The Ukrainian Defense Industry Company («Ukroboronprom») entered the top 100 largest arms producers in the world according to the Stockholm International Peace Research Institute (SIPRI).
The Ukrainian Defense Industry Company («Ukroboronprom») entered the top 100 largest arms producers in the world according to the Stockholm International Peace Research Institute (SIPRI).
This was announced by the CEO of Ukroboronprom, Herman Smetanin. The company ranked 52nd out of 100, and also ranked sixth in terms of growth rate.
Ukroboronprom’s revenues in 2024 reached $3.0 billion, and growth compared to 2023 increased by more than 40%.
Leaders of the SIPRI ranking:
«Of the 26 arms companies in the top 100 based in Europe (excluding Russia), 23 recorded an increase in arms sales revenues. Their combined arms sales revenues increased by 13% to $151 billion. This growth was driven by demand driven by the war in Ukraine and the perception of a threat from Russia,» the study said.
It notes that Czech company Czechoslovak Group recorded the sharpest growth in arms sales revenue among all companies in the ranking of the 100 largest in 2024: by 193% to $ 3.6 billion. The company associates most of its revenues with Ukraine. Czechoslovak Group took advantage of the Czech Ammunition Initiative — a government project to supply artillery shells to Ukraine.
«European arms companies are investing in new production capacity to meet growing demand. But the supply of materials could become an increasing challenge. In particular, dependence on critical minerals is likely to complicate Europe’s rearmament plans,» said Jade Guibert Ricard, a researcher with SIPRI’s Military Expenditure and Arms Production Programme.
Two of Russia’s top 100 arms companies, Rostec and United Shipbuilding Corporation, increased their combined arms sales revenue by 23% to $31.2 billion, despite international sanctions that have led to a shortage of spare parts. Domestic demand was more than enough to offset the loss of revenue from falling arms exports.
«In addition to sanctions, Russian military companies are facing a shortage of skilled labor. This could slow down production and limit innovation. However, we should be cautious with such predictions, as Russia’s military industry has demonstrated resilience during the war in Ukraine, contrary to expectations,» said Diego Lopez da Silva, Senior Researcher, SIPRI’s Military Expenditure and Arms Production Programme.
The SIPRI Arms Industry Database was created in 1989. At that time, it did not include data on companies from China, the Soviet Union, or Eastern Europe. It now includes data for the years 2002–2024, including information on Russian companies. Data on Chinese companies has been included since 2015.
Previously, Ukroboronprom was included in the annual ranking of the 100 largest defense companies in the world by Defense News for the second time in a row.
