The latest report of the Stockholm International Peace Research Institute, released in December, shows a prosperous arms industry. The total revenues hit $679 billion in 2024, the highest growth recorded in the past twenty years. This is not a short-term spike: compared with the 2015–2024 period, arms industry revenues are up 26%, and the trend is still moving upward.
The figures come from the SIPRI Arms Industry Database and focus on 2024. They cover sales of military equipment and services by the 100 largest arms companies in the world, as listed in the SIPRI Top 100. The report was produced by a team of six researchers and is based on publicly available company data, including annual reports and financial statements, with estimates used where full information is missing or uncompleted. Unless otherwise stated, all figures are shown in constant U.S. dollars and percentage changes are expressed in real terms.
Regional Trends
The SIPRI report shows that the rise in military spending in 2024 is a global and cross-cutting trend, in line with patterns observed in previous years. This growth reflects a geopolitical environment increasingly dominated by military power and profit, which helps explain why diplomatic solutions are struggling to keep up with rising tensions.
US industries maintain a dominant position, with arms revenues reaching $334 billion. However, despite a 3.8% increase, the report highlights significant challenges: key military programs continue to experience delays and cost overruns, putting pressure on public budgets and complicating long-term budgeting and planning.
Europe recorded even stronger growth. Total revenues reached about $151 billion, up 13%, largely due to the rapid expansion of the German arms industry, which grew by 36% in just one year. Italy also increased its presence in the Top 100, with Leonardo and Fincantieri together earning more than $16.8 billion.
Russia’s arms industry grew by 23%, reaching $31.2 billion, driven mainly by domestic demand. However, European sanctions and long-standing structural weaknesses continue to weigh on the sector, raising concerns about its long-term sustainability.
Asia presents a more mixed picture: China’s revenues fell by 10% due to corruption scandals that blocked or delayed contracts and military programs, while Japan and South Korea showed strong expansion, supported by exports and new orders from Europe.
In the Middle East, the entry of nine companies into the ranking reflects intensifying regional conflicts. Israeli firms recorded a 16% increase, driven by ongoing military operations in Gaza and strong international demand for advanced technologies, particularly drones.
A cross-cutting concern across regions is the tightening of restrictions on critical raw materials. As global demand for weapons increases, these limits are creating supply chain bottlenecks, leading to higher prices and increasing the risk of further production delays and cost increases.
Impact on Civilians and Global Security
This record-breaking global arms industry points to a major shift in global security. Faced with rising geopolitical competition, many governments see militarizing their economies as the fastest way to protect strategic interests and national defense.
But more weapons do not automatically mean greater security - especially when we think of security in terms of human well-being. Human security means protecting people’s basic freedoms and ensuring access to essentials like food, healthcare, a safe environment, and decent living conditions. Heavy spending on arms often diverts resources from these essential needs, increasing insecurity and worsening the risks of violent conflicts.
As expressed by Luca Baccelli, professor of philosophy of law at the University of Camerino, the current arms race is a “cultural regression”. It reflects a prevailing view of international relations focused on military power and confrontation, where violence becomes a standard or even the exclusive tool for handling conflicts.
The Italian Episcopal Conference (CEI) has also warned against the arms race, urging governments, especially in the European Union, to move away from the narrative of war and conflict and embrace dialogue, compromise, and peace - a path already followed in post-World War II with the creation of the European project.
This growing militarization risks fueling the outbreak and escalation of conflicts that in turn trigger humanitarian crises, resulting in the destruction of infrastructure, the displacement of populations, and civilian casualties. By 2025, the number of armed conflicts worldwide reached its highest level since World War II, with nearly 60 active conflicts and a sharp rise in casualties and displaced people.
In a global environment already weakened by economic instability, climate change, energy insecurity, and rising social inequality, this arms race threatens to become a powder keg for the international system. Urgent action is needed, guided by stronger global governance and political leadership capable of directing resources toward conflict prevention, human development, and humanitarian disarmament: a path that requires vision and political courage, sadly still largely missing today.
