--------- For more information, please turn off note us -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- According to military product revenue in 2021, the top ten companies are Lockheed Mart (US), Raytheon Technology Co., Ltd. (US), Boeing (US), Norg Company (US), General Dynamics (US), China Aviation Industry Group Co., Ltd. , BAE System Co., Ltd. (UK), China Shipbuilding Group Co., Ltd., China Ordnance Industry Group Co., Ltd. , and L3 Harris Technology Co., Ltd. A total of 7 Chinese companies on the top 100 list were listed, all of which were in the top 20. This article analyzes the top 100 rankings and interprets the main developments and changes of world military-industrial enterprises.
In 2021, the total military product revenue of the top 100 enterprises reached US$595.01 billion, an increase of US$43.79 billion from 2020, an increase of 7.9%. It has maintained its growth momentum for six consecutive years, continuing to set a new record for the highest total revenue of the top 100 enterprises. In addition, 80 of the top 100 enterprises have achieved military product revenue growth compared with last year, significantly higher than 64 in 2020, indicating that the global defense industry is still performing steadily under the influence of many adverse factors such as the raging COVID-19 epidemic and weak economic development. In addition, the average proportion of military product revenue of the top 100 military enterprises in total increased from 41.9% in 2020 to 42.5% in 2021, achieving positive growth for five consecutive years, reflecting the continued increase in the dependence of the top 100 enterprises on defense business.
In 2021, the total military product revenue of the top ten enterprises reached US$310.72 billion, accounting for 52.2% of the total military product revenue of the top 100 enterprises, roughly the same as in 2020; the total military product revenue of the top 25 enterprises accounted for 75.1% of the total military product revenue of the top 100 enterprises, reflecting that the monopoly pattern of the global military industry market remains. Among them, Lockheed Martin has been at the top of the list since its release in 2000. In 2021, military product revenue reached US$64.46 billion, exceeding the total military product revenue of the last 50 companies on the list, and more than 1.5 times the second place. Raytheon Technology Company, which was reorganized in 2020, continued to occupy the second place in the top 100 list, but military product revenue fell by US$150 million compared with last year, which is believed to be due to the increase in raw material procurement and transportation costs. Boeing ranked third as in 2020, with military product revenue reaching US$35.09 billion in 2021, an increase of 8.3% over the previous year, mainly due to the digital transformation of the supply chain carried out by the company in cooperation with Microsoft. In general, the list and ranking of top ten military-industrial enterprises in 2021 are not much different from that in 2020. Only China Shipbuilding Group Co., Ltd. rose from 10th to 8th due to the increase in revenue in areas such as defense services.
Table 1 Military product revenue status of the top ten enterprises in the top 100 list in 2021 (unit: US$100 million)
In 2021, a total of 10 enterprises have entered or returned to the top 100 military industry list, and the military product revenue of these 10 enterprises accounts for 1.8% of the total military product revenue of the top 100 enterprises. Among them, there are three American companies: Teledyne Technology, a sensor manufacturer that newly acquired FLIR Systems, (83rd), the former British company Cobham Advanced Electronic Solutions Company (87th), which was renamed due to its acquisition by the American private equity giant Anhong Capital , and the printed circuit board manufacturer TTM Technology Group (91st); 6 European companies are: Polish Arms Group (70th), and Eaton, an integrated supplier of defense field (Irish electrical products and services provider (Irish ) 80th), Turkish missile supplier Loktesa (86th), German missile and smart ammunition supplier Dai Ao Group (96th), Norwegian missile and space propeller supplier Namo (97th), Finland defense comprehensive supplier Patria (99th); in addition, there is another company from Saudi Arabia , which is a newly merged SAMI company (98th).
2. The list of companies in major countries or regions in the world
From the perspective of regional distribution, among the top 100 military-industry companies in the world in 2021, there are 48 in the Americas and 32 in Europe (including Russia). Military-industry companies in these two regions still maintain an absolute dominance.In addition, 19 companies in Asia and and 1 company in Oceania respectively entered the top 100 list.
