These are the Fastest-Growing Weapons Manufacturers in the World

In 2022, global military spending hit a historic high of $2.24 trillion, marking a 3.7% increase. The past decade has witnessed a remarkable 20% growth in spending on military hardware, weapons, armies, and technical operations. The primary driver behind last year’s surge was the intensification of the Russian invasion of Ukraine, leading to substantial spending hikes in European NATO nations and significant weapons donations to the embattled country.

The conflict in Ukraine has particularly benefited weapons manufacturers, with the United States hosting twelve of the world’s top 25 rapidly expanding arms-producing and military services companies. To identify these Fastest-Growing Weapons Manufacturers in the World, CEOWORLD magazine analyzed data from the “The SIPRI Top 100 Arms-producing and Military Services Companies” report, along with earlier publications from the Stockholm International Peace Research Institute. Rankings were based on the percentage change in arms and military services sales from 2017 to 2022, with all data presented in constant 2022 dollars.

Established names in the American defense industry, such as Northrop Grumman, Lockheed Martin, and KBR, share the spotlight with lesser-known players like ManTech International, Vectrus, and Curtiss-Wright. Notably, from 2017 to 2021, U.S. military contractors experienced a sales increase ranging from 20% for military shipbuilder Huntington Ingalls to an impressive 106% for Jacobs Solutions (formerly Jacobs Engineering), a company offering diverse technical services to the U.S. military.

