On December 1, 2025, Stockholm International Peace Research Institute (SIPRI) released a fact sheet titled “The SIPRI Top 100 Arms-Producing and Military Services Companies, 2024. As per the ranking, only three Indian Public Sector Undertakings(PSUs) Hindustan Aeronautics Limited (HAL) at 44th place with a total revenue of USD 4,010, Bharat Electronics Limited (BEL) at 58th(USD 2,750) and Mazagon Dock Shipbuilders Limited (MDL) at 91st(USD 1,370) feature among the world’s top 100, all under the Ministry of Defence (MoD).
- Lockheed Martin Corporation(the United States of America, USA) secured the top spot with a total revenue of USD 71,040, followed by RTX (USA)(USD 80,740), formerly Raytheon Technologies Corporation, in second place, and Northrop Grumman Corporation (USA)(USD 41,030) in third.
Exam Hints:
- What? Top 100 Arms-Producing & Military Services Companies, 2024 ranking released
- Who? SIPRI
- Top 3: Lockheed Martin (1st), RTX (2nd), Northrop Grumman Corp (3rd),
- Indian Companies: HAL (44), BEL (58), MDL (91)
- High-Performance Companies: Czechoslovak Group (46th) USD 3.6 billion, SpaceX (77) USD 1.8 billion
- Record Global Revenue: Top 100 total arms revenue: USD 679 billion
About SIPRI Fact Sheet:
Publisher: The SIPRI releases an annual ranking of the world’s largest arms-producing and military services companies, known as the SIPRI Top 100.
Basis of Ranking: The list is determined by total arms sales, including military products, services, and related technologies.
Highlights of Top 100 Global Arms-Producing Companies 2024:
Global Performance: The total arms revenue of the SIPRI Top 100 companies reached USD 679 billion in 2024, marking a record increase of 5.9% from 2023, with 77 companies reporting higher revenues and 42 companies achieving double-digit growth.
- The combined revenue of the three leading firms, Lockheed Martin, Northrop Grumman, and General Dynamics, grew by 3.8%, reaching USD 334 billion in 2024.
Other companies in Top 10: In the 2024 SIPRI Top 100 rankings, Boeing (Rank 6, the USA), Rostec (Rank 7, Russia), AVIC (Rank 8, China), and CETC (Rank 9, China) secured the next positions, while L3Harris Technologies (Rank 10, the USA) followed at tenth place.
Regional Performance:
- North America: The USA, with 39 companies in the Top 100, generated USD 334 billion in arms revenue, accounting for 49% of the global total, reflecting a 3.8% increase from USD 322 billion in 2023. Canada earned USD 1.46 billion from one company, a 5.8% increase from USD 1.38 billion in 2023.
- Europe: Excluding Russia, Europe recorded revenue of USD 151 billion from 26 companies, achieving a 13% increase from USD 133 billion in 2023.
- Russia: Russia, represented by two companies, generated USD 31.23 billion in arms revenues in 2024, up 23.4% from USD 25.31 billion in 2023, accounting for 4.6% share of total SIPRI top 100 companies.
- Middle East: The Middle East reached its highest-ever presence with 9 companies in the Top 100, generating USD 30.9 billion in arms revenue, a 13.7% increase from USD 23.12 billion.
- Asia & Oceania: It generated USD 130 billion arms revenue from 23 companies, marking a 1.2% decline from USD 131 billion in 2023.
High-Performing Companies: Czechoslovak Group (Czech Republic), ranked 46th, recorded the highest growth of 193% in the Top 100, with USD 3.6 billion in 2024 from USD 1.2 billion in 2023.
- SpaceX, ranked 77th, generated arms revenue of USD 1.8 billion in 2024, an increase of 103% from USD 0.8 billion in 2023.
Top 5 Arms-Producing Companies in SIPRI Top 100:
| Rank | Company | Country | Arms Revenue(USD in million) | Total Revenue(USD in million) |
|---|---|---|---|---|
| 1 | Lockheed Martin Corporation | United States of America(USA) | 64,650 | 71,040 |
| 2 | RTX | USA | 43,600 | 80,740 |
| 3 | Northrop Grumman Corporation | USA | 37,850 | 41,030 |
| 4 | BAE Systems | United Kingdom(UK) | 33,790 | 35,400 |
| 5 | General Dynamics Corporation | USA | 33,630 | 47,720 |
India’s Performance:
Overview: India generated arms revenues of USD 7.5 billion in 2024, an increase of 8.2% from USD 6.9 billion in 2023, accounting for 1.1% of total arm revenues of top 100 companies.
HAL: Generated arms revenue of USD 3.81 billion in 2024, a 0.3% decline from USD 3.82 billion in 2023 and recorded a total revenue of USD 4.01 billion. HAL ranked 42nd in 2023.
BEL: BEL earned arms revenue of USD 2.4 billion in 2024, a 24% increase from USD 2 billion in 2023 and recorded a total revenue of USD 2.7 billion. BEL ranked 64 in 2023.
MDL: It recorded USD 1.2 billion arms revenue, up 9.8% from USD 1.1 billion in 2023 and a total revenue of USD 1.3 billion. MDL ranked 91 in 2023.
About Stockholm International Peace Research Institute (SIPRI):
Director – Karim Haggag
Headquarters – Stockholm, Sweden
Established – 1966