Table 2 Regional distribution of the world's top 100 military-industry enterprises in 2021
In 2021, there were 46 companies on the list in the US, a decrease of 4 from 2020. However, the total military product revenue increased by US$9.28 billion, an increase of six consecutive years to US$316.61 billion, accounting for 53.2% of the total military product revenue in 2021, further stabilizing its absolute dominance in the top 100 military product revenue.
Among them, 30 US companies listed have achieved positive growth in military product revenue. Peraton, which has the largest growth rate, not only acquired Norg's comprehensive mission support and IT solutions business, but also acquired Persetta, which has jumped its military product revenue from US$650 million to US$5.0 billion, an increase of nearly 7 times, becoming the top US defense service provider that can be ranked alongside Redos, Boss Allen Hamilton and other companies; other companies with larger growth rates include KBR (72.4%), Teledyne Technology (51.6%) and Vectrus (27.8%).
21, 26 companies on the list of Western Europe, an increase of 5 from 2020. The total military product revenue reached US$113.56 billion, an increase of US$17.57 billion from 2020, an increase of 18.3%, aborting the downward trend that was shown last year.
From the perspective of national distribution, a total of 10 Western European countries were on the list this time, which increased Finland and Ireland from the previous year. The total military product revenue of other countries except , Netherlands, has increased. Norway, Germany and other countries have increased their military product revenue due to the increase in the number of companies on the list, resulting in an increase in military product revenue of 81.2% and 27.7% respectively.
From the perspective of specific companies, 23 of the 26 companies on the list achieved positive growth over the previous year, among which the largest increase was Dassault, France. Due to the hot sales of "Ravel" fighter , its military product revenue reached US$6.15 billion, an increase of 65.2% from 2020, climbing from 34th to 20th; the largest increase was the French Navy Group (28.8%), Germany's Hensolte (26.6%) and Spain's Indera (26.6%).
The number of military industrial companies on Asia dropped from 21 in 2020 to 19 in 2021, but the total military product revenue increased by US$19.54 billion, achieving four consecutive years of growth, reaching US$151.51 billion, a year-on-year increase of 14.8%.
From the perspective of national distribution, a total of 7 Asian countries' military-industrial enterprises were on the list this time, which was the same as the number of countries selected for the enterprises last year. However, the only Edge Group selected in the UAE in 2020 was not selected for this list, and one company in Japan and South Korea was also not selected. The new entry to the list was Saudi Arabia SAMI. Overall, the total military product revenue of the seven Asian countries has increased compared with the previous year, including China (22.6%), Singapore (14.5%) and Israel (13.2%).
From the perspective of specific enterprises, 17 of the 19 Asian companies achieved positive growth, among which the largest increase was China Electronics Technology Group Co., Ltd. merged China Putian Information Industry Group in 2021, increasing military product revenue from US$10.47 billion to US$14.66 billion, an increase of 40.0%. Others with greater growth include Japan's Mitsubishi Group (32.1%), China Ordnance Equipment Group Co., Ltd. (28.5%) and India's Bharat Electronics Co., Ltd. (25.8%). It should be pointed out that the military product revenue data of Chinese military-industrial enterprises comes from the estimates of the British Institute of International Strategy. This estimation method has a large error and may generally overestimate the military product revenue of Chinese companies.
Table 3 Chinese military industry enterprises in the top 100 military industry list in 2021 (unit: billion US dollars)
4. Many Russian companies refused to participate in the ranking, and Turkey performed strongly. In 2021, Russia only had one company in tactical missile company on the list, mainly because Diamond-Antai Company, Russian State Technology Group and other Russian military industry enterprises refused to provide revenue data. Defense News Network could not make estimates based on public data. The list of tactical missile companies had military products revenue of US$3.96 billion in 2021, an increase of 35.7% from 2020, mainly due to the increase in Russia's military expenditure in 2021.According to Stockholm International Peace Research Institute , Russia's military expenditure will reach US$66 billion in 2021, an increase of approximately US$2 billion from 2020. However, with the outbreak of the Russian-Ukrainian conflict, traditional Russian customers such as India and the UAE may be under pressure from the United States and the West to import weapons and equipment from South Korea, Turkey and other countries. It is expected that the revenue of Russian military-industrial enterprises will show a downward trend.
