Israel’s top three defence firms break into world’s top 34, SIPRI reports

Israel’s three leading defence companies — Elbit Systems, Israel Aerospace Industries (IAI), and Rafael Advanced Defence Systems — have all been ranked among the world’s top 34 defence contractors for 2024.

The latest report by the Stockholm International Peace Research Institute (SIPRI), which ranks the world’s 100 largest defence companies, highlights that the combined revenue of Israel’s top three defence firms grew by 16% in 2024, reaching $16.2 billion, Caliber.Az reports, citing foreign media.

Elbit Systems leads the pack, posting a 13.6% increase in defense revenue to $6.28 billion. This growth propelled the company from 27th to 25th place in SIPRI’s rankings, positioning it above major international defense contractors such as Sweden’s Saab, France’s Safran, and Europe’s MBDA.

IAI followed closely, rising from 34th to 31st place, thanks to 12.6% revenue growth to $5.19 billion. This advancement placed the company ahead of France’s Naval and Dassault, as well as the Emirati conglomerate Edge.

The company achieving the most significant leap was Rafael, which climbed from 41st to 34th place after recording a 22.7% increase in revenue to $4.7 billion, surpassing the US company KBR and Europe’s KNDS.

From a regional perspective, the 2024 SIPRI report notes that, for the first time, nine Middle Eastern companies entered the world’s 100 largest defence firms. Their combined revenue reached approximately $31 billion, with eight companies providing reliable data showing a 12% increase in revenue last year.

Despite the regional shifts, US defence giants Lockheed Martin, RTX (formerly Raytheon), and Northrop Grumman retain the top three positions in the rankings, while the UK’s BAE Systems remains the largest non-US defence contractor.

By Vafa Guliyeva