall increase in revenues, SIPRI highlights that rising demand is still constrained by production bottlenecks and supply chain disruptions. Many companies are still working through growing order backlogs, while facing limited production capacity and delays.

As a result, the institute expects the upward trend to continue, as existing orders are converted into deliveries and companies expand output.

Evertiq presented the ranking of Europe's largest arms producers on stage during Evertiq Expo Krakow on May 07 – offering a snapshot of the European defence industry. Evertiq Expo will return to Krakow again next year, make sure to don’t miss out.