Global military spending increased 3.7% in 2022 to a record-high $2.24 trillion. Spending on military hardware, weapons, armies, and logistics and technical operations has grown by more than 20% over the past decade alone. The biggest cause for the increase last year was the escalation of the Russian invasion of Ukraine, which prompted large-scale increases in spending in european NATO nations as well as large-scale weapons donations to the beleaguered nation. (These are the countries buying the most weapons and their biggest suppliers.)
The war in Ukraine has been a boon for weapons manufactueres, especially in the United States, which is home to a dozen of the world’s 25 fastest-growing arms-producing and military services companies.
To determine the fastest growing defense contractors, 24/7 Wall St. reviewed data from the report “The SIPRI Top 100 Arms-producing and Military Services Companies, 2021,” as well as earlier reports, published by the Stockholm International Peace Research Institute. Companies were ranked based on the percentage change in arms and military services sales from 2017 to 2021. All data came from SIPRI and is in constant 2021 dollars.
Established American names in the global defense industry like Northrop Grumman, Lockheed Martin, and KBR share this space with lesser-known players like ManTech International, Vectrus, and Curtiss-Wright. From 2017 to 2021, U.S. military contractors increased arms sales between 20% for military shipbuilder Huntington Ingalls and 106% for Jacobs Solutions (formerly Jacobs Engineering), a company that provides a range of technical services to the U.S. military. (The U.S. government is involved in secret wars in 15 countries.)
Seven of the 25 fastest-growing military contractors are based in Europe, including two in France – MBDA and Safran – and two in Italy, Leonardo and Fincantieri, and one each in the U.K., Germany, and Sweden. The remaining military contractors on this list are located in Israel, Turkey, Singapore, India, and China.
State-owned China State Shipbuilding Corporation is the world’s fastest-growing military manufacturer based, growing its defense-related revenue by 114% to $11.1 billion between 2017 and 2021. About 21% of CSSC’s business is military related.
Lockheed Martin and Northrop Grumman have by far the largest defense-related operations on the list, with 2021 defense-related revenue around $60 billion and $30 billion, respectively. The rest have far smaller arms and military services operations – 19 companies had $5 billion and under defense-related revenue in 2021.
Here are the world’s fastest growing defense contractors.
25. Huntington Ingalls Industries (United States)
> Defense-related revenue growth, 2017 to 2021: +20.3%
> Defense-related revenue, 2021: $8.6 billion (90.0% of total revenue)
> Defense-related revenue, 2017: $7.1 billion (87.0% of total revenue)
> Founded: 2011
> Notable business: Arleigh Burke-class destroyer
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24. Bharat Electronics (India)
> Defense-related revenue growth, 2017 to 2021: +21.0%
> Defense-related revenue, 2021: $1.8 billion (89.8% of total revenue)
> Defense-related revenue, 2017: $1.5 billion (84.2% of total revenue)
> Founded: 1954
> Notable business: Akash missile system
23. Northrop Grumman Corporation (United States)
> Defense-related revenue growth, 2017 to 2021: +21.3%
> Defense-related revenue, 2021: $29.9 billion (83.8% of total revenue)
> Defense-related revenue, 2017: $24.6 billion (86.7% of total revenue)
> Founded: 1994
> Notable business: B-2 Spirit Stealth Bomber
Source: Public Domain / Wikimedia Commons
22. Singapore Technologies Engineering (Singapore)
> Defense-related revenue growth, 2017 to 2021: +22.8%
> Defense-related revenue, 2021: $2.2 billion (37.7% of total revenue)
> Defense-related revenue, 2017: $1.8 billion (34.9% of total revenue)
> Founded: 1967
> Notable business: SAR-21 assault rifle
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Source: Public Domain / Wikimedia Commons
21. Saab (Sweden)
> Defense-related revenue growth, 2017 to 2021: +24.6%
> Defense-related revenue, 2021: $4.1 billion (89.6% of total revenue)
> Defense-related revenue, 2017: $3.3 billion (84.0% of total revenue)
> Founded: 1945
> Notable business: Next-generation light anti-tank weapon (NLAW)
20. Oshkosh Corporation (United States)
> Defense-related revenue growth, 2017 to 2021: +24.9%
> Defense-related revenue, 2021: $2.5 billion (32.7% of total revenue)
> Defense-related revenue, 2017: $2.0 billion (26.9% of total revenue)
> Founded: 1917
> Notable business: Joint Light Tactical Vehicle (JLTV)
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19. Lockheed Martin Corporation (United States)
> Defense-related revenue growth, 2017 to 2021: +24.9%
> Defense-related revenue, 2021: $60.3 billion (90.0% of total revenue)
> Defense-related revenue, 2017: $48.3 billion (87.8% of total revenue)
> Founded: 1995
> Notable business: F-35 Lightning II
Source: Public Domain / Wikimedia Commons
18. Hensoldt (Germany)
> Defense-related revenue growth, 2017 to 2021: +27.8%
> Defense-related revenue, 2021: $1.6 billion (92.4% of total revenue)
> Defense-related revenue, 2017: $1.3 billion (92.4% of total revenue)
> Founded: 2017
> Notable business: Kalaetron Attack
17. Serco Group (United Kingdom)
> Defense-related revenue growth, 2017 to 2021: +30.1%
> Defense-related revenue, 2021: $1.9 billion (29.2% of total revenue)
> Defense-related revenue, 2017: $1.4 billion (29.5% of total revenue)
> Founded: 1929
