The top 100 arms and military services providers raked in $592 billion in sales in 2021, despite global supply chain disruptions, the Stockholm International Peace Research Institute revealed.
The latest SIPRI Arms Industry Database released on Monday showed a 1.9 percent increase in global arms sales, rising for the seventh year in a row.
The 40 U.S. companies in the list accounted for $299 billion in sales, while 27 firms in Europe recorded a combined total of $123 billion.
Of the 100 largest companies, 21 were from Asia and Oceania, whose share totaled $136 billion. Eight businesses from China reported $109 billion in sales last year.
The report also mentioned regional financial results from Russia, the Middle East, South Korea and Taiwan. Six Russian companies grossed $17.8 billion, while five enterprises from the Middle East shared $15 billion. Four firms based in South Korea generated $7.2 billion, while a Taiwanese company grossed $2 billion in its first time to be included in the SIPRI top 100.
SIPRI experts cited the Ukraine war and the COVID-19 pandemic as two of the biggest obstacles to global supply chain. They said that sales growth in the past year would have been higher if not for these events, and that they will likely cause more shortages.