The independent resource on global security
4. Arms production and military services
Contents
I. Introduction
II. Regional and national developments in the SIPRI Top 100
III. Mergers and acquisition trends among Western arms companies and global concentration of the arms market
IV. Conclusions
The SIPRI Top 100
The arms revenues of the 100 largest arms-producing and military services companies (the SIPRI Top 100) totalled $632 billion in 2023 (the most recent year for which data is available). This was 2.8 per cent higher than the revenues of the Top 100 for 2022. The year-on-year increase reflected the demand for military equipment and services driven by heightened global security concerns, ongoing conflicts and rising military budgets. Seventy-three of the companies in the Top 100 increased their arms revenues in 2023, including 39 that achieved double-digit annual growth. Given the persistence of demand and the size of companies’ backlogs, there are likely to be further increases in global arms revenues in the coming years.
The United States continued to dominate the Top 100 ranking, with 41 companies listed with total arms revenues of $317 billion. They accounted for half of total Top 100 arms revenues in 2023. The world’s top five arms companies in 2023—whose arms revenues made up nearly one third of the Top 100 total—were all based in the USA.
Nine Chinese companies were ranked in the Top 100 for 2023, with three among the top 10. Chinese companies’ combined arms revenues of $103 billion placed China second among countries with companies in the ranking, behind only the USA.
Due to a lack of available data, only two Russian companies were included in the Top 100 for 2023. Their combined arms revenues of $25.5 billion were 40 per cent higher than in 2022.
Mergers and acquisition trends
One of the defining trends of the North American and West European arms industries in recent years has been a growing wave of mergers and acquisitions among companies, facilitated by low borrowing costs and increasing military procurement. The trend has been particularly pronounced in high-technology sectors, including those covering uncrewed aerial vehicles, electronic warfare and cyber capabilities powered by artificial intelligence. This reflects the Western arms industry’s shift towards advanced technologies in response to the requirements of modern warfare and military priorities.
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