> Notable business: Ballistic Missile Early Warning System (BMEWS)
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Source: Public Domain / Wikimedia Commons
16. MBDA (France)
> Defense-related revenue growth, 2017 to 2021: +31.8%
> Defense-related revenue, 2021: $5.0 billion (99.1% of total revenue)
> Defense-related revenue, 2017: $3.8 billion (96.5% of total revenue)
> Founded: 2001
> Notable business: Meteor missile
Source: Public Domain / Wikimedia Commons
15. CACI International (United States)
> Defense-related revenue growth, 2017 to 2021: +32.0%
> Defense-related revenue, 2021: $4.3 billion (69.8% of total revenue)
> Defense-related revenue, 2017: $3.3 billion (66.7% of total revenue)
> Founded: 1962
> Notable business: Aegis Weapons System
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Source: usnavy / Flickr
14. Vectrus (United States)
> Defense-related revenue growth, 2017 to 2021: +32.2%
> Defense-related revenue, 2021: $1.6 billion (91.4% of total revenue)
> Defense-related revenue, 2017: $1.2 billion (100.4% of total revenue)
> Founded: 2014
> Notable business: Harpoon missiles
13. Elbit Systems (Israel)
> Defense-related revenue growth, 2017 to 2021: +35.9%
> Defense-related revenue, 2021: $4.8 billion (90.0% of total revenue)
> Defense-related revenue, 2017: $3.5 billion (90.0% of total revenue)
> Founded: 1966
> Notable business: Hermes 900 drone
Source: Public Domain / Wikimedia Commons
12. Israel Aerospace Industries (Israel)
> Defense-related revenue growth, 2017 to 2021: +36.8%
> Defense-related revenue, 2021: $3.9 billion (86.4% of total revenue)
> Defense-related revenue, 2017: $2.8 billion (69.9% of total revenue)
> Founded: 1953
> Notable business: Heron MK II drone
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Source: Public Domain / Wikimedia Commons
11. ManTech International Corporation (United States)
> Defense-related revenue growth, 2017 to 2021: +38.9%
> Defense-related revenue, 2021: $2.1 billion (81.4% of total revenue)
> Defense-related revenue, 2017: $1.5 billion (79.2% of total revenue)
> Founded: 1968
> Notable business: SOCOM Logistical support
Source: hernan4429 / iStock via Getty Images
10. Curtiss-Wright Corporation (United States)
> Defense-related revenue growth, 2017 to 2021: +40.8%
> Defense-related revenue, 2021: $1.4 billion (55.1% of total revenue)
> Defense-related revenue, 2017: $980.0 million (39.2% of total revenue)
> Founded: 1929
> Notable business: Aerospace actuators
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9. Leonardo (Italy)
> Defense-related revenue growth, 2017 to 2021: +44.0%
> Defense-related revenue, 2021: $13.9 billion (83.0% of total revenue)
> Defense-related revenue, 2017: $9.6 billion (68.2% of total revenue)
> Founded: 1948
> Notable business: Lionfish naval turret family
Source: Public Domain / Wikimedia Commons
8. Safran (France)
> Defense-related revenue growth, 2017 to 2021: +56.6%
> Defense-related revenue, 2021: $5.1 billion (28.0% of total revenue)
> Defense-related revenue, 2017: $3.2 billion (15.3% of total revenue)
> Founded: 2005
> Notable business: AASM Hammer missile
7. Fincantieri (Italy)
> Defense-related revenue growth, 2017 to 2021: +65.4%
> Defense-related revenue, 2021: $3.0 billion (36.5% of total revenue)
> Defense-related revenue, 2017: $1.8 billion (29.3% of total revenue)
> Founded: 1959
> Notable business: Logistics Support Ship (LSS)
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Source: Public Domain / Wikimedia Commons
6. Leidos (United States)
> Defense-related revenue growth, 2017 to 2021: +66.5%
> Defense-related revenue, 2021: $8.0 billion (58.5% of total revenue)
> Defense-related revenue, 2017: $4.8 billion (43.1% of total revenue)
> Founded: 1969
> Notable business: Small Glide Munition, Common-Hypersonic Glide Body
Source: Public Domain / Wikimedia Commons
5. TransDigm Group (United States)
> Defense-related revenue growth, 2017 to 2021: +83.2%
> Defense-related revenue, 2021: $2.4 billion (50.0% of total revenue)
> Defense-related revenue, 2017: $1.3 billion (34.0% of total revenue)
> Founded: 1993
> Notable business: DART Aerospace mission critical equipment
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Source: Public Domain / Wikimedia Commons
4. KBR (United States)
> Defense-related revenue growth, 2017 to 2021: +83.2%
> Defense-related revenue, 2021: $3.5 billion (48.1% of total revenue)
> Defense-related revenue, 2017: $1.9 billion (42.0% of total revenue)
> Founded: 1901
> Notable business: Joint Attack Munitions Systems (JAMS)
Source: Public Domain / Wikimedia Commons
3. Jacobs Engineering Group (United States)
> Defense-related revenue growth, 2017 to 2021: +105.9%
> Defense-related revenue, 2021: $2.0 billion (14.5% of total revenue)
> Defense-related revenue, 2017: $991.0 million (9.0% of total revenue)
> Founded: 1947
> Notable business: Logistical support for MARSOC
2. ASELSAN (Turkey)
> Defense-related revenue growth, 2017 to 2021: +109.7%
> Defense-related revenue, 2021: $2.2 billion (94.8% of total revenue)
> Defense-related revenue, 2017: $1.0 billion (95.9% of total revenue)
> Founded: 1975
> Notable business: Stabilized Advanced Remote Weapon Platform (SARP)
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1. CSSC (China)
> Defense-related revenue growth, 2017 to 2021: +114.9%
> Defense-related revenue, 2021: $11.1 billion (20.9% of total revenue)
> Defense-related revenue, 2017: $5.2 billion (20.0% of total revenue)
> Founded: 1982
> Notable business: Type 730C Dual Gun and Missile CIWS
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