"From Israel to Elon Musk's SpaceX and other giant companies in the US and Europe, arms producers had a profitable 2024. Revenues from sales of weapons and military services by the 100 largest global arms-producing companies reached a record $679bn in 2024, according to new data released by the Stockholm International Peace Research Institute (SIPRI). The Gaza and Ukraine wars, as well as global and regional geopolitical tensions and ever-higher military expenditures, increased revenues generated by the companies from sales of military goods and services to customers domestic and abroad by 5.9 percent compared to the year before, the organisation said in a report published on Monday."
"The bulk of the global rise was attributed to companies based in Europe and the United States, but there were year-on-year increases in all regions except for Asia and Oceania, where issues within the Chinese arms industry drove down the regional total. Lockheed Martin, Northrop Grumman and General Dynamics led the pack in the US, where the combined arms revenues of arms companies in the top 100 grew by 3.8 percent in 2024 to reach $334bn, with 30 out of the 39 US companies in the ranking increasing their revenues. However, SIPRI said widespread delays and budget overruns continue to plague key projects such as the F-35 fighter jet, the Columbia and Virginia-class submarines, and the Sentinel intercontinental ballistic missile."
Revenues from weapons and military services by the 100 largest global arms-producing companies reached $679bn in 2024, a 5.9% increase from 2023. The Gaza and Ukraine wars, wider geopolitical tensions, and rising military expenditures were major drivers of revenue growth. Europe and the United States accounted for most of the global rise, while Asia and Oceania declined due to problems in the Chinese arms industry. US firms led the ranking, with combined top-100 US arms revenues at $334bn, a 3.8% increase and 30 of 39 US companies reporting higher revenues. Major programmes such as the F-35, Columbia and Virginia-class submarines, and the Sentinel ICBM experienced delays and budget overruns. Elon Musk's SpaceX entered the top military manufacturers as arms revenues more than doubled to $1.8bn. Excluding Russia, 26 top-100 companies were based in Europe, with 23 recording increases.
Read at www.aljazeera.com
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