Military spending globally has risen to approximately $2.7 trillion in 2024, reflecting a 9% increase over the previous year. This marks the highest growth rate since the Cold War. The arms industry's role has become increasingly crucial and profitable amidst these tensions. The largest defense companies, notably American firms like Lockheed Martin and RTX, dominate the sector but face challenges with supply chain bottlenecks affecting revenue. Overall, growth in military spending continues to outpace revenue increases for these companies, warranting a restructuring within the industry due to evolving demands.
Global military spending reached approximately $2.7 trillion in 2024, marking a 9% increase from the previous year, the highest since the end of the Cold War.
The world's 100 largest defense companies reported earnings of $632 billion in 2023, a 4% increase from the previous year, reflecting a growing arms industry.
U.S. companies dominate the defense sector, holding the top five positions and 41 out of the 100 largest defense companies worldwide.
Current supply chain bottlenecks are hindering capacity expansion and resulting in revenue declines for major companies like Lockheed Martin and RTX.
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