1. CSSC (China)
   Defense-related revenue witnessed a remarkable growth of +114.9% from 2017 to 2021.
   In 2021, defense-related revenue amounted to $11.1 billion, constituting 20.9% of the total revenue.
   Established in 1982, CSSC is renowned for its notable business, the Type 730C Dual Gun and Missile CIWS.
2. ASELSAN (Turkey)
   Experiencing substantial growth, ASELSAN’s defense-related revenue surged by +109.7% between 2017 and 2021.
   In 2021, defense-related revenue reached $2.2 billion, representing a significant 94.8% of the total revenue.
   Founded in 1975, ASELSAN is recognized for its noteworthy contribution, the Stabilized Advanced Remote Weapon Platform (SARP).
3. Jacobs Engineering Group (United States)
   Noteworthy growth of +105.9% in defense-related revenue occurred from 2017 to 2021 for Jacobs Engineering Group.
   In 2021, defense-related revenue stood at $2.0 billion, comprising 14.5% of the total revenue.
   Established in 1947, Jacobs Engineering Group specializes in providing logistical support for MARSOC.
4. KBR (United States)
   KBR experienced a robust growth of +83.2% in defense-related revenue during the period from 2017 to 2021.
   In 2021, defense-related revenue amounted to $3.5 billion, representing 48.1% of the total revenue.
   With a founding year of 1901, KBR is notable for its involvement in the Joint Attack Munitions Systems (JAMS).
5. TransDigm Group (United States)
   Demonstrating an increase of +83.2%, TransDigm Group’s defense-related revenue reached $2.4 billion in 2021, constituting 50.0% of the total revenue.
   Established in 1993, TransDigm Group is recognized for its notable business, DART Aerospace mission critical equipment.
6. Leidos (United States)
   Experiencing a robust growth of +66.5% in defense-related revenue from 2017 to 2021, Leidos reported $8.0 billion in defense-related revenue in 2021, constituting 58.5% of its total revenue. Established in 1969, Leidos is notable for its contributions, including the Small Glide Munition and Common-Hypersonic Glide Body.
7. Fincantieri (Italy)
   Fincantieri witnessed a notable +65.4% growth in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue amounted to $3.0 billion, representing 36.5% of the total revenue. Founded in 1959, Fincantieri is recognized for its significant role in the Logistics Support Ship (LSS).
8. Safran (France)
   With a growth of +56.6% in defense-related revenue from 2017 to 2021, Safran reported $5.1 billion in defense-related revenue in 2021, making up 28.0% of its total revenue. Established in 2005, Safran is known for its notable business, the AASM Hammer missile.
9. Leonardo (Italy)
   Leonardo experienced a +44.0% growth in defense-related revenue from 2017 to 2021, reaching $13.9 billion in 2021, which constituted 83.0% of its total revenue. Founded in 1948, Leonardo is distinguished for its Lionfish naval turret family.
10. Curtiss-Wright Corporation (United States)
    Curtiss-Wright Corporation demonstrated a growth of +40.8% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue amounted to $1.4 billion, making up 55.1% of its total revenue. Established in 1929, Curtiss-Wright Corporation is recognized for its notable business in Aerospace actuators.
11. ManTech International Corporation (United States)
    ManTech International Corporation witnessed a +38.9% growth in defense-related revenue from 2017 to 2021, reporting $2.1 billion in defense-related revenue in 2021, constituting 81.4% of its total revenue. Established in 1968, ManTech International Corporation is notable for providing SOCOM Logistical support.
12. Israel Aerospace Industries (Israel)
    Israel Aerospace Industries experienced a growth of +36.8% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue reached $3.9 billion, constituting 86.4% of the total revenue. Founded in 1953, Israel Aerospace Industries is recognized for its notable business involving the Heron MK II drone.
13. Elbit Systems (Israel)
    Elbit Systems experienced a growth of +35.9% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue amounted to $4.8 billion, constituting 90.0% of the total revenue. Established in 1966, Elbit Systems is known for its significant contribution, the Hermes 900 drone.
14. Vectrus (United States)
    Vectrus demonstrated a growth of +32.2% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue reached $1.6 billion, representing 91.4% of the total revenue. Founded in 2014, Vectrus is recognized for its notable business involving Harpoon missiles.
15. CACI International (United States)
    CACI International witnessed a +32.0% growth in defense-related revenue from 2017 to 2021, reporting $4.3 billion in 2021, which constituted 69.8% of its total revenue. Established in 1962, CACI International is notable for its involvement in the Aegis Weapons System.
16. MBDA (France)
    MBDA experienced a growth of +31.8% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue amounted to $5.0 billion, making up 99.1% of the total revenue. Founded in 2001, MBDA is recognized for its notable business, the Meteor missile.
17. Serco Group (United Kingdom)
    Serco Group demonstrated a growth of +30.1% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue stood at $1.9 billion, constituting 29.2% of the total revenue. Established in 1929, Serco Group is known for its notable contribution, the Ballistic Missile Early Warning System (BMEWS).
18. Hensoldt (Germany)
    Hensoldt experienced a growth of +27.8% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue reached $1.6 billion, constituting 92.4% of the total revenue. Established in 2017, Hensoldt is recognized for its notable business involving the Kalaetron Attack.
19. Lockheed Martin Corporation (United States)
    Lockheed Martin Corporation witnessed a growth of +24.9% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue amounted to $60.3 billion, making up 90.0% of the total revenue. Founded in 1995, Lockheed Martin Corporation is known for its notable business, the F-35 Lightning II.
20. Oshkosh Corporation (United States)
    Oshkosh Corporation demonstrated a growth of +24.9% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue stood at $2.5 billion, constituting 32.7% of the total revenue. Established in 1917, Oshkosh Corporation is recognized for its notable involvement in the Joint Light Tactical Vehicle (JLTV).
21. Saab (Sweden)
    Saab witnessed a growth of +24.6% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue amounted to $4.1 billion, constituting 89.6% of the total revenue. Established in 1945, Saab is known for its notable business, the Next-generation light anti-tank weapon (NLAW).
22. Singapore Technologies Engineering (Singapore)
    Singapore Technologies Engineering experienced a growth of +22.8% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue reached $2.2 billion, representing 37.7% of the total revenue. Founded in 1967, Singapore Technologies Engineering is recognized for its significant role in the SAR-21 assault rifle.
23. Northrop Grumman Corporation (United States)
    Northrop Grumman Corporation witnessed a growth of +21.3% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue stood at $29.9 billion, making up 83.8% of the total revenue. Established in 1994, Northrop Grumman Corporation is known for its notable business, the B-2 Spirit Stealth Bomber.
24. Bharat Electronics (India)
    Bharat Electronics experienced a growth of +21.0% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue amounted to $1.8 billion, constituting 89.8% of the total revenue. Founded in 1954, Bharat Electronics is recognized for its notable business, the Akash missile system.
25. Huntington Ingalls Industries (United States)
    Huntington Ingalls Industries demonstrated a growth of +20.3% in defense-related revenue from 2017 to 2021. In 2021, defense-related revenue reached $8.6 billion, making up 90.0% of the total revenue. Established in 2011, Huntington Ingalls Industries is known for its significant involvement in the Arleigh Burke-class destroyer.

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