The Joint Stock Company Ukrainian Defense Industry (Ukroboronprom) has, for the first time in history, been included in the list of the world’s 100 largest arms producers published by the Stockholm International Peace Research Institute (SIPRI). Ukroboronprom ranked 52nd overall, earning $3 billion in 2024. In terms of growth rate, the company placed sixth globally and fourth in Europe. In 2024, the Ukrainian manufacturer demonstrated a 41% increase compared to 2023. “This is the level of European countries — and none of them operate under such difficult conditions,” emphasized Herman Smetanin, CEO of Ukrainian Defense Industry.
Smetanin also noted that the revenues of the two Russian companies included in the ranking grew by 23% in 2024. The SIPRI report records high volumes of ammunition, artillery, armored vehicles, and missile production in Russia, despite sanctions and a shortage of imported components.
Overall, the companies on the list received $679 billion from arms sales. According to Smetanin, growth was driven primarily by the United States and Europe, while revenues from arms production in China decreased. The global leaders include:
- Lockheed Martin (USA) – $64.6 billion (+3.2%)
- RTX Corporation (USA) – $43.6 billion (+4.1%)
- Northrop Grumman (USA) – $37.8 billion (+3.3%)
- BAE Systems (UK) – $33.7 billion (+6.9%)
- General Dynamics (USA) – $33.6 billion (+8.1%)
“Ukroboronprom — or companies within the Group — maintains active partnerships with nearly all of these arms manufacturers,” Smetanin added.
Photo by Ukrainian Defense Industry