At the same time, Türkiye had three companies on the list in 2021, an increase of one from the previous year. The total military product revenue of companies on the list reached US$4.37 billion, an increase of 25.7% over 2020. Among them, Locketsar's military product revenue reached US$81.42 billion in 2021, an increase of 42.0% over 2020, and strongly entered the 86th place on the top 100 list. According to the Turkish government website, the country's defense industry has developed rapidly since 2002. The total revenue of the defense industry has increased from US$1 billion in 2002 to US$10.1 billion in 2021, an increase of nearly 10 times. The export volume of weapons and equipment increased from US$250 million to US$3.2 billion in 2021, an increase of nearly 12 times. The TB2 drones produced are sold to many countries such as Poland , Ukraine , Kazakhstan and other countries.
Since the outbreak of the Russian-Ukrainian conflict in February 2022, the global security environment has deteriorated, and national defense and security have become the focus of attention of countries around the world, and is expected to further increase the revenue of military-industrial enterprises, especially the top 100 enterprises. On the one hand, with the continuous fierce and enlargement of the war, Russia and Ukraine, both parties involved in the war, as well as the closely related NATO allies such as the United States and Europe, will choose to increase national defense development, thereby promoting the increase in revenue of military-industrial enterprises; on the other hand, in the face of the current complex and changing security situation, rapidly improving their own security and national defense capabilities has become a common demand for countries around the world. For this reason, countries often tend to quickly obtain new and high-level weapons and equipment, such as air defense and anti-missile, reconnaissance and early warning equipment through imports, rather than investing in R&D projects that can only be effective in the long term, which will further enhance the military trade income of first-class military-industrial enterprises, especially the top 100 enterprises.
With the continuous acceleration of technological changes, countries around the world are paying more and more attention to using commercial technology to promote the development of national defense science and technology and the improvement of military capabilities. Taking the United States as an example, in recent years, the Defense Innovation Team, Air Force Innovation Works, Naval Technology Bridge, Special Operations Command Innovation Works , Army Rapid Capacity and Key Technology Office have been established at the Department of Defense and various services to attract and connect non-traditional suppliers to enter the defense field. However, judging from the 2021 list, non-traditional enterprises are still difficult to find. On the one hand, this is because some emerging companies, such as SpaceX, General Atomics, even if they enter the military industry, they are mostly subcontracting tasks, and it is difficult to obtain core military products business, and the scale of military products revenue is insufficient; on the other hand, some well-known high-tech companies, such as Amazon , Google , Microsoft , etc., even if they participate in multiple research and development projects of the Ministry of Defense in the fields of artificial intelligence , quantum , etc., they refuse to provide military product revenue data due to factors such as taking into account the corporate moral image and following the wishes of employees, and cannot rank them.
Mergers and acquisitions and reorganizations are still one of the important factors affecting the ranking of the top 100 military industry. For example, after acquiring Centauri and Fraser Nash, KBR jumped from 45th to 32nd place; Alion Technology, ranked 74th in the 2020 list and PAE, ranked 80th in the 2020 list, withdrew from the 2021 list after being acquired by Huntington Ingles Industrial and Amentum respectively. However, it should be pointed out that the Biden administration in the United States believes that military-industrial enterprises have undergone a large number of integrations in the past 30 years, resulting in fewer and fewer suppliers they can rely on, and there is a certain risk of isolated sources. Therefore, it has begun to be cautious about mergers and acquisitions among military-industrial enterprises. Recently, Lockheed Martin's acquisition of aviation jet Lockardin and Boss Allen Hamilton's acquisition of Everwatch were both stopped by the US government.
(Blue Sea Star: Yan Zhe Qian Zhong)
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