Global arms sales reach record $679 billion, Türkiye's industry grows

Global arms sales reached a historic peak in 2024, with revenues for the world's 100 largest defense companies climbing 5.9% to a record $679 billion, according to new data from the Stockholm International Peace Research Institute (SIPRI). The institute links this sharp increase to active conflicts in Ukraine and Gaza, rising geopolitical tensions, and a worldwide push for military modernization. Notably, Türkiye's defense industry expanded significantly, with five firms now ranked among the global top 100 and combined sales growing 11% year-on-year to $10.1 billion.

Regional Leaders and Standout Performers

The United States and Europe drove most of the global growth. American manufacturers accounted for $334 billion in sales despite program delays, while European firms saw a collective 13% revenue increase to $151 billion. The Czech company Czechoslovak Group recorded the most dramatic growth globally, with sales soaring 193%, largely fueled by contracts to supply Ukraine. In contrast, total arms sales in the Asia-Oceania region declined slightly, pulled down by a drop in Chinese procurement, though Japanese and South Korean firms posted strong double-digit growth.

Türkiye's Strategic Industrial Ascent

Türkiye's defense sector demonstrated robust performance, with state-owned mechanical and chemical industry corporation MKE joining the prestigious SIPRI Top 100 list for the first time. It now ranks alongside established Turkish defense giants ASELSAN, Turkish Aerospace Industries (TAI), Baykar, and Roketsan. This milestone underscores Türkiye's strategic success in developing a self-reliant and technologically advanced national defense industry, which serves both domestic military needs and a growing export portfolio.

Global Patterns and Middle Eastern Presence

Other regions displayed varied trends. Russian arms companies increased revenues by 23% to $31.2 billion, supported by strong domestic demand despite international sanctions. The Middle East achieved its highest-ever representation in the ranking, with nine companies generating $31 billion in sales. Israeli manufacturers reported rising revenues, and the United Arab Emirates' EDGE Group ranked 37th globally. The overall data paints a picture of a world accelerating defense spending in response to perceived threats, with national industrial capabilities becoming an increasingly critical component of strategic autonomy.