An Israeli soldier inspecting artillery shells (File photo by AFP)

Global arms sales climbed to a record in 2024, led by sharp increases in revenues from US and European military firms as governments modernized their militaries amid rising geopolitical tensions, according to new data.

The Stockholm International Peace Research Institute (SIPRI) revealed on Monday that the world`s 100 largest defense companies generated $679 billion in revenue last year, a 5.9% increase and the strongest annual growth since 2018.

SIPRI attributes the surge largely to the war in Ukraine and the genocide in Gaza, rising regional tensions, and heightened military spending by major global powers.

US and European firms led the expansion. American manufacturers posted $334 billion in combined sales, despite persistent production issues and delays in major programs such as the F-35 fighter jet and Columbia-class submarines.

In Europe, 23 of 26 companies reported revenue increases, with total regional sales up 13% to $151 billion. Czech-based Czechoslovak Group recorded the largest global jump - a 193% surge - driven by equipment supply to Ukraine.

Despite sanctions and manpower shortages, Russian defense firms grew revenues by 23% to $31.2 billion, supported by robust domestic demand tied to the war in Ukraine.

Turkey strengthened its position in the global arms market with five companies now in SIPRI`s Top 100. New entrant MKE joined ASELSAN, TAI, Baykar, and Roketsan, contributing to an 11% rise in Türkiye`s total defense revenues, which reached $10.1 billion.

Sales in Asia-Oceania fell 1.2%, weighed down by reduced Chinese procurement amid sweeping corruption probes. Still, Japanese and South Korean firms posted strong double-digit gains driven by rising exports and regional arms buildups.

West Asia reached its highest representation to date in the Top 100, with nine companies generating a combined $31 billion. Israeli manufacturers posted continued growth despite international criticism over the genocide in Gaza.

Since October 2023, the Israeli army has killed at least 70,103 Palestinians, most of them women and children, and injured 170,985 others in a two-year war in Gaza.

Throughout the genocide, many Western governments continued to support Israel, including through arms sales, despite warnings from international human rights organizations that providing weapons or military components could make states complicit in the atrocities in Gaza.