Global Arms Industry Experiences Record Revenue Growth Amid Rising Geopolitical Tensions

A report by SIPRI highlights a 5.9% rise in arms and military services sales by the biggest 100 weapons producers globally. The boost in demand is attributed to conflicts such as those in Ukraine and Gaza, alongside increased geopolitical tensions.

A recent report by the Stockholm International Peace Research Institute (SIPRI) has revealed a significant surge in global arms sales, marking a 5.9% increase last year alone. This growth in revenue is largely driven by the ongoing conflicts in Ukraine and Gaza, coupled with heightened geopolitical tensions worldwide.

The combined sales of the three Indian firms on the list rose by 8.2%, reaching an impressive USD 7.5 billion. These increases stem from domestic orders as reported by SIPRI, which also published an influential list of the 'top 100 arms-producing and military services companies' of 2024.

Despite international sanctions, two Russian arms firms experienced a 23% revenue increase. Meanwhile, for the first time, nine Middle Eastern arms companies featured in the top 100, with the region's arms revenues growing by 14% overall.

(With inputs from agencies.)