Global arms revenues surged to an unprecedented level in 2024, driven by expanded military spending in the United States and Europe as governments sharpened their focus on rearmament and modernization in the face of intensifying geopolitical tensions, new data show.

The Stockholm International Peace Research Institute (SIPRI) reported on Monday that the world’s 100 largest arms manufacturers generated a combined $679 billion in sales last year, a 5.9% increase, marking the fastest annual growth since 2018.

SIPRI linked the spike primarily to the war in Ukraine, the ongoing genocide in Gaza, and the broader militarization underway across multiple regions.

US, Europe drive global expansion

US arms makers again dominated the global market, posting $334 billion in combined revenue despite continued production bottlenecks and setbacks in major weapons programs, including the F-35 fighter jet and Columbia-class submarine.

European firms experienced even sharper growth. Of 26 companies listed, 23 reported revenue increases, bringing total European defense sales to $151 billion, up 13% from the previous year. Czech-based Czechoslovak Group led the global surge with a staggering 193% jump, fueled by large-scale weapons supplies to Ukraine.

Russia, Turkey boost output

Despite sanctions, labor shortages, and supply chain pressures, Russian arms companies saw revenues grow 23% to $31.2 billion, reflecting heightened domestic procurement tied to the prolonged war in Ukraine.

Turkiye strengthened its standing in the global defense landscape, now placing five companies in SIPRI’s Top 100. Alongside established firms ASELSAN, TAI, Baykar, and Roketsan, newcomer MKE helped push Turkey’s total defense revenues to $10.1 billion, an 11% increase.

Read more: As Gaza burns, US companies cash in on rising arms deals: WSJ

Asia-Oceania slows; West Asia hits record representation

Overall arms sales in Asia-Oceania declined by 1.2%, largely due to reduced procurement in China as sweeping anti-corruption campaigns hit the defense sector. Yet Japanese and South Korean manufacturers saw strong double-digit growth driven by rising exports and regional militarization.

West Asia recorded its highest-ever presence in SIPRI’s ranking, with nine companies generating $31 billion in revenue. Israeli arms makers continued to grow despite mounting global scrutiny over the genocide in Gaza.

Western arms support to 'Israel'

Despite the scale of  Israeli atrocities, many Western governments maintained or expanded arms transfers to "Israel" throughout the genocide. Human rights organizations have repeatedly warned that providing weapons or military components to a military engaged in systematic attacks on civilians could constitute complicity in war crimes.

The 1,000th aircraft carrying Western military supplies landed in the Israeli-occupied territories since the beginning of the Gaza genocide, the Israeli Security Ministry announced on November 20. According to the Ministry, more than 120,000 tons of military cargo have been delivered to its forces since October 8, 2023, through airlift operations that officials described as “unprecedented” in the occupation’s history.

An October report by the Quincy Institute for Responsible Statecraft found that the US has supplied "Israel" with at least $21.7 billion in military assistance since the start of the war on Gaza and the Israeli wars and aggression on regional countries that followed. 

Read more: 'Israel' breaks arms export records in 2024 amid ongoing war on Gaza