The Stockholm International Peace Research Institute (SIPRI) has published a global ranking of leading defense corporations for 2024, which marks the third year of Russia’s war with Ukraine, the active phase of Israel’s war with Hamas and Hezbollah terrorists, and the first direct exchanges of blows between Israel and Iran.
This year, 80 of the top 100 defense corporations with the largest sales saw revenue growth, while only 20 saw revenue decline.
The three largest corporations, the American Lockheed Martin, RTX and Northrop Grumman, showed stable income growth of 3%-4%, the British BAE with 7% growth rose from sixth place to fourth, the American General Dynamics with 8% growth retained fifth position.
Boeing dropped two places, while Russian Rostec retained seventh position. Chinese AVIC and CETC showed a decrease in income, but, having swapped places, retained the 8th and 9th positions in the ranking. The American L3Harris Technologies entered the TOP 10, displacing the Chinese NORINCO, which lost 30% of its income.
Three Israeli defense concerns improved their positions. Elbit Maarahot showed 13.6% growth and rose from 27th place to 25th, Israeli Aviation Industry with 12.6% revenue growth rose from 34th place to 31st, and Rafael with 22.7% revenue growth moved from 41st to 34th. Their share of the total profitability of the TOP 100 defense concerns was 2.4%.
Overall, 2024 was a record year for defense concerns in the Middle East, whose total representation in the TOP 100 increased to 9, and their total profitability increased by 13.7% (almost $8 billion).
Slightly behind the Israeli concerns, the UAE-based EDGE Group, having entered the TOP 100 for the first time, immediately took 37th place. The Turkish representative office has grown to five corporations – ASELSAN (47), Turkish Aerospace Industries (65), Baykar (73), Roketsan (87) and MKE (93)