The combined revenues of five Turkish defense companies in the world’s top 100 arms producers reached $10.1 billion in 2024, an 11 percent increase from the previous year, according to a report released Monday by the Stockholm International Peace Research Institute (SIPRI).
The figure represents the highest number of Turkish companies ever listed in the annual ranking. Turkey’s state-owned Machinery and Chemical Industry (MKE) corporation entered the Top 100 for the first time, ranking 93rd with $1.21 billion in arms revenue, a 17 percent increase from 2023.
ASELSAN recorded the largest revenue increase among Turkish companies, with its arms revenue rising 24 percent to $3.47 billion. The defense electronics company, ranked 47th globally, attributed the growth to a 65 percent surge in exports. Arms sales accounted for 95 percent of ASELSAN’s total revenue.
Turkish Aerospace Industries (TAI) ranked 65th with $2.16 billion in revenue, up 11 percent from 2023. Arms sales made up 80 percent of the company’s total revenue.
Baykar, the manufacturer of Bayraktar TB-2 unmanned combat air vehicle (UCAV), saw its revenue decline by 12 percent to $1.9 billion, ranking 73rd. SIPRI said demand decreased following two years of exceptional orders driven by Ukraine in the early stages of its full-scale war with Russia. About 95 percent of Baykar’s revenue came from exports.
Roketsan ranked 87th with $1.39 billion in revenue, a 13 percent increase. The missile producer generated all of its revenue from arms sales.
The SIPRI report found that global arms revenues hit a record $679 billion in 2024, up 5.9 percent from 2023.
“Last year global arms revenues reached the highest level ever recorded by SIPRI as producers capitalized on high demand,” Lorenzo Scarazzato, a researcher with SIPRI’s Military Expenditure and Arms Production Programme, said.
The Middle East saw a record nine companies in the Top 100, with combined revenues of $31 billion. The three Israeli arms companies increased their revenues by 16 percent to $16.2 billion.
The 39 US companies in the ranking accounted for nearly half of global arms revenues at $334 billion, a 3.8 percent increase. SIPRI noted that delays and cost overruns continued to affect major US programs including the F-35 fifth-generation combat aircraft and the Columbia-class nuclear-powered submarine.
European arms companies recorded the sharpest regional growth at 13 percent, reaching $151 billion. The Czech company the Czechoslovak Group saw the largest percentage increase of any Top 100 company at 193 percent, driven by the Czech Ammunition Initiative providing artillery shells for Ukraine.
The two Russian companies in the ranking, Rostec and United Shipbuilding Corporation, increased their combined revenues by 23 percent to $31.2 billion despite international sanctions, as domestic demand compensated for falling exports.
Asia and Oceania was the only region to see a decline, with revenues falling 1.2 percent to $130 billion. SIPRI attributed the drop to corruption allegations in Chinese arms procurement that led to significant contract delays and cancellations.