Despite Surging Demand, Defense Industry Leaders Experience Revenue Decline

Despite a surge in world demand for arms and defense services, the top 100 global defense companies experienced a decrease in revenues in 2022. The decline was primarily due to falling revenues among major companies in the United States, driven by labor shortages, soaring costs, and supply chain disruptions. Asian firms, on the other hand, outperformed with high arms revenues attributed to reliance on local suppliers and consistent government investment. Turkish firms also fared well due to the demand from the Ukrainian war effort.