Global arms revenues rose 5.9% in 2024, reaching a record $679 billion, driven by the wars in Ukraine and Gaza and rising military spending worldwide, according to SIPRI.

U.S. and European companies accounted for most of the growth, with American firms up 3.8% and European firms up 13% amid heightened security concerns.

Czech and Ukrainian defense companies saw especially sharp increases due to demand for artillery and wartime production.

Russian companies’ revenues rose 23% despite sanctions and component shortages, while Israeli firms saw a 16% increase as global demand for their weapons remained strong, the AP has reported.

Asia and Oceania were the only regions to decline, led by a 10% drop in Chinese companies’ revenues after corruption investigations disrupted major procurement contracts.