Three major Indian public sector defence companies have retained their positions among the world's top 100 arms producers, according to a significant new report. However, their collective share of the booming global weapons market remains minuscule, highlighting the scale of the international defence industry.
Indian Players Hold Their Ground in a Growing Market
The latest annual report from the Stockholm International Peace Research Institute (SIPRI), released on Monday, reveals that the total arms revenue of the world's top 100 companies soared to a historic high of $679 billion in 2024. This marks a sharp increase of 5.9% from the previous year. Analysts point to ongoing conflicts in Ukraine and Gaza, coupled with persistent global and regional geopolitical tensions, as key drivers behind this surge in military spending.
Within this expanding market, India's Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), and Mazagon Dock Shipbuilders Limited (MDL) have maintained their rankings. HAL leads the Indian contingent at the 44th spot with arms sales of $3.8 billion. BEL follows at 58th place with $2.4 billion in revenue, while MDL is ranked 91st with $1.2 billion. Collectively, the three companies saw an overall sales growth of 8.2%.
The Dominance of US and Chinese Giants
Despite the presence of these Indian firms, the global arms industry is overwhelmingly dominated by American and Chinese corporations. The SIPRI list is led by 39 companies from the United States, whose combined arms sales amounted to a staggering $334 billion. China holds the second position with eight firms accounting for $88 billion in total revenue.
The top five companies in the world are all Western giants, underscoring the market's concentration. The list is headed by America's Lockheed Martin, followed by RTX (formerly Raytheon), Northrop Grumman, the UK's BAE Systems, and General Dynamics of the US.
A Tiny Slice of a Massive Pie
The most striking figure for India is the combined market share of its three top defence PSUs. Together, HAL, BEL, and MDL accounted for just 1.1% of the total global arms sales in 2024. This "paltry" share, as described in the report, exists within a market that has hit a record value.
This data presents a clear picture: while India's key defence manufacturers are growing and are significant players domestically, their scale is still very modest compared to the international behemoths that lead the industry. The figures will likely fuel ongoing discussions about the need for further indigenisation, scaling up production, and enhancing the global competitiveness of India's defence sector under initiatives like 'Make in India'.
