World's Top 100 Defense Firms Boost Weapon Sales by 4% in 2023

According to the Stockholm International Peace Research Institute (SIPRI), the world's largest 100 defense equipment manufacturers increased their arms sales by 4.2% in 2023, reaching $632 billion, influenced by wars and regional tensions. SIPRI noted that U.S. manufacturers listed here raised their sales by a total of 2.5% compared to the previous year, amounting to $317 billion.

This increase followed a 3.5% decline in arms sales in 2022, which SIPRI attributed to labor shortages, supply chain disruptions, and rising costs, making it difficult for many companies to meet the increased demand stemming from Russia's invasion of Ukraine. The total sales of European companies in the list—excluding Russia—remained roughly unchanged at $133 billion in 2023, but order intakes increased, and some groups saw a rise in demand related to the war in Ukraine.

Earlier this year, SIPRI reported a 7% increase in global military spending in 2023, marking the highest annual rise since 2009. SIPRI stated, "Overall, smaller producers were more effective in responding to new demand associated with the wars in Gaza and Ukraine, rising tensions in East Asia, and rearmament programs elsewhere."

Russian groups in the list, including state-owned Rostec, provided the largest total increase with a rise of 40% to reach $26 billion. SIPRI researcher Lorenzo Scarazzato commented, "The arms revenues of the top 100 weapon manufacturers still do not fully reflect the scale of demand, and many companies have initiated hiring campaigns, indicating optimism about future sales."