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In 2024, Lockheed Martin was the leading armament manufacturer in the world. The defense company from the United States had a defense-derived revenue of **** billion U.S. dollars that year. Second on the worldwide comparison was RTX from the United State, with a revenue of **** billion U.S. dollars, followed by CASIC from China with a defense revenue of **** billion U.S. dollars. Top of the list from outside of the United States and China was BAE Systems from the UK, which ranked seventh.

The global arms trade

The United States had the highest proportion of weapons exports worldwide, amounting to ** percent of the total market share. Meanwhile, France and Russia followed with a *** and a *** percent market share respectively. In terms of imports, Ukraine was the largest market of global weapons with a share of ***percent, followed by India with *** percent.

Global defense spending growth

Many armament manufacturers have seen their revenues increase in recent decades. Global military spending has been on a steady increase since the early 2000’s, growing from **** trillion U.S. dollars in 2001 to **** trillion U.S. dollars in 2024. This was driven by factors such as 9/11, the wars in Iraq and Afghanistan, and the more recent wars in Ukraine and the Middle East. In 2024, the United States was overwhelmingly the country with the highest defense spending, totaling *** billion U.S. dollars. By comparison, China followed with *** billion U.S. dollars in defense spending.