US leads in top 100 defence firms, China marks rise

The 2024 Sipri data suggests that Indian companies have a lot of catching up to do in arms revenues

2 min read | Updated On : Feb 10 2026 | 4:55 AM IST

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The combined revenues from military sales of the world’s 100 largest defence companies rose by 5.9 per cent in 2024 to an all-time high of $679 billion, according to the report, “Top 100 arms-producing and military services companies in the world, 2024”, released by the Stockholm International Peace Research Institute (Sipri) in December 2025.

An analysis of this data over the 2015-24 period shows that the combined arms revenues of these firms increased by 26 per cent over the decade.

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As expected, companies from the United States (US) dominated the top 10 rankings followed by China, the United Kingdom, and Russia. The US accounted for half the companies in the top 10 across the years, while China was represented by at least three in the top 10 every year apart from 2024.

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Indian representation in the top 100 was limited to defence public sector undertakings (DPSUs), with Hindustan Aeronautics Limited ranking the highest among them and consistently being placed in the 40s out of 100. Other DPSUs featured on the list included Bharat Electronics Limited, Mazagon Dock Shipbuilders Limited, and the Indian Ordnance Factories, prior to their reconstitution into seven new DPSUs.

Aerospace companies consistently occupied the top three positions, with US defence major Lockheed Martin retaining the top rank throughout the decade under review. The data also showed that while the US continues to dominate in terms of its share of sales by the world’s top 100 defence firms, it declined from a peak of 59 per cent in 2018 to 49 per cent in 2024 over the 2014-24 period. Since China’s share began being calculated by Sipri starting with the 2020 edition of the report, it rose from 13 per cent to a high of 18 per cent in 2021 and 2022, before falling back to 13 per cent in 2024. India’s share, for its part, fell from a high of 1.9 per cent in 2017 to 1.1 per cent in 2024.

Clearly, India still has a long way to go, and a sustained follow-through on the government’s objective of doubling domestic defence production to ₹3 trillion (approximately $33 billion) by FY29 will be essential for making a meaningful start.

Written By

Bhaswar Kumar

Bhaswar Kumar has over seven years of experience in journalism. He has written on India Inc, corporate governance, government policy, and economic data. Currently, he covers defence, security and geopolitics, focusing on defence procurement policies, defence and aerospace majors, and developments in India’s neighbourhood.

First Published: Feb 10 2026 | 4:55 AM IST

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