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Global arms sale rise first time since 2010, but sales of Indian arms companies decline
Eurofighter UK has just concluded sale of 24 Typhoons to Qatar in a deal worth $8 Billion
MUMBAI: Global arms sale is growing first time since 2010, as implementation of new national major weapon programmes, ongoing military operations in several countries and persistent regional tensions drive demand for weapons, a new study by Stockholm International Peace Research Institute (SIPRI) has found. SIPRI is an independent think tank that is dedicated to research on conflict, armaments, arms control and disarmament. Besides the usual dominance by companies in US and Europe, South Korea has emerged as the dark horse that is slowly cementing its position as one of the "established players" in global arms sales. South Korean companies recorded a 20 percent increase in their sales to $8.4 billion, largely driven by the rising threat perception in the country because of its regional tension with North Korea."This has accelerated the acquisition of military equipment, which South Korea increasingly sources from its own arms industry based on policy considerations," SIPRI wrote in its research note.
In the "emerging arms producers" category defense companies based out of Brazil and Turkey also reported a double digit growth in arms sales at 10.8 and 27.6 percent respectively. India is the only "emerging producer" whose arms sales declined by 1.2 percent in 2016.
The sales of the world's 100 largest arms producing and military services companies totaled $374.8 billion in 2016, a 1.9 per cent increase compared with 2015, SIPRI says this is the first year of growth for these companies after five consecutive years of decline. This growth is primarily led by US companies who control over half of world's arms sales. Led by Lockheed Martin, world's largest arms producer US companies grew at 4 per cent to $217.2 billion. Aude Fleurant, Director of SIPRI's Arms and Military Expenditure Programme said Lockheed Martin's significant growth in 2016 came from its acquisition of helicopter producer Sikorsky and high delivery volumes of the F-35 combat aircraft.
Companies in western Europe who lead the pack in arms sales after US companies remained stable in their growth, however sales for companies in France and Italy declined, and UK, Germany recorded overall increases. These companies in western Europe recorded sales worth $91 billion.
Russian arms manufacturers who are close third to the US and European companies recorded combined sales of $26.6 billion in 2016, a 7 percent growth. SIPRI says though Russian arms sales are growing their pace has slowed down because of the country's domestic economic issues.
Eurofighter UK has just concluded sale of 24 Typhoons to Qatar in a deal worth $8 Billion
MUMBAI: Global arms sale is growing first time since 2010, as implementation of new national major weapon programmes, ongoing military operations in several countries and persistent regional tensions drive demand for weapons, a new study by Stockholm International Peace Research Institute (SIPRI) has found. SIPRI is an independent think tank that is dedicated to research on conflict, armaments, arms control and disarmament. Besides the usual dominance by companies in US and Europe, South Korea has emerged as the dark horse that is slowly cementing its position as one of the "established players" in global arms sales. South Korean companies recorded a 20 percent increase in their sales to $8.4 billion, largely driven by the rising threat perception in the country because of its regional tension with North Korea."This has accelerated the acquisition of military equipment, which South Korea increasingly sources from its own arms industry based on policy considerations," SIPRI wrote in its research note.
In the "emerging arms producers" category defense companies based out of Brazil and Turkey also reported a double digit growth in arms sales at 10.8 and 27.6 percent respectively. India is the only "emerging producer" whose arms sales declined by 1.2 percent in 2016.
The sales of the world's 100 largest arms producing and military services companies totaled $374.8 billion in 2016, a 1.9 per cent increase compared with 2015, SIPRI says this is the first year of growth for these companies after five consecutive years of decline. This growth is primarily led by US companies who control over half of world's arms sales. Led by Lockheed Martin, world's largest arms producer US companies grew at 4 per cent to $217.2 billion. Aude Fleurant, Director of SIPRI's Arms and Military Expenditure Programme said Lockheed Martin's significant growth in 2016 came from its acquisition of helicopter producer Sikorsky and high delivery volumes of the F-35 combat aircraft.
Companies in western Europe who lead the pack in arms sales after US companies remained stable in their growth, however sales for companies in France and Italy declined, and UK, Germany recorded overall increases. These companies in western Europe recorded sales worth $91 billion.
Russian arms manufacturers who are close third to the US and European companies recorded combined sales of $26.6 billion in 2016, a 7 percent growth. SIPRI says though Russian arms sales are growing their pace has slowed down because of the country's domestic economic issues.
