Israeli defense giants climb international ranks, record double-digit revenue growth in 2024

Israeli defense manufacturers Rafael Advanced Defense Systems, Israel Aerospace Industries, and Elbit Systems surged in 2024 with double-digit revenue growth and higher rankings, according to the Stockholm International Peace Research Institute (SIPRI) annual report, published Monday.

"The growing backlash over Israel’s actions in Gaza seems to have had little impact on interest in Israeli weapons,” said Zubaida Karim, researcher with the SIPRI Military Expenditure and Arms Production Programme. “Many countries continued to place new orders with Israeli companies in 2024.”

The three Israeli firms listed in SIPRI’s Top 100 arms producers report increased their combined 2023 arms revenues by 16%, climbing to $16.2 billion the following year.

The SIPRI ranking is ordered by each company's revenue.

Elbit rose from 27th place in 2023 to 25th in 2024, with revenue increasing from $5.53 million to $6.28 million. 

IAI rose from 34th place in 2023 to 31st in 2024, with revenue increasing from $4.61 million to $5.19 million.

Finally, Rafael rose from 41st place in 2023 to 34th in 2024, with revenue increasing from $3.83 million to $4.7 million.

Ranking of companies in Turkey, United Arab Emirates

The Middle East cohort widened beyond Israel. For the first time, nine companies from the region entered the Top 100, including five from Turkey, with Turkish Aerospace ranked at 65.

Additionally, the UAE’s EDGE conglomerate ranked at 37. 

Internationally, the Top 100 defense companies recorded a record $679 billion in revenue, an increase of 5.9%.

SIPRI attributed the trend to the wars in Ukraine and Gaza, and to rising geopolitical tensions in East Asia.

In the United States, 30 of 39 ranked companies, including Lockheed Martin, Northrop Grumman, and General Dynamics, reported gains as their combined revenue grew 3.8% to $334 billion. Still, delays and budget overruns continue to weigh on flagship programs such as the F-35.

Across Europe, the perceived threat from Russia and demand stemming from the war in Ukraine drove a 13% jump in defense company revenues. Russia’s own military industry also expanded despite Western sanctions, buoyed by heavy domestic wartime demand.

 The findings underscore a tightening global security environment in which states are rapidly renewing and expanding their arsenals, with Israeli technology remaining a sought-after player in international markets.