The US remained the world’s top military spender, allocating $997 billion—over three times China’s $314 billion, which accounted for half of Asia and Oceania’s defence spending.The global arms industry also expanded. The top 100 arms companies earned $632 billion in 2023, with 73 firms reporting growth and 39 achieving double-digit revenue increases. U.S. firms dominated with 41 companies earning $317 billion, led by Lockheed Martin, RTX, Northrop Grumman, Boeing, and General Dynamics. Lockheed Martin alone earned over $60 billion. Chinese defence giants AVIC, NORINCO, and CETC also ranked in the top ten. The sector is rapidly shifting toward next-gen technologies with a surge in mergers and acquisitions in UAVs, electronic warfare, and AI.
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