Turkish arms companies’ sales surge 24 percent in 2017, report says

Russian Army

Russian Army

Despite the growth of Russia's market share, the United States continue to dominate the global armaments industry with a total value of $226.6 billion.

Lockheed Martin remains the world's largest arms producer, with sales of $44.9 billion (€39.3 billion), and widened the gap between it and its nearest rival, Boeing, from $11 billion in 2016 to $18 billion in 2017.

Russia's arms industry has become the second-largest in the world, knocking the United Kingdom into third place, according to a new report by the Stockholm International Peace Research Institute (SIPRI).

For the first time in the report's history, a Russian company - the Moscow-based and state-owned Almaz-Antey that makes advanced air defence systems among other things - was listed among the world's top 10 weapons companies.

"Russian companies have experienced significant growth in their arms sales since 2011", Siemon Wezeman, a senior researcher at SIPRI, was cited as saying in a press release.

"This is in line with Russia's increased spending on arms procurement to modernize its armed forces", Wezeman said.

The study ranks the total value of arms sales by the world's 100 largest arms companies, tracking changes in the industry during the past two decades.

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Russian Defense Ministry press serviceWATCH Kalibr Cruise Missile Launch From Russian Nuclear Submarine

Beyond being the undisputed world leader for weapons sales, the US also spends significantly more on its military than any other nation, according to a previous report by SIPRI.

The figures exclude China, for which figures are not available, Sipri noted.

The top 100 arms companies worldwide had combined sales of $398.2 billion, the report found.

The report added that the U.S. market share was largely sustained by the USA military's demand for armaments.

"US companies directly benefit from the US Department of Defense's ongoing demand for weapons", said Aude Fleurant, the director of Sipri's Arms and Military Expenditure Program.

The United States remains the global leader in arms sales, while Russian Federation has surpassed Britain to take the No. 2 spot as it attempts to modernize its military, a leading research group says.

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