The world's 100 largest armaments companies saw a significant surge in weapon sales in 2023, driven by the conflicts in Ukraine and Gaza, along with broader global tensions.
Total revenues last year across the 100 companies rose by 4.2 per cent, adjusted for currency fluctuations, totalling $US632 billion ($A973 billion), following a decline the previous year, according to a report published by the Stockholm International Peace Research Institute (SIPRI).
Arms revenues refer to revenues generated from the sales of military goods and services to military customers domestically and abroad, according to SIPRI.
The Institute noted many arms companies had ramped up production to meet the rising demand for weapons and forecasted that the upward trend in arms sales is likely to continue in 2024.
US-based companies accounted for nearly half of the global arms revenue, a 2.5 per cent increase to $US317 billion, according to SIPRI.
SIPRI also noted significant growth in arms companies from Russia and the Middle East.
German arms companies in the top 100, four in total, saw a 7.5 per cent increase in revenue, combining for $US10.7 